BNM FAQs – Understanding About Moratorium For Hire Purchase Loan & Fixed Rate Islamic Financing

 

With the latest announcement from Bank Negara Malaysia (BNM) and the Association of Bank in Malaysia (ABM) yesterday 30 April 2020, hire purchase loan and fixed rate islamic financing will now have an additional Interest/Profit charged after during the 6 months moratorium on all Banks starting from 1 May 2020.

 

Which means that the banking institutions change the terms of each borrowers loan/financing agreements during the bank moratorium.  In the statement today, BNM states that “Banking institutions will also provide to each borrower/customer specific details of changes to the terms of his/her HP loan or fixed rate Islamic financing agreement. This should contain information on the revised payment schedule and any changes to payment amounts, including those arising from normal interest/profit rate accrued during the moratorium”

For our understanding that the interest/profit charges are calculated upfront for fixed rate loans.  With my earlier articles mentioned that fixed rate loan, the 6 months moratorium means that hire purchase borrowers will enjoy an interest “free payment holiday” from 1 April 2020 to 30 September 2020.  But sad to say so , this will no longer for it as  from the latest announcement from BNM yesterday 30 April 2020.

 

Means to say that there is “Interest/Profit will be charged and the Monthly Installment will changed after the moratorium deferment period” for hire purchase loans and fixed rate islamic financing as it stated by BNM is an additional step to comply with procedural requirements under the Hire-Purchase Act 1967 (HP Act) ans Shariah.  This additional step is unavoidable, and it required to incorporate the changes to the payment schedule and/or amounts as a result of the 6 months deferment in loan/financing agreements.

 


 

Today morning, 1 May 2020, BNM has issued the FAQs to public queries on 6 months Moratorium granted for Moratorium for Hire Purchase Loan and Fixed Rate Islamic Financing.

The following is the FAQs by BNM this morning:

 

It was  previously announced that the 6 months payment deferment for Hire Purchase and Fixed Rate Islamic Financing is an automatic.  Has there been a reversal in this decision?

No, the payment deferment is still automatic for Hire Purchase 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) ans Shariah.  This additional step is unavoidable, and it required to incorporate the changes to the payment schedule and/or amounts as a result of the 6 months deferment in loan/financing agreements.

 

 Why are other loan/financing (eg. mortgages, personal loan, business loans. etc) not similarly affected?

Other loan/financing are not subject to the Hire Purchase 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 payment resume post-deferment.

 

Is there a change for borrower/customers to qualify for the Hire Purchase and Fixed Rate Islamic Financing payment deferment?

There is no change in the eligibility criteria.

 

As it is already in the beginning of May, is there a change to the payment deferment period for these financing facilities?

There is no change in the payment deferment, that is, it is effective for 6 months from 1 April 2020 to 30 September 2020.

 

For Fixed Rate Islamic Financing, are there any additional legal fees if an new agreement is required?

 In such cases, banking institutions are not allowed to impose any additional charges, including legal fees on borrowers/customers.

 

How would my Hire Purchase and Fixed Rate Islamic Financing monthly installment s change after the deferment period?

 Banking institutions will inform each borrowers of the changes to their Hire Purchase Loan or Fixed Rate Islamic Financing payment schedule and installment amounts.  Borrowers should weigh for themselves the pros and cons of deferring the payment, and pay particular attention to their ability to meet these payments after the moratorium.  You should call or email your Banking Institutions 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.

*For an example, a RM50,000 Hire Purchase Loan with a remaining tenure of 5 years and a flat rate of 2.71% (or an effectie rate of 5.36%) per annum:

-The monthly installment was RM712 before the deferment.

-The monthly installment will be increased to RM731 after the deferment.

Meaning that an increment of RM19.  The increase in total interest will be RM1,130.  In this example the installment amount increases by 2% or RM19 a month.

The above example assumes the borrowers has chosen to stagger the repayment of the total deferred installments over the remaining extended tenure of the loan when monthly repayments resume in October 2020.

However, some Banks may instead provide borrowers the option of repaying the total deferred installments, including interest, as a lump-sum settlement during the final monthly installment at the end of the loan/financing tenure.  In this case, there will be no change in the monthly installment amounts paid by borrowers when the monthly repayment resumes in October 2020.

Please look out for notices from your Bank from 1 May 2020 onwards for more details on the repayment options available to you.

