Kevin Hans Jun Wei Samuel No Comments

Having Problems With Loan Repayment? Contact BNMTELELINK, Says BNM.

Bank Negara Malaysia (BNM) has advised the public to contact BNMTELELINK if they have any issues with loan repayment assistance applications or difficulty contacting their banks. Borrowers should contact BNMTELELINK at bnm.my/RAsurvey if they are having problems with their banks or if their payments are increasing arbitrarily, according to the central bank.

At the same time, BNM recommended all parties to follow the existing guidelines in order to make sensible and suitable judgments in relation to the six-month moratorium assistance granted, in a post on its official Instagram page.

Individual borrowers and micro, small and medium enterprises (MSMEs) affected by the Covid-19 epidemic could seek for a six-month moratorium starting July 7, 2021, according to BNM.

BNM instructs the public to inquire with the bank about the total monthly instalment payment after the moratorium assistance expires, as well as how much interest/profit will be charged on the deferred monthly instalment payment, whether the loan/financing period will be extended and for how long, and whether an additional payment will be required immediately after the assistance expires.

It goes on to say that banks must tell borrowers about how the instalment amount and the financing term would be affected.

The bank will continue to charge interest on the deferred instalment amount, but there will be no “interest on interest” or late payment penalty penalties during the moratorium period, according to the central bank.

BNM also advised the public to contact AKPK for guidance or alternative repayment aid alternatives via services.akpk.org.my, as well as free advice from the Financial Planning Association of Malaysia’s SmartFinance Licensed Financial Planner via bit.ly/3js5zrm.

 

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KUALA LUMPUR (July 19): Bank Negara Malaysia (BNM) has urged the public to contact BNMTELELINK if they were to encounter any problems with loan repayment assistance applications or difficulties in contacting their respective banks.

The central bank said if borrowers faced any difficulties with their banks, or if their instalments increased unreasonably, they may contact BNMTELELINK at bnm.my/RAsurvey to put in their complaints.

At the same time, BNM, through a post on its official Instagram page, advised all parties to follow the existing guidelines to help make wise and appropriate decisions in relation to the six-month moratorium assistance provided.

The BNM guide states that the public needs to look at five stages — understand, consider, ask, assess, and act — in deciding whether to choose the moratorium aid.

Earlier, BNM issued a statement that individual borrowers, and micro, small and medium enterprises (MSMEs) affected by the Covid-19 pandemic could apply for a six-month moratorium from July 7, 2021.

“Consider your current situation and make a wise choice whether to choose a moratorium for six months.

“Borrowers could contact their banks to reduce instalment payments, continue to service their loans, or contact the Credit Counseling and Management Agency (AKPK) through services.akpk.org.my,” it said.

BNM advises the public to find out from the bank about the total monthly instalment payment after the moratorium assistance ends; how much interest/profit will be charged on the deferred monthly instalment payment; whether the loan/financing period will be extended and for how long, as well as whether it is necessary to make an additional payment at once after the assistance ends.

“You also need to ask the bank what will happen to the assistance that is being received if you are the recipient of an existing repayment assistance,” said BNM.

It added that banks are required to provide borrowers with information on how the instalment amount and the financing tenure will be impacted.

Where a borrower requests to maintain lower instalments (instead of original instalments) after the moratorium, this would result in the loan tenure being extended for a longer period, said BNM.

The central bank also said interest would continue to be charged by the bank on the deferred instalment amount and no “interest on interest” or late payment penalty charges would be levied during the moratorium period.

In addition, BNM also urged the public to contact AKPK through services.akpk.org.my for advice or alternative repayment assistance options, as well as free advice from the Financial Planning Association of Malaysia’s SmartFinance Licensed Financial Planner via bit.ly/3js5zrm.

On June 28, 2021, Prime Minister Tan Sri Muhyiddin Yassin announced that a six-month moratorium would be granted to all individual borrowers from the B40, M40 or T20 groups, as well as micro-entrepreneurs.

