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KUALA LUMPUR: Bank Negara Malaysia (BNM) regrets the confusion that arose from the misperception, which to some extent is caused by an illustration provided in its previous version of Frequently Asked Questions (FAQ), where certain assumptions and warnings were made.
“We sincerely regret any confusion and anxiety this announcement may have caused. The deferment of loan repayments is intended to facilitate cash flows for borrowers / clients affected by the COVID-19 pandemic. This intention remains the same.” .
“We later removed the illustration when financial institutions provided theirs. Our illustration was not intended to exclude accrued interest charges on deferred loans,” the central bank said.
The confusion arose due to the misperception that the repayment amounts for a pay-as-you-go (HP) loan cannot be changed, he said in a list of frequently asked questions released today about the six-month deferment for pay-as-you-go purchase. (HP) and Islamic fixed rate financing.
Borrowers / customers who have had their HP loans and Islamic fixed-rate finance accounts automatically deferred from April 1, 2020 will continue to benefit from deferred payment until September 30, 2020.
HP Islamic fixed-rate borrowers / clients of Islamic finance who initially accepted the moratorium but have since changed their minds may still choose to defer, he added.
In its March 25 announcement, BNM had informed borrowers that interest / earnings will continue to accrue on deferred payments and they should consider this when deciding whether they want to take the moratorium. – Bernama
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