1. IT WAS was previously announced that the 6-month payment deferment for Hire-Purchase (HP) and fixed rate Islamic financing is automatic. Has there been a reversal in this decision?
No, the payment deferment is still automatic for HP and fixed rate Islamic financing. What is required now is an additional step to comply with procedural requirements under the Hire-Purchase Act 1967 (HP Act) and Shariah.
This additional step is unavoidable, and is required to incorporate the changes to the payment schedule and/or amounts as a result of the six-month payment deferment in loan/financing agreements.
2. Why are other loans/financing (e.g. mortgages, personal loans, business loans etc) not similarly affected?
Other loans/financing are not subject to the HP Act or similar Shariah requirements. However, interest/profit will also accrue over the deferment period for these loans and will also need to be repaid once payments resume post-deferment.
3. Is there a change for borrowers/customers to qualify for the HP and fixed rate Islamic financing payment deferment?
There is no change in the eligibility criteria.
4. As it is already the end of April, is there a change to the payment deferment period for these financing facilities?
There is no change in the payment deferment period, that is, it is effective for 6 months starting from 1 April 2020 until 30 September 2020.
5. For fixed rate Islamic financing, are there any additional legal fees if a new agreement is required?
In such cases, FIs are not allowed to impose any additional charges, including legal fees, on borrowers/customers.
6. How would my HP or fixed rate Islamic financing monthly instalments change after the deferment period?
FIs will inform each borrower/customer of the changes to his/her HP loan or fixed rate Islamic financing payment schedule and instalment amounts.
Borrowers/customers should weigh for themselves the pros and cons of defering the payment, and pay particular attention to their ability to meet these payments after the moratorium.
You should call or e-mail your FI if you need more information, or if you need to discuss alternative payment arrangements. Here is an example to help you better understand the financial impact post deferment. This illustration relates to a RM50,000 HP loan with a remaining tenure of 5 years and a fixed interest of 2.71% (or an effective rate of 5.36%) per annum:
In this example the instalment amount increases by 2%, or RM19 a month.
7. Do I still have a chance to opt out of the payment deferment now if I had not done so previously?
Yes. You can still choose to do so at this time by informing your FI and resuming the monthly payments that you were making before the deferment. See also Question 8 below.
8. I have not made any payment in April since I did not opt out of the deferment earlier. If I decide to opt out now, will I be charged any late payment penalty? What will happen to my CCRIS record?
No, FIs will not impose any late payment charges on borrowers/customers who decide to opt out of the deferment now. Your FI will inform you of the timeframe provided to pay off the instalments deferred since 1 April 2020.
Your CCRIS record will also not be affected, as long as you settle this amount within the repayment timeframe as notified by your FI. If you need more time, you should contact your FI to discuss a revised repayment timeframe.
9. Do borrowers/customers have a choice on whether to extend the financing tenure or increase the monthly instalments after the deferment period?
FIs will provide borrowers/customers with further details on resuming payments after the deferment period, and among the options provided would include the option of extending tenures or increasing monthly instalments. Borrowers/customers are advised to discuss with their FIs if they require a different repayment arrangement due to their financial circumstances.
10. Following this announcement by BNM, I feel short-changed. I thought the repayment terms on HP and fixed-rate Islamic financing after the payment deferment period ends are not supposed to change. Will I now lose out from benefitting from the six-month payment holiday?
We sincerely regret any confusion and anxiety that this announcement may have caused. The deferment of loan repayments is meant to ease cash flows for borrowers/customers affected by the COVID-19 pandemic. This intent remains the same. The confusion arises because of the misperception that the repayment amounts for a HP loan cannot be changed.
This misperception also arose to some extent due to an illustration we provided in an early version of the FAQs, where certain assumptions and caveats were made. We later removed the example when FIs provided their own illustrations.
Our illustration was not intended to preclude interest charges accrued on the deferred loans. Borrowers/customers who have had their HP loans and fixed-rate Islamic financing accounts automatically deferred since 1 April 2020 will continue to benefit from the payment deferment until 30 September 2020.
