I am still serving progressive interest to Maybank.. this moratorium not cover for this right?

I'm in a similar predicament. They approved me for 3months mora under pemerkasa, but I have not signed the new agreement yet. I only got an appointment tomorrow. My due date is on the 11th of July. Trying hard to sign it asap so I wouldn't need to pay this month. The banker called and she said it's better to just cancel this 3 month mora and apply for this 6 months mora under pemulih. She said the 3 months mora will be a restructuring, but not for 6 months. The 3 months one will see me paying extra rm96 a month but if i opt for 6months the payment amount won't change. I'm contemplating right now, I just don't want to pay this month also. I might just sign tomorrow and apply for this 6 months mora later.

one link didn’t update yet. still have HP illustration.

https://www.affinonline.com/AFFINONLINE/med...ppendix1Eng.pdf

I see, i have no idea for pemerkasa or pemulih. 😅 but its better to wait for the 6 months without additional interest. If you sign tomorrow for 3 months, the additional rm96 interest is only for 3 months or what? If its until the end of your loan tenure then its not worth it.

Sign up for the moratorium. Dont think too much on the interest. Cash in hand is better than 'cash at bank' during this pandemic.

Many HL borrowers will never complete their loan tenure. Many would have upgraded or downgraded after 10 years.

I also just found out about the pemerkasa pemulih terms from the banker. The rm96 extra will be for the whole loan tenure which is 132months (11years). I know it's not a smart move to have a long hire purchase, but I don't really have a choice as I am on unpaid leave. After 3 restructuring, my current monthly payment is rm4596. Originally it was 5751. So if I can keep 4596 instead of paying this month, I think it does make a difference. But yeah the 96ringgit is significant after finishing the tenure lol. I have a few hours to decide now, before going to the bank later.

I agree. Cash in hand is always better. I might take your advise on not thinking too much. Just sign up for the 3 months first so the moratorium will start this month.

For those who need it, even paying compounding interest may save the property from going into foreclosure. For those undecided or not sure will be affected in the future, keeping cash is better option. Job or business now cannot be predicted in the future. As for our country handling of the crisis, another emco next year is not surprising.

A borrower will have 6 months moratorium and another 6 months saved cash reserve to regularised his financial position.

Foreclosure costs are more than the 6 months compounded interest after the moratorium.

Where to find the tnc about the rm96 extra? Any other extra tnc tied to this new moratorium??

Okay I already went to sign the agreement. You can’t find the tnc until they have approved it. And you can either call your banker to get an explanation or you can see it when you go and sign. She did explain to me about the extra rm96 but to be honest i dont really understand lol. She said something about loan amount disbursed, the amount stays the same because I’m not paying a single sen during the mora, but the interest is for the months i havent paid. And she said something about rebate. I honestly don’t know what I’m talking about. Sorry.

Thanks for your reply..We still needs to go to the bank to sign up for the agreement, what bank is yours and processing fees involved ?

It must be so tough for your situation, then you can go for whichever help your need at current situation. I agree that if our life really affected by unpaid leave or even jobless, just take whatever moratorium that reduce our monthly commitment. Keep some cash for now to makan and just pray hard to earn back that interest in future. No worry, stay strong and stay safe!

Mine is maybank. Yeah have to go to the bank. I did ask them many times for me to just sign it digitally but they insist on signing it physically. The last restructuring, there was a rm20 stamp duty. Prolly this one will too but will only find out once I get the full agreement letter. But the 6 months mora will probably not charge any stamp as it is not a restructuring. I'm talking about hire purchase btw.

Yeah I was thinking the same thing, about earning back the interest in the future lol. Thanks man! You stay safe too!

Dont need think too much, take and put inside epf, ur future will thank you. Now fund risky, put epf at least 5-6%.

I don't see the TnC for affinbank's hire purchase moratorium? They removed and waiting to update again? Lol

should be, the one with Hire Purchase dated 6/7 now is 7/7.

Oic..I thought you talking about house loan. Anyone knows how public Bank house loan 6months moratorium works and what are the hidden tnc??

That means the interest is compounded. The reason why I said public bank is BULLSHITTING - is because they compound the interest that is accrued after the moratorium period ends, vs my other moratorium offer by RHB as attached.

RHB doesn’t compound the interest after the moratorium period - it is specifically said that the compound interest is based on outstanding balance BEFORE the moratorium period. So no compounding of the interest.

Adui it's hard to talk to uninformed person. They will always think that bank are there to eat them.

RHB specifically say that interest will not be compounded during the loan assistance period. Did they say that it will not be compounded forever? After moratorium end, the interest will be added to your principal and the interest will be charged based on your new amount owed. It will still be compounded.

I don't see any difference between RHB and PBB. All banks functions similarly and before pointing fingers please look at yourself first.

2021 has not even end with EMCO what makes you 2022 will be another EMCO

Btw EMCO is just one man greed to stay in power prolongly till 2023 hence never ending thanks to useless DG as well

I think you are delusional as RHB will add in the interest in your principal while prolonging your loan period hence at the end you are still paying added interest with loan period hence it is compounded with your principal added which gives you added interest instead

All banks are following BNM guidelines it is just whether the principal and interest are different but it works out the same end of the day minus a few dollars due to rounding