He said there were no more conditions such as income reduction, review of whether the applicant had lost his job and documentation that needed to be submitted for the application.

 

Source: Edge Prop

Kevin Hans Jun Wei Samuel No Comments

The Price Adjustment On The KL Condominium Market Continues

According to Knight Frank Malaysia’s study, the price correction in the Kuala Lumpur high-end condominium market is continuing due to reduced demand, and rental growth is under pressure due to rising inventory in both existing and newly built segments.

The property consultant business said in its report titled “Real Estate Highlights – First Half of 2021,” released today, that overall interest in the residential sector for 2021 is likely to remain modest until the health problem is totally under control.

According to the data, in the first quarter of 2021, 1,990 condominium units worth RM1.50 billion changed hands. Year-to-date, the volume and value of transactions have increased by 18.5 percent and 29.6 percent, respectively (1Q2020: 1,680 units valued at RM1.16 billion).

Following the completion of six projects in 1H2021, the total supply of high-end condominiums or apartments in Kuala Lumpur stood at 1,777 units as of 1H2021. Another eleven projects, all of which are expected to be completed by 2H2021, will add 6,979 units to Kuala Lumpur’s total high-end residential supply.

Sarkunan Subramaniam, managing director of Knight Frank Malaysia, said that in the first half of 2021, there were fewer completions and launches as a result of the rigorous containment measures, which delayed construction activity, project delivery, and the completion of real estate transactions.

On the back of a more favourable outlook (after recent acceleration in vaccine drive) and high interest from domestic investors transferring from the stock market to safer and less volatile alternative investment products, the property market is largely expected to resume recovering.

From 1 June 2020 to 28 February 2021, more than 34,354 residential units worth more than RM25.65 billion were sold in Malaysia under the HOC. The Malaysian government has sold an estimated 200,000 homes so far.

 

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PETALING JAYA (July 19): Kuala Lumpur high-end condominium market price correction continues due to weaker demand and rental growth remains under pressure due to rising inventory in existing and newly built segments, said Knight Frank Malaysia’s report.

In its report titled “Real Estate Highlights – first half of 2021”, which was released today, the property consultancy firm said the overall interest in the residential sector for 2021 is likely to remain subdued until the health crisis is brought fully under control.

According to the report, a total of 1,990 condominium units valued at RM1.50 billion changed hands in the first quarter of 2021. The figures reflect a 18.5% and 29.6% increase in volume and value of transactions year-to-date (1Q2020: 1,680 units valued at RM1.16 billion) respectively.

As of 1H2021, the cumulative supply of high-end condominiums or residences in Kuala Lumpur stood at 1,777 units following the completion of six projects. Another eleven projects, scheduled for completion by 2H2021, will collectively contribute some 6,979 units to Kuala Lumpur’s cumulative high-end residential stock.

In the primary market, the average gross selling prices of new high-rise residences generally ranged between RM750 psf and RM960 psf. New developments in popular residential locales such as Bangsar, Mont’Kiara and Sri Hartamas continue to command good prices.

In the secondary market, the locality of Damansara Heights is the only exception where the selected schemes monitored registered higher average prices (on psf basis) when compared to 2H2020 while in the locality of Mont’ Kiara, the prices of sampled properties were relatively stable during the review period.

Elsewhere, in the other localities, the prices of high-end residential units remained under pressure, said the report.

The property consultancy firm noted that asking rents for selected schemes monitored in KL City, Ampang Hilir or U-Thant and Bangsar declined marginally. Meanwhile, in the localities of Damansara Heights and Mont’ Kiara, the asking rentals remained in the positive territory.

Moving forward, the overall rental market is expected to remain under pressure due to weaker leasing demand. Tenants looking for affordable rental options continue to be spoilt for choice. It is worth mentioning that the country has relaxed its entry ban on certain categories of expatriates and their dependents as well as professional visit pass holders since September 21, 2020, said the report.

 

Pent-up demand from buyers who are looking for an upgrade

Knight Frank Malaysia managing director Sarkunan Subramaniam said there were fewer completions and launches in 1H2021 as the strict containment measures delayed construction works, project delivery and completion of real estate transactions.