HP loan and fixed-rate Islamic financing borrowers/customers who initially accepted the moratorium but have since changed their mind can still opt out of the deferment.
See also Questions 7 and 8 above.
Astro Awani
Fri May 01 2020
HP loan and fixed-rate Islamic financing borrowers/customers who initially accepted the moratorium but have since changed their mind can still opt out of the deferment.
Mahkamah tolak saman pegawai khas AG terhadap Rewcastle-Brown
Mahkamah Tinggi menolak saman fitnah yang difailkan oleh iaitu Mabel Sheela Mutthiah terhadap Editor Sarawak Report Clare Rewcastle-Brown.
Suspek abai penumpang ketika kapal terbakar dihukum penjara
Penantian lima tahun buat keluarga mangsa bot penyelam Conception untuk melihat suspek yang bertanggungjawab mengabai serta menyebabkan kematian 34 penumpang berakhir dengan keadilan buat mereka.
Kapten Jerry Boylan, 70 tahun dihukum penjara 10 tahun selepas terjun ke laut bagi menyelamatkan diri sendiri bersama empat anak kapal lain dalam kejadian kebakaran ngeri yang berlaku pada jam 2 pagi di Pelabuhan Platt berhampiran Pulau Santa Cruz, Santa Barbara.
Kapten Jerry Boylan, 70 tahun dihukum penjara 10 tahun selepas terjun ke laut bagi menyelamatkan diri sendiri bersama empat anak kapal lain dalam kejadian kebakaran ngeri yang berlaku pada jam 2 pagi di Pelabuhan Platt berhampiran Pulau Santa Cruz, Santa Barbara.
Pengaruh pemberontak semakin kuat & meluas di Colombia
Seorang kanak-kanak memegang belon berwarna merah, kuning dan biru -warna bendera negara Colombia di sebuah sekolah yang dibina serta dibiayai sepenuhnya oleh Estado Mayor Central (EMC), kumpulan yang diselia oleh pemberontak yang menguasai pelbagai kawasan di negara itu.
Senario ini memberi mesej mendalam bahawa usaha damai kerajaan pusat dengan kumpulan pemberontak Angkatan Bersenjata Revolusi Colombia (FARC) yang menyelia EMC itu, dilihat sukar.
Senario ini memberi mesej mendalam bahawa usaha damai kerajaan pusat dengan kumpulan pemberontak Angkatan Bersenjata Revolusi Colombia (FARC) yang menyelia EMC itu, dilihat sukar.
Palestin mohon Mesir benarkan permit sementara buat rakyat
Kedutaan Palestin Mesir memohon agar rakyatnya diberikan permit kependudukan untuk sementara waktu.
Duta Besar Palestin di Kaherah, Diab al-Louh pada Khamis memberitahu, kebenaran itu sekurang-kurangnya dapat mengurangkan kesengsaraan berterusan yang dihadapi penduduk di Gaza sehingga perang di wilayah itu selesai.
Duta Besar Palestin di Kaherah, Diab al-Louh pada Khamis memberitahu, kebenaran itu sekurang-kurangnya dapat mengurangkan kesengsaraan berterusan yang dihadapi penduduk di Gaza sehingga perang di wilayah itu selesai.
Malaysia kecam serangan pelampau Israel ke atas konvoi bantuan kemanusiaan Jordan
Malaysia mengecam sekeras-kerasnya serangan terang-terangan tanpa belas belas kasihan pelampau Israel ke atas konvoi bantuan kemanusiaan Jordan yang sedang menuju ke Gaza pada Rabu.
Polis surai himpunan dengan bom flash bangs
Selepas gagal untuk mematuhi arahan bersurai dalam tempoh 24 jam, polis bertindak lebih ganas dengan merempuh penghadang yang menempatkan kem penyokong Palestin di Universiti California, Los Angeles (LA).
Bukan itu sahaja, bom tangan flash bangs turut dilemparkan ke kawasan yang menempatkan mahasiswa-mahasiswa serta penyokong yang berhimpun sebagai tanda solidariti kepada rakyat Palestin.
