Application for Higher Monthly Repayment/Payment

Application for Higher Monthly Repayment/Payment

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Post COVID-19 Individual ex-RA Customers Application for Higher Monthly Repayment/Payment to Reduce Additional Borrowing/Financing Costs and Shorten Loan/Financing Tenure

(A)
ELIGIBLE CRITERIA
  1. Individual accounts granted with COVID-19 repayment assistance (RA) earlier; i.e. TRA / ETRA / PEMULIH ETRA in 2020/2021.
  2. Performing Individual accounts < 60 days past due (exclude bankrupt); and
  3. 100% full monthly instalment payment had resumed in 2022.
 

Note:
Not applicable for accounts currently under Repayment Arrangement; i.e. Agensi Kaunseling dan Pengurusan Kredit (AKPK) / 2022 Repayment Assistance (RA) / Rescheduling & Restructuring (R&R) arrangement.

(B)
OPTIONS OF HIGHER REPAYMENT/PAYMENT TO REDUCE BORROWING/FINANCING COSTS

3 standard options to increase monthly instalment upwards at prevailing (existing) interest rate via loan re-amortization method to save borrowing/ financing cost and to shorten loan tenure (if applicable) if customer's financial circumstances has improved.

Option

Percentage increment of full monthly instalment

1

15% increment

2

30% increment

3

50% increment

* No R&R tagging at BNM’s CCRIS for this higher monthly repayment/payment arrangement.

(C)
STANDARD TURNAROUND TIME

7 calendar days
[ For approved request, please confirm your acceptance by acknowledging and accepting the Supplemental Letter of Offer within seven (7) calendar days.]

(D)
APPLICATION

MANUAL APPLICATION

CLICK HERE

(To download and submit your completed manual application form to Account Holding Branch/ CCCs)

(E)
REQUEST FEE

RM100-00 request fee will be debited to the loan/financing account upon customer’s manual acceptance of Supplementary Letter of Offer.

(F)
BENEFIT TO INCREASE MONTHLY REPAYMENT/PAYMENT AMOUNT
(Illustration per RM100K Housing Loan amount)

Outstanding balance : RM100,000.00

Remaining tenure : 240 months (20 years)

Current Monthly instalment : RM610.00

*Pricing : 4.07% p.a. effective interest rate

(BLR-2.40%/BR+0.80%/SBR+1.32%)

(BLR:6.47% p.a./ BR:3.27% p.a./ SBR:2.75% p.a) (*subject to changes with OPR)

[BLR (Base Lending Rate) / BR (Base Rate) / SBR (Standardised Base Rate)]

Percentage increment of full monthly instalment

Option 1
(15% increment)

Option 2
(30% increment)

Option 3
(50% increment)

Revised Monthly instalment

RM702 per month

RM793 per month

RM915 per month

Estimated savings on borrowing/financing cost

RM9.4K

RM15.5K

RM21K

Shortened Loan/Financing Tenure

4 years

6 years

8 years

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