29 March 2020

Complete Guide on Deferment of Insurance Premium Payment

Do you have one or more life insurance policy/ family takaful certificate?
Do you have one or more general insurance policy/ general takaful certificate?

If your answer is YES to either question. Then, please read on...


As announced during the "Prihatin Economic Stimulus Package" by our prime minister on 27 March 2020, family takaful and insurance companies will offer a 3-month suspension on premiums by contributors whose source of income is affected by the pandemic.

Is it Automatic?

[Deferment of Loan] With or without compound? Interest-free? House vs Car loan?

Yup. We know that this topic is not easy to understand, yet it shouldn't be difficult to know. Why? Because it's all about our money matters. That's why we rather take some time to write about this, instead of giving you readers a quick conclusion.

We still have a few days to decide to opt-in or opt-out from the offer given by respective banks on the deferment of loan/financing.




How is it works actually?
Click here to read our previous article on the measures announced...

Now, let's jump to the advance part which most of us are concerned about.

Here you go...

Q1) Should we Opt-out from the measure of deferment?

25 March 2020

BNM Loan/Financing Deferment Measure. How it works actually? (March 2020)

Bank Negara Malaysia (BNM) today announces a number of regulatory and supervisory measures in support of efforts by banking institutions to assist individuals, small and medium-sized enterprises (SMEs) and corporations to manage the impact of the Covid-19 outbreak.





How is it works actually?

19 March 2020

BNM Slash Statutory Reserve Requirement (SRR) Ratio!!! (19 March 2020)

In view of the severe economic impact due to Covid-19 and 'movement control' imposed by the government, Bank Negara Malaysia steps up its effort to mitigate an economic shock today.




In a statement from the central bank today, it announces that the Statutory Reserve Requirement (SRR) Ratio will be lowered by 100 basis points from 3.00% to 2.00% effective 20 March 2020. In addition, each Principal Dealer is able to recognize MGS and MGII of up to RM1 billion as part of the SRR compliance.


How much liquidity to be released from such a move?

08 March 2020

[UPDATE] Local and Foreign Banks Mortgage Loan Rate (as of 6 March 2020)

The following are the Base Rates, BLR and Indicative Effective Lending Rates of Financial Institutions as of 6 March 2020.


Source: Bank Negara Malaysia




Note:
* Indicative effective lending rate refers to the indicative annual effective lending rate for a standard 30-year housing loan/home financing product with a financing amount of RM350k and has no lock-in period.



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Other blog posts that you may not want to missed:
  • Local and Foreign Banks Mortgage Loan Rate (as of 31 Jan 2020) Click here to read...
  • NEW Base Rate: Good or Bad? (Click here to read...)
  • Understanding the NEW Base Rate effective Jan 2015 (Click here to read...)