“In the secondary market, no property viewings and on-site surveys have been allowed since June,” he noted.

Nevertheless, Knight Frank Malaysia deputy managing director Keith Ooi observed that there appears to be pent-up demand in the housing market evident by the short burst of recovery in market activity when movement restrictions were temporarily lifted.

“The economy is still in its recessive phase and market confidence is expected to return gradually by early 2022 as buyers and financiers are all on cautiously optimistic mode. The property market is widely expected to start recovering on the back of a more positive outlook (following recent acceleration in vaccine drive) and strong interest from domestic investors shifting from the stock market to safer and less volatile alternative investment products,” Ooi added.

Meanwhile, Sarkunan also highlighted that the general buyer focus has now shifted from investment towards creating a haven to live, relax and work in comfort due to the ‘Stay at Home’ orders amid the various phases of MCO.

“Thus, potential buyers and investors who have the financial capability may be enticed to enter the housing market – to buy a home for their own stay, for an upgrade, for investment etc. – taking advantage of the price discount, attractive deals, stamp duty exemption as well as the current low interest-rate regime.

Furthermore, the Covid-19 pandemic has also fuelled demand for residential properties especially new landed housing outside the city – in established and upcoming suburbs with good connectivity where prices are more affordable and competitive. With the potential shift to hybrid work arrangements post pandemic, buyers are seeking ideal living spaces with a higher emphasis on functionality and comfort.,” he added.

To recap, several key property-related policies and incentives have been announced under the various stimulus packages such as the extension of the Home Ownership Campaign (HOC) until 31 December 2021 as part of the PEMERKASA+ Package and reintroduction of the 6-month moratorium on bank loans for all individuals and SMEs under the PEMULIH Package.

Other accommodative policies include the current record low-interest-rate environment with OPR remaining at 1.75%, the exemption of Real Property Gains Tax (RPGT) for up to three residential properties for Malaysian individuals until the end of 2021 and the uplift of a 70% margin of financing limit for the third housing loan onwards during the HOC period.

To date, an estimated 34,354 residential units worth RM25.65 billion were sold from 1 June 2020 to 28 February 2021 under the HOC.

 

Source: Edge Prop

Kevin Hans Jun Wei Samuel No Comments

Penang Mainland Receives Positive Growth

Property Advisor looked at last year’s property transactions and found areas where there was a spike in activity. Here are two places in Penang that caught my attention.

Perai is a mainland town that comprises an industrial area that includes Malaysia’s oldest steel mill and largest sugar refinery. It is also home to various Port of Penang facilities. Several major firms, including Pensonic, Hitachi, and Chevron, are based in the Perai Industrial Estate. This creates thousands of work opportunities, making it a wonderful spot to buy a home, especially for those wishing to invest and profit from the rental market.

Property transactions in Perai climbed by 15.08 percent in 2019 compared to the previous year, with a slight increase of 7.35 percent in the median price.

Seberang Jaya, which is close to Perai, has a variety of business and retail complexes. The purpose of this township’s creation, which began in tandem with the Perai Industrial Estate, was to create a dwelling area near Perai’s newly developed enterprises, as well as to remove social and economic disparities between urban and rural populations.

Seberang Jaya, like Perai, saw a growth in investor transactions, which increased by 111.9 percent last year compared to 2019. The median price rose 45.83 percent to RM175,000, demonstrating that investors are willing to spend money in regions where they believe there is potential.

Using the Home Ownership Campaign’s extension, it may be a good moment to invest in another property with the money you’ve taken out of your equity. The money will be put into your bank account directly, allowing you to use them as a down payment on your future investment.

 

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It is normal to expect property transactions to dip during the pandemic as people become wary of the economy and adopt a “wait-and-see” approach.

But for those familiar with the property market and who enjoy financial stability, it is a good time to capitalise on the caution of others and take your pick of the oversupply in the market.