Bukan itu sahaja, bom tangan flash bangs turut dilemparkan ke kawasan yang menempatkan mahasiswa-mahasiswa serta penyokong yang berhimpun sebagai tanda solidariti kepada rakyat Palestin.
AS tak senang Malaysia pertahankan Iran
Mohamed Nazri memaklumkan, ini kali kedua beliau dipanggil oleh Jabatan Negara Amerika Syarikat sejak mula bertugas lebih setahun yang lalu.
Bantuan untuk selesaikan isu bekalan air, miskin tegar - PM
Datuk Seri Anwar Ibrahim mengumumkan peruntukan 20 juta ringgit bagi menyelesaikan isu bekalan air berikutan cuaca panas yang melanda Kelantan sehingga menyaksikan penyurutan air sungai dan menjejaskan tanaman padi.
Cadangan wujud unit integriti dalam Pejabat Menteri Besar
Menteri Besar Perlis, Mohd Shukri Ramli bercadang untuk mewujudkan unit integriti di dalam Pejabat Menteri Besar bagi mengurus tadbir kerajaan dengan lebih telus dan berwibawa.
Permohonan tajaan MARA dibuka 7 Mei
Majlis Amanah Rakyat (MARA) akan membuka permohonan bagi penajaan pengajian peringkat Ijazah Sarjana dan Ijazah Kedoktoran (PhD) di dalam dan di luar negara pada Selasa depan.
Aset rizab rasmi Malaysia berjumlah AS$113.76 bilion pada akhir Mac - BNM
Aset rizab rasmi Malaysia berjumlah AS$113.76 bilion pada akhir Mac 2024 manakala aset mata wang asing lain adalah US$1.61 bilion, kata Bank Negara Malaysia (BNM).
Kadar antara bank jangka pendek ditutup kukuh
Kadar antara bank jangka pendek ditutup kukuh hari ini susulan operasi Bank Negara Malaysia (BNM) yang menyerap lebihan mudah tunai daripada sistem kewangan.
Rizab Antarabangsa BNM berjumlah AS$113.4 bilion pada 15 April 2024
Rizab antarabangsa Bank Negara Malaysia (BNM) berjumlah US$113.4 bilion pada 15 April, 2024 berbanding dengan US$113.8 bilion pada 29 Mac, 2024.
BNM sedia guna instrumen, pastikan pasaran kewangan Malaysia kekal teratur
Operasi pasaran BNM akan memastikan mudah tunai yang memadai serta pasaran pertukaran asing berfungsi secara teratur.
Rizab antarabangsa BNM AS$113.8 bilion
Rizab antarabangsa Bank Negara Malaysia (BNM) berjumlah AS$113.8 bilion pada 29 Mac 2024.
Pemecatan salah: Bekas pengurus menang saman terhadap BNM
Mahkamah Tinggi hari ini memutuskan bahawa pemecatan bekas pengurus Bank Negara Malaysia (BNM) kerana menyertai aktiviti politik pada 2016 sebagai tidak sah dan menyalahi undang-undang.
Aset rizab rasmi Malaysia AS$114.28 bilion akhir Februari 2024 - BNM
Aset rizab rasmi Malaysia berjumlah US$114.28 bilion pada akhir Februari 2024 manakala aset mata wang asing lain adalah US$202.69 juta (US$1=RM4.73), kata Bank Negara Malaysia (BNM).
OPR Malaysia dijangka kekal stabil pada 3.0 peratus sepanjang 2024 - PIVB Research
Ini selaras dengan pandangan BNM bahawa tahap OPR semasa mencerminkan pendirian dasar monetari yang menyokong serta kondusif kepada ekonomi.
Jualan asing di Bursa Malaysia susut 24.4 peratus minggu lepas
MIDF Research berkata pelabur asing merupakan penjual bersih dari Isnin hingga Rabu, menjual ekuiti bernilai RM757.5 juta.
Ringgit dibuka rendah sedikit menjelang pengumuman data IHP
Pada 9.05 pagi, ringgit turun kepada 4.7390/7430 berbanding dolar AS daripada paras penutup 4.7340/7390 pada Jumaat minggu lepas.