Frequently Asked Questions (FAQ)
1. What are the guidelines and approvals from relevant authorities?
a) Bank Negara Malaysia (BNM) guidelines – Additional Measures to Assist Borrowers/ Customers Affected by Covid-19 Outbreak.
b) Sabah – Approval from Ministry of Finance [click to open PDF].
c) Sarawak – Approval from State Financial Secretary [click to open PDF].
2. Do I need to apply for the moratorium?
No. Both conventional home loans and Islamic home financing that meet the BNM criteria will automatically qualify for the deferment, i.e. accounts not in arrears exceeding 90 days as of 01 April 2020.
3. What is the moratorium period?
It is from April 2020 to September 2020, i.e. a period of 6 months. During the moratorium period, salary deduction for the monthly repayment/ payment will be temporary ceased.
4. Is interest/ profit chargeable during the moratorium period?
For subsidized conventional housing loan, interest portion payable by employees will continue to be accrued and also compounded.
For subsidized Islamic home financing, profit portion payable by employees will continue to be accrued but not compounded.
5. What is the Monthly Repayment/ Payment after the 6-month moratorium?
No increase in the monthly repayment/ payment for both the conventional housing loan and Islamic home financing when it resumes in October 2020.
6. Will the loan/ financing tenure be extended?
Yes, the loan/ financing tenure will be extended accordingly, but excluding other factors e.g. subsequent arrears status, until the full redemption of loan/ financing.
7. What is the implication on the related Mortgage Decreasing Term Assurance/ Takaful (MDTA/ MDTT) Policy?
As a result of the loan/ financing tenure extension, the MDTA or MDTT Policy (if applicable) will not be able to fully cover the extended period. However, the remaining outstanding balance or tail-end upon the expiry of the MDTA/ MDTT policy will not be very significant.
8. Am I allowed to make payment to reduce or redeem my loan/ financing during the moratorium/ deferment period?
Yes, you are certainly allowed to make amount of payment during the deferment period. Please make payment to BHMFB bank accounts as listed in our website here or over our counters.
9. Is the 6-month moratorium extended to officers of Statutory Bodies, Local Authorities/ Councils and State Agencies?
Yes, BHMFB has extended the 6-month deferment of monthly repayment/ payment to officers of Statutory Bodies, Local Authorities/ Councils and State Agencies.