Property Advisor analysed property transactions carried out last year and identified locations that saw an increase in transactions. Here are two areas in Penang that stood out.

 

1. Perai

Located on the mainland and home to several Port of Penang facilities, Perai houses an industrial estate that includes Malaysia’s oldest steel mill and largest sugar refinery.

The Perai Industrial Estate is also home to several multinational companies like Pensonic, Hitachi and Chevron.

This provides job opportunities for thousands, making it a good place to purchase a property, especially for those looking to invest and gain returns through the rental market.

Investors last year seized the prospects, evident through an increase of 114.15% in transactions compared with 2019. They were also willing to spend more, with the median price increasing by 43.11% from RM125,775 in 2019 to RM180,000 in 2020.

First Home Buyers (FHB) were also willing to spend more last year – despite a 56.85% drop in transactions, the median price increased slightly from RM185,000 to RM195,000, an increment of 5.41% compared with 2019.

Overall, property transactions in Perai increased by 15.08% compared with 2019, with the median price seeing a small increase of 7.35%.

 

2. Seberang Jaya

Adjacent to Perai, Seberang Jaya boasts various commercial and retail developments.

Originally built in tandem with the Perai Industrial Estate, the goal of this township’s development was to provide a housing area near Perai’s newly built industries, as well as to eliminate the social and economic disparity between urban and rural residents.

Seberang Jaya also contains the Penang Bird Park, which was Malaysia’s first aviary when it was established in 1988, and the Arulmigu Karumariamman temple, a popular tourist attraction.

Like Perai, Seberang Jaya witnessed an increase in investor transactions, skyrocketing by 111.9% last year compared with 2019. The median price also increased by 45.83% to RM175,000, proving that investors are not reluctant to spend money in areas they feel hold potential.

The same, however, cannot be said for the FHB segment, which saw a median price drop of 22.47% compared with the year prior, after a transaction drop of 61.64%. Originally standing at RM158,00 in 2019, the median price fell to RM122,500.

Nonetheless, despite the decrease in transactions and median price in the FHB segment, the overall median price of Seberang Jaya saw an increase of 11.11%. The total transactions last year were also 1.74% higher than those reported in 2019.

 

What’s next?

It is good to check if the value of your property in these locations has increased. If it has, so has your equity, which you can withdraw through cash-out refinancing. Your existing loan will be replaced with a new one that has potentially lower rates and a bigger sum, after including the equity you have cashed out.

With the extension of the Home Ownership Campaign, it could be a good time to invest in another property using the capital you have taken out from your equity. The funds will be deposited directly into your bank account, allowing you to use it as down payment for your next investment.

 

Source: Free Malaysia Today

Kevin Hans Jun Wei Samuel No Comments

AmInvestment Bank Is Being Careful With Real Estate At This Time

In light of the current circumstances – a spike in Covid-19 daily cases and an extended lockdown that could cause a slower-than-expected recovery – AmInvestment Bank Bhd retains a cautious outlook on the property market in the second half of this year.

The investment bank is maintaining a neutral stance on the sector forecast in a research note, citing the fact that the local property market has remained stagnant for the last five to six years, following an increase in mid-2013.

Nonetheless, there are some encouraging signs, such as developers’ achieved sales growth rates of 5% to 10% year-on-year (y-o-y) via online booking platforms in the first quarter of 2021 despite the pandemic, developers’ willingness to sacrifice margin by focusing on affordable residential segments in line with market demand, and landbanking activities in prime areas.

According to AmInvestment Bank, several developers have transitioned from higher-end goods to inexpensive ones in the last three to four years, as part of their efforts to extend their affordable housing portfolios.

Despite the fact that loans for residential properties hit an all-time high in April 2021, showing stronger consumer mood in the sector, banks’ average approval rate fell to 34.2 percent from 37.4 percent a year ago, according to AmInvestment Bank.

Due to previous debt servicing commitments (such as outstanding education, automobile, or personal loans) and salaries that have not grown sufficiently over the epidemic, potential home purchasers may have little capacity left to take on a home mortgage. The softer job market exacerbated this, as evidenced by the still high unemployment rate of 4.7 percent in the first five months of 2021, according to the research.