 

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 at this time by informing your Banking Institutions and resuming the monthly payment that you were making before the deferment.

 

I have not may 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, Banking Institutions will not impose nay late payment charges on borrowers who decided to opt out of the deferment now.  Your Banking Institution will inform you of the timeframe provided to pay off the installments deferred since 1 April 2020 and your CCRIS record will also not be affected, as long as you settle the amount within the repayment timeframe as notified by your Banking Institutions.

 

Do borrowers have a choice on whether to extend the financing tenure or increase the monthly installment after the deferment period?

 Banking Institutions will provide borrowers with further details on resuming payments after the deferment period, and among the options provided would included the option of extending tenures or increasing monthly installments.  Borrowers are advised to discuss with their Banking Institutions if they require a different repayment arrangement due to their financing circumstances.

 

 

In BNM statement today, starting from 1 May 2020, borrowers with HP loans and fixed rate Islamic financing will receive a notification via SMS, email or registered mail from their banking institutions on the necessary steps that they need to take to complete the process of deferring their loan/financing payments under the moratorium. 

 

Borrowers are encouraged to check with their respective banking institutions for further information.

 

 

 

Click here to read for BNM Press Release on HP/IF   &  BNM FAQs on Moratorium HP/IF

 

 


 

BNM FAQs (Malay)

 

Sebelum ini telah diumumkan bahawa penangguhan pembayaran 6 bulah bagi Sewa Beli dan pembiayaan Islam berkadar tetap adalah secara automatik.  Adakah keputusa in telah bertukar?

Tidak, Penangguhan pembayaran masih scara automaik untuk Sewa Beli dan pembiayaan Islam berkadar tetap.  Apa yang diperlukan sekarang adalah langkah tambahan bagi mematuhi keperluan prosedur dibawah Akta Sewa Beli 1967 (Akta Sewa Beli) dan keperluan Syariah.  Langkah tambahan ini tidak dapat dielakkan dan perubahan pada jadual dan/atau jumlah pembayaran perlu dimasukkan dalam perjanjian pinjaman/pembiayaan.  Perubahan in adalah disebabkan oleh penangguhan pembayaran selama 6 bulan.

 

 Mengapakan pinjaman/pembiayaan lain (contohnya gadai janji, pinjaman peribadi, pinjaman perniagaan dan sebagainya) tidak terkesan sama?

 Pinjaman/pembiayaan lain tidak tertaklluk pada Akta Sewa Beli atau keperluan Syariah.  Walau bagaimanapun, faedah/keuntungan untuk pinjaman/pembiayaan ini juga akan terakru (yakni diambikl kira) bagi tempoh penangguhan dan juga perlu dibayar balik sebaik sahaja pembayaran disambung selepas tempoh penangguhan.

 

 Adakah terdapat perubahan untuk peminjam supaya layak mendapat penangguhan pembayaran bagi Sewa Beli dan pembiayaan Islam berkadar tetap?

 Kriteria kelayakan tidak berubah.

 

 Memandangkan sekarang in kita sudah berada pada awal bulan Mei, adakah tempoh penangguhan pembayaran bagi kemudahan pembiayaan ini berubah?

 Tidak ada perubahan pada tempoh penangguhan pembayaran, iaitu, tempoh ini masih berkuat kuasa untuk selama 6 bulan bermula 1 April 2020 sehingga 30 September 2020.

 

 Bagi pembiayaan Islam berkadar tetap, adakah terdapat apa-apa caj undang-undang tambahan sekiranya perjanjian baharu diperlukan?

 Bagi kes-kes seperti itu, institusi kewangan tidak boleh mengenakan apa-apa caj tambahan, termasuk lebihan caj undang-undang ke atas peminjam.

 

 Bagaimanakah bayaran ansuran bulan Sewa Beli atau pembiayaan Islam berkadar tetap saya akan berubah selepas tempoh penangguhan ini?

Institusi kewangan akan memaklumkan kepada setiap peminjam mengenai perubahan pada jadual pembayaran dan jumlah ansuran pinjaman Sewa Beli atau pembiayaan Islam berkadar tetap masing-masing.  Peminjam perlu membuat pertimbangan sendiri mengenai kelebihan dan kekurangan penangguhan pembayaran, serta memberi perhatian khusus kepada kemampuan mereka untuk membuat pembayaran tersebut selepas moratorium.  Anda perlu menelefon atau menghantar emel kepada institusi kewangan anda jika memerlukan maklumat lanjut, atau jika anda perlu berbincang mengenai pengaturan pembayaran alternatif.

