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 Breaking* BNM say no need to pay loans, for 6 months

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Human Nature
post Mar 24 2020, 11:09 PM

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QUOTE(Momo33 @ Mar 24 2020, 11:08 PM)
from the MM link
BNM have tasked the banks to provide its customers with information on how the suspended loan/financing payments/repayments will be treated during the six months’ period and the options available for them to resume payment once the period is over.

However, a footnote at the letter pointed out that there will still be an accrual of interest. nod.gif
so where got free lunch 
cos you  still need pay the  accrual Interest    ya .
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What is the meaning of accrual interest?
Human Nature
post Mar 24 2020, 11:12 PM

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QUOTE(tikaram @ Mar 24 2020, 10:04 PM)
I want continue paying loan instalment how?

I dont want to stop since bank still charge interest on my loan
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This is for housing loan?
No such interest for car loan right?

Thanks
Human Nature
post Mar 24 2020, 11:14 PM

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QUOTE(ComingBackSoon @ Mar 24 2020, 11:12 PM)
Accrual of interest simply mean the charging of interest.

Basically if you take advantage of the moratorium, it means you don't have to pay the bank for 6 months. But interest will still continue to be charged, and you will end up paying slightly more to the bank.
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Thank you. Is this applicable to car loan?
Human Nature
post Mar 25 2020, 11:20 AM

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QUOTE(romuluz777 @ Mar 25 2020, 11:00 AM)
6 mths moratorium is just a pause in installment payments. The interest daily rest calcs still jalan as is.

For car loans, the end date just shifts back 6 mths
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QUOTE(victorian @ Mar 25 2020, 11:11 AM)
Seems to me car loan is better? Since car loan no accrued interest.
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QUOTE(Death Wings @ Mar 25 2020, 11:14 AM)
yep, this is what I believe most people are thinking.

they should've come up with scenarios to explain the calculations. makes life so much easier

now they're being swarmed with questions mega_shok.gif  sweat.gif
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Yeah, this is what I want to know. For layman people, what is the effect to the car loan.

 

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