Extension of moratorium beneficial
KUCHING: An extension of moratorium on loan repayments will benefit both employers and employees. As the current moratorium is due to expire in September, borrowers are expected to resume their repayment of the instalments on loans in October. The secretary-general of Kuching Chinese General Chamber of Commerce and Industry (KCGCCI) Jonathan Chai Voon Tok […]
Bank Rakyat gives moratorium on RM6 bln payment obligations
KUALA LUMPUR: Bank Rakyat has granted its customers a moratorium on repayments totalling RM6 billion, according to chief executive officer Datuk Rosman Mohamed. During the six-month period of the moratorium, the country’s largest Islamic cooperative bank was refraining from collecting about RM1 billion every month, he said. But despite the huge amount involved, Rosman described the effort as highly necessary to assist society during the Covid-19 pandemic. “Assistance should […]
‘Abolish accrued interest/profits during moratorium’
KUALA LUMPUR: Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz today urged financial institutions to consider abolishing the accrued interest (on hire purchase loans) or profits (on fixed rate Islamic financing) during the six-month moratorium period. He made the call following confusion over the accrued interest rate or profits with regard to the moratorium period offered by […]
Hire Purchase moratorium interest rate capped to contract
KUALA LUMPUR: Any additional interest that some banks may charge on the deferred payment cannot be higher than the original hire-purchase contract signed, Bank Negara Malaysia (BNM) said. BNM reiterated that, as a regulator, it has from the very beginning indicated that there will be accrued interest or profit with regard to the six-month moratorium. “Most important […]
No moratorium on housing loan repayment for public sector
KUALA LUMPUR: The Public Sector Home Financing Board (LPPSA) will not be providing any moratorium on monthly loan repayments as the public sector employees’ welfare are taken care of. In a statement today, it said the decision was also made to ensure its financial sustainability. It said the LPPSA’s housing loan facility are subsidised at an interest rate of 4.0 per […]
Housing loan moratorium proposal to be tabled in Cabinet
PUTRAJAYA: A proposal to grant a moratorium (deferment) on housing loan for civil servants who borrowed from the Public Sector Home Financing Board (LPPSA) will be discussed in the cabinet next week, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He said all the proposals presented would be considered by the Ministry of Finance, as well as other relevant ministries and […]