 

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PETALING JAYA (July 15): AmInvestment Bank Bhd maintains a cautious outlook on the property market in the second half this year in view of the current situation – the spiking number of Covid-19 daily cases and extended lockdown that could cause a slower-than-expected recovery.

In a research note today, the investment bank is taking a neutral stance on the sector outlook as the local property market has been languishing over the last five to six years, since hitting an upswing in mid-2013.

Nevertheless, there are some encouraging signs, including developers’ achieved sales growth rate of 5% to 10% year-on-year (y-o-y) in the first quarter of 2021 via online booking platforms amid the pandemic, the willingness of developers to sacrifice margin by focusing on affordable residential segments in line with market demand as well as landbanking activities in prime areas with good public infrastructure and connectivity to Kuala Lumpur city centre.

On the developers’ efforts in expanding their affordable housing portfolios, AmInvestment Bank observed over the past three to four years, many developers have moved from higher-end products to affordable ones.

“We are mindful that affordable housing typically commands low margins which could be crimped further by intensifying competition as this segment gets more crowded by the day,” it said.

However, the investment bank reckoned that companies under its coverage are established enough to compete with their peers given their savvy management teams and healthy balance sheet with net gearing ratios of 30% to 59%.

For instance, Mah Sing and Lagenda Properties are in net cash position. Hence, they have the ability to secure strategic landbanks with a reasonable cost-to-GDV ratio of between 10% and 20%.

In terms of lanbanking exercises, Mah Sing and UEM Sunrise have each acquired two plots in the Klang Valley while Sunway secured one.

Meanwhile, AmInvestment Bank said even though loans applied for residential properties reached an all-time historical high in April 2021, reflecting improved consumer sentiments in the sector, banks’ average approval rate slid to only 34.2% from 37.4% a year ago.

“We believe this is likely due to house buyers’ inability to qualify for a home mortgage given high debt service ratios (DSR) for newly-approved loans at 43% while the household debt-to-GDP ratio has risen to 93.3% as at Dec 2020 from 82.9% at Dec 2019,” said the report.

The DSR is calculated by dividing applicants’ debt service obligations by their incomes to assess borrowers’ risk profile (most banks observe a cap of 43% for the low-income group, and 71% for the middle-high income borrowers).

Potential house buyers may have little room left to take on a home mortgage due to their existing debt service commitments (such as outstanding study, car or personal loans) while their incomes have not grown sufficiently during the pandemic. This was exacerbated by the softer job market as reflected in the still elevated unemployment rate of 4.7% in the first five months of 2021, said the report.

 

Source: Edge Prop

Kevin Hans Jun Wei Samuel No Comments

Sunny Ville Condominium Get Maintenance Approval

The application for lift replacement work at the Sunny Ville condominium in Batu Uban has been granted by the state government’s Penang Maximum 80 percent Maintenance Fund (TPM80PP).

The TPM80PP fund, according to Jagdeep, also helps qualifying private housing initiatives.

“To date, the state government has granted 283 applications from various housing schemes including 479 projects of various maintenance works costing RM276.4 million,” Jagdeep said today during his visit to the Sunny Ville condominium.

The state government has also received RM32 million from the federal government (as of January) for maintenance work at various housing developments, according to Jagdeep.

Furthermore, A. Kumaresan, a Batu Uban assemblyman, expressed his gratitude to Jagdeep for attending to the concerns of his constituents.

“In the Batu Uban neighbourhood, we have roughly 130 stratified residences, with a total of 20 maintenance projects of RM2.4 million approved in this area.

“I hope the state government will keep up the good work so that more Penangites can benefit from the various housing initiatives,” Kumaresan added.

 

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THE state government, through its Penang Maximum 80% Maintenance Fund (TPM80PP), has approved the application for lift replacement work at the Sunny Ville condominium in Batu Uban.

According to Jagdeep, the TPM80PP fund also caters to the eligible private housing schemes.

“Since the condominium does not fall under the low-cost or low medium-cost category, it is only entitled for a 60% of assistance from the state government.

“Out of the total cost of RM627,000, the state government will be allocating RM376,200 for the project and the balance will be borne by the residents.

“Our main objective of helping various housing schemes in the state with their maintenance work is to help ease their burden, especially during this challenging time.

“Till date, the state government has approved a total of 283 applications from various housing schemes involving 479 projects of various maintenance works costing RM276.4 million,” Jagdeep said during his visit to the Sunny Ville condominium today.

Jagdeep added that the state government has also received RM32 million (as of January) from the Federal Government for the maintenance work at various housing schemes.

“We hope that the Federal Government will keep assisting the housing schemes in Penang with the maintenance work. And we also look forward for their continuous cooperation on this matter,” he added.

Meanwhile, Batu Uban assemblyman A. Kumaresan expressed his gratitude to Jagdeep for attending to needs of the residents in his constituency.

“We have around 130 stratified homes in the neighbourhood of Batu Uban, whereby a total of 20 maintenance projects costing RM2.4 million were approved in this constituency.

“I hope that the state government will continue carrying out the good work so that more Penangites at various housing schemes will benefit from it,’’ said Kumaresan.

 

Source: Buletin Mutiara

Kevin Hans Jun Wei Samuel No Comments

The Government Is Cooking Up a Low-Carbon City Master Plan

The government has released the National Low Carbon Cities Master Plan, which details how state governments and local governments can create low-carbon cities in their territories.

According to Bernama, Prime Minister Tan Sri Muhyiddin Yassin stated that transforming Malaysian cities into low-carbon cities will help to build the local green economy, attract domestic and foreign investments, and generate jobs.

In conjunction with this, the Low Carbon Cities Catalyst Grant (GeRAK), worth RM35 million, has been established to assist local governments in implementing their high-impact low-carbon cities project.

Muhyiddin noted that the government has been working on several initiatives to help local governments accomplish their low-carbon city plan at the state and municipal levels since 2011.

He emphasised the importance of local governments in planning a city’s socioeconomic development and environmental infrastructure. Furthermore, both at the national and local levels, local governments assist in the implementation of environmental protection measures.

 

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The government has launched the National Low Carbon Cities Master Plan, which provides complete guidance on how state governments and local authorities can develop low-carbon cities within their areas.

“The process of transition and transformation of low carbon cities will bring about a positive impact on all of us in reducing the effects of climate change,” said Prime Minister Tan Sri Muhyiddin Yassin at the launch of the Malaysia Low Carbon Cities Conference 2021 as quoted by Bernama.

He pointed that transforming Malaysian cities into low-carbon cities will also help develop the local green economy, attract domestic and international investments as well as create jobs, reported Bernama.

With this, the Low Carbon Cities Catalyst Grant (GeRAK), which amounts to RM35 million, has also been launched to help local authorities implement their high-impact low-carbon cities initiative.

Muhyiddin explained that since 2011 the government has implemented various efforts to support local authorities achieve their low carbon cities agenda at the state and municipal levels.

He noted that the local authorities’ role was important in planning a city’s socio-economic development and environmental infrastructure. Moreover, local authorities also help implement environmental conservation initiatives at the national as well as local levels.

“As entities at the administrative level which are closest to the people, local authorities need to play an important and active role in educating, mobilising and responding to the community as well as promoting sustainable and inclusive development,” said Muhyiddin.

Among the cities across the world that have adopted the low-carbon concept to address the impact of climate change are Copenhagen, Amsterdam, Zhenjiang, Tianjin, Hong Kong and Tokyo, he said.

 

Source: Property Guru

Kevin Hans Jun Wei Samuel No Comments

Here’s A Quick Guide For Moratorium Opt-In

Banks have officially began accepting applications for the six-month lending moratorium. This would be in accordance with the PEMULIH stimulus package for Rakyat dan Pemulihan Ekonomi.

Individuals, microenterprises, and small and medium enterprises (SMEs) affected by the pandemic can submit applications. Bank Negara Malaysia has stated that approvals will be granted automatically, and that opting in for the moratorium will be simple with no accompanying documentation required.

In a statement on 6 July, the banking regulating body also noted that opting for repayment support will raise the overall borrowing cost, since interest/benefit on late payments will continue to grow.

It further stated that any sort of repayment assistance obtained in 2021 will have no impact on borrowers’ Central Credit Reference Information System (CCRIS) records.

 

For RHB Bank:

Under the PEMULIH package, RHB Banking Group will offer clients the option of a six-month deferral of instalments on loan/financing facilities or a 50 percent decrease in instalments for six months.

Individual borrowers, microenterprises, and SMEs affected by the Covid-19 epidemic are eligible for the PEMULIH Repayment/Payment Assistance programme.

This applies to loan/financing facilities issued before July 1, 2021 that are not in arrears for more than 90 days on the date the application is submitted, according to the banking group. It further said that no supporting documentation are necessary prior to the processing of applications.

Customers who want to apply can do so by filling out the RHB e-Form on RHB’s corporate website or responding to two-way SMS messages sent to them, according to the bank.

 

For OCBC:

OCBC Bank (Malaysia) Bhd (OCBC Bank) and its Islamic banking subsidiary OCBC Al-Amin Bank Bhd (OCBC Al-Amin) have started the PEMULIH moratorium sign-up process for their individual, microenterprise, and SME customers.

Individual, microenterprise, and SME customers can now sign up for a six-month postponement of instalments or a 50 percent decrease in instalments for six months, according to a statement released today by the banking company.

Customers of OCBC can apply for the programme online utilising the bank’s simplified application process, according to the bank.

 

For CIMB:

Individuals, microenterprises, and affected SME customers of CIMB Bank Bhd and CIMB Islamic Bank Bhd can now opt in for the six-month moratorium, with approvals granted automatically, according to CIMB.

Customers are also given other choices, such as a 50% decrease in instalments for six months on credit facilities such as mortgages, ASB loans/financing, and variable rate credit facilities, according to the company. Customers with hire purchase facilities can also choose a three-month moratorium, while customers with credit cards can convert their outstanding balance into a three-year term loan/financing with lower interest/profit rates to assist them better manage their debt.

Clients of the banking group can use a fully digital e-form that can be found on the company’s website. The webpage also explains the various payment aid choices in a straightforward manner, with clients only needing to select their preferred option to begin the process. Opt-ins can be done over the phone, by email, or in person at bank locations (subject to the relevant operating conditions).

 

For Affin Bank:

According to Affin Bank, all individual or retail customers, microenterprise and SME customers will be eligible for financial relief under the loan moratorium, with the bank giving a six-month postponement of payback instalments on all credit facilities (except credit cards).

Customers can apply for the moratorium online, at any of the bank’s branches, or by contacting its customer service centre.

 

For Malaysian Banking Berhad:

Individuals (B40, M40, and T20 borrowers), microenterprises, and SMEs can apply for the moratorium, according to Malayan Banking Bhd (Maybank). It is also offering a 50% decrease in monthly instalments for six months as an alternate repayment aid option.

Customers can apply for a moratorium or repayment help through the company’s online and mobile banking services. All loans and funding are covered under the monthly instalment moratorium and repayment aid plan (excluding credit cards).

Maybank would offer to convert outstanding credit card balances into a three-year term loan with lower interest rates for credit card facilities (excluding charge cards) so that borrowers can better manage their financial commitments during these difficult times, it added.

The regulations apply to loans or funding approved on or before June 30 that are not more than 90 days past due at the time the request is made to the bank.

 

For Public Bank:

Individuals, microenterprises, and SME clients that encounter loan repayment issues during the epidemic would be granted a six-month deferment by Public Bank Bhd, regardless of their income level. Customers can also choose to have their monthly instalment payment reduced by half for six months.