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PUTRAJAYA: Borrowers and customers who want to continue the six-month moratorium must inform their respective banks of their consent through the platforms designated by the banks, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz (pix).
Although the moratorium is automatic from April 1, the consent of the borrowers is still legally binding.
“This is because, under the Rent Purchase Act of 1967 and the Shariah Act, all borrowers must consent to the bank.
“For example, the bank will send an SMS or an email to borrowers, and they will only have to respond to say” yes “or” no, “” he said today at a press conference.
The Minister for Science, Technology and Innovation, Khairy Jamaluddin, was also present.
Tengku Zafrul said consent is required to ensure that any changes, such as in terms of the duration of the loan, are legal.
“This is to protect the client, the client’s consent is required for any change in the terms and conditions of the loan.
“Let’s say the loan is for 60 months, but because of the six-month moratorium, it becomes 66 months, and this requires the consent of the borrower, otherwise the loan is invalidated,” he said.
Last Wednesday, Tengku Zafrul announced that the banks agreed to waive additional interest and earnings charges to finance rental purchases, both conventional and Islamic, during the six-month moratorium period.
On April 30, Bank Negara Malaysia (BNM) said that as of May 1, clients of the bank with fixed-rate Islamic rent-to-buy loans and financing will be notified of the steps they must take to complete the postponement under the six-month moratorium on Loan and financing payments.
BNM said that borrowers and clients will be notified by SMS, email or certified mail from their banking institutions. –Bernama
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