it's not about to believe or not

i just asking the general question about share/bursa

at least i learn something

fyi i never learn basic economy/account during school/uni days

all i know just reading from news

Bro jgn pancut awal sume. Read in 1st page mention accrued interest also will be waived

If read the BNM statement, Assist borrower affected by COVID-19 Outbreak

if affected, then halt all loan payment for any servicing loan for 6 month automatically
if not, then pay as usual

But, how should bank know i am affected or not?
Still need to be apply right?

The rule right now is only those who lost their jobs, took unpaid leave, got infected, etc. Can claim suspension of loans..

You need to submit documents of evidence to the banks too.. i.e. bank statement, letter from employer, etc..

I think that what it means by automatic. But we dont clearly know enough until banks officially come out and make their announcements.. probably tomorrow.

Everything is a competition with these banks btw. Let's see who offers their customers real good packages.

not so simple, as there is interest on interest.

October : Pay Apr principal + Apr interest + interest rate x (RM600)

That is the weird thing, if you apply is not automatic anymore. And manual one already announced by bank before this. Somehow this is different than the previous announced by bank.

still automatic if accross all servicing product
not that u need to apply for house loan, than hire purchase, than personal loan

Precisely. Automatic means automatic lar..adoi

Right on cue la..

Told you the banks will do everything in their powers to help people that have debt.

Debt is the most powerful tool in the world.

Also, this move is just as bad for savers & bond holders as the fed/bnm printing unlimited money to bail out debters like myself. Haha..

That's the next step btw. Banks printing cash in overdrive.. negative interest rates ftw.

Sounds logic bro.

dont need to learn lah. just go open rm1000 trade forex bet rm10 cuci rm30. lose rm10 must cut . dont wait wait. follow that rule.see if u can tahan. if u break the rules. dont ever touch this gambling machine again.

u want be fish in bursa? then go. epf and mutual fund manager welcome you. they know better than you. better info access.

what u have as edge? if u dont know your edge. why u want go trade bursa? . so if u want find your edge. go trade now. dont wait.

You have not done early settlement before don't you? If done hire purchase early settlement for car hire purchase 3 times already and there's always a rebate for early settlement.

Key word is automatic right? Just sit back and bank will do right?

flippers cukur, own more than 10 properties suddenly all duneed pay loan for 6 months! kerajaan PN memang prihatin!

Car loans are simple interest, but there are still ways to penalize borrowers that default their payments. The banks can always accumulate the non-payment and apply interest on them (i.e. interest on the interest). This is easy, usually used for defaulters.

Also you are the one who is wrong about the interest calculation for early settlement. There is this thing called rebate. Whatever interest payable that has not been paid would be rebated upon early settlement. There are calculators to calculate actual outstanding of your hire purchase, find it

As for reducing balance more commonly used for mortgages, asbf, it is also easy to accrue the interest. Interest for these loans are charged on a daily basis, just accumulate the interest accrued each day for the number of days until you make a loan repayment (which reduces your loan balance)

Any of these ways are possible but we don't know yet what the banks will decide. I doubt they will agree to absorb the cost though, the money they lend to their customers are borrowed too and they are charged interest on these funds as well

Fuck this is confusing, i though the simpler explanation is you delay 6 month pay. That means if your loan is meant to end in January 2030 it should now end July 2030.

Isnt this right?

i rmb few days ago, got ppl ask about this, got many stupid ktards say bank will all die if they do so, they wont do it.

No need to think. Just pay as usual.

Sigh.. A rebate is a rebate.

That is totally different from saying that the hire purchase interest will increase or reduce due to the suspension of loan payments..

You cant suddenly accrue more intetest on your car loan. It's not possible when your payment schedule and interest is fixed from start to finish.. now, at the end of the tenure, the bank may give you a discount for early settlement or a penalty for being late. But again, that is totally different from scenario like this where you are lawfully allowed to suspend your loan for 6 months. Your payment schedule and interest is still fixed.. the only thing that has changed is the end date. That's all..

And your example of accrued interest still doesnt work for car or even personal loans where the interest isn't based on days but rather on your payment schedule. I.e. 60 monthly payments of X amount until the end of Y date.. the interest has already been precalculated and built in..

Hence, the banks cannot charge you interest whilst your loan ia being suspended. It's pretty clear to me on this rule. And my example of how would you charge interest on predetermined or fixed loans such as hire purchase is one of the compelling reasons why the banks won't charge interest on any loan suspension. Including your house loan. They have got to be fair and apply all equal rules across the board.. so if they can't do it for one type of loan, means they should be consisrent and not apply additional interest across the board..

At least that's my logic to this.

This post has been edited by Liamness: Mar 25 2020, 01:14 AM

Dn play play, better check with bank
Based on the letter, both bank and u need to have consensus on this matter so that u are granted with moratorium (not automatically) and shall continue paying if u can afford