This is the latest that I got from the Association of Banks. This news will come out in the newspaper tomorrow. Current house owners on loan repayment program need to pay attention on what's the next move you want to make. Read on and you will know better:
Banks will automatically reduce the loan repayment amounts of their customers and this will be completed by the first quarter of this year, the Association of Banks said.
Borrowers who wish to maintain their current loan repayment amounts need to get in touch with their banks immediately, the association said in a statement on Wednesday.
The association said the move by all commercial banks to cut instalment amounts follows the request by the Government to help borrowers facing difficult economic times.
“Lower monthly loan repayment instalments will allow for more disposable income to be in the hands of the public and we reaffirm our member banks’ commitment to continue to be reasonable as well as responsive to the public’s needs,” it said.
The association said the move to reduce repayments was now possible following Bank Negara’s announcement of the reduction of the Overnight Policy Rate on Tuesday.
That move would bring about the reduction of the base lending rates.
The association said all commercial banks had agreed to cut loan repayment amounts across the board while maintaining the loan repayment period.
However, it said borrowers also had the option of maintaining their monthly installment amounts and have a shorter loan repayment period.
“Bank customers preferring to retain their monthly repayment installments may contact their banks immediately,” it said.
The association said borrowers could call the banks’ respective customer service hotlines if they had queries on the proposed revision and on any other BLR-pegged facilities.
No comments:
Post a Comment