*Sebagai contohnhya, pinjaman Sewa Bali berjumlah RM50,000 dan mempunyai baki tempoh selama lima tahun lagi serta mempunyai kadar tetap 2.71% (atau kada efektif sebanyak 5.36%) setahun:

-Bayaran ansuran bulanan adalah RM712 sebelum program penangguhan.

-Bayaran ansuran bulanan telah bertambah kepada RM731 selepas program penangguhan.

Maksudnya, penambahan sebanyak RM19.  Penambahan dalam jumlah faedah adalah RM1,130.  Dalam contoh ini, jumlah ansuran telah bertambah sebanyak 2% atau RM19 sebulan.

Contoh di atas menggunakan andaian bahawa peminjam telah memilih untuk membayar balik jumlah ansuran yang ditangguhkan secara berperingkat dalam tempoh masa bayaran balik pinjaman yang telah dilanjutkan, apabila pembayaran balik bulanan disambung semula pada bulan October 2020.

Walau bagaimanapun, ada Bank yang mungkin memberikan pilihan kepada peminjam mereka untuk membayar balik jumlah ansuran yang ditangguhkan (termasuk faedah/keuntungan) secara sekaligus pada bayaran ansuran bulanan pinjaman/pembiayaan yang terakhir.  Dalam hal ini, jumlah ansuran yang perlu dibayar oleh peminjam tidak akan berubah apabila pembayaran balik bulanan disambung semula pada bulan October 2020.

Bank anda akan menghantar pemberitahuan/notis mulai 1 Mei 2020 mengenai butiran lanjut berhubung dengan pilihan pembayaran balik yang ditawarkan.

 

 Adakah saya masih boleh memilih untuk tidak menyertai (opt out) penangguhan bayaran sekarang jika saya belum berbuat demikian sebelum ini?

Ya, anda masih boleh berbuat demikian pada masa ini dengan memberitahu institusi kewangan bahawa anda ingin membuat bayaran balik bulanan pinjaman/pembiayaan seperti biasa.

 

 Saya tidak membuat apa-apa bayaran pada bulan April 2020 memandangkan pada mulanya saya menyertai moratorium (tidak “opt out” daripada penangguhan).  Jika saya mengambil keputusan untuk tidak menyertai moratorium sekarang, adakah saya akan dikenakan penalti bayaran lewat?  Apa akan terjadi pada rekod CCRIS saya?

 Tidak, instituti kewangan tidak akan mengenakan apa-apa caj bayaran lewat kepada peminjam yang mengambil keputusan untuk tidak menyertai moratorium sekarang.  Institusi kewangan anda akan memaklumkan tempoh masa yang diberikan untuk membayar ansuran yang ditangguhkan sejan 1 April 2020.  Rekod CCRIS anda juga tidak akan terjejas asalkan anda menjelaskan jumlah bayaran tersebut dalam tempoh masa pembayaran balik yang dimaklumkan oleh institusi kewangan anda.  Jika anda perlukan lebih banyak masa untuk menjelaskan pembayaran, hubungi insititusi kewangan anda bagi membincangkan tempoh masa pembayaran balik yang terbaharu.

 

Adakah peminjam ada pilihan untuk melanjutkan tempoh pembiayaan atau menambah jumlah bayaran ansuran bulanan selepas tempoh penangguhan?

Institusi kewangan akan memberikan maklumat lanjut kepada peminjam berhubung dengan penyambungan semula pembayaran selepas tempoh penangguhan.  Antara pilihan yang diberikan termasuklan melanjutkan tempoh bayaran balik atau menambah jumpah bayaran ansuran bulanan.  Peminjam dinasihati supaya berbincang dengan institusi kewangan mereka jika perlu mengubah jadual pembayaran balik pinjaman/pembayaran disebabkan oleh keadaan kewangan mereka sekarang.

 

 

 

Sila klik sini untuk bacaan di Siaran Akhbar di BNM (HP/IF)   &  BNM Soalan Lazim (Moratorium HP/IF)

 

 

 

 

 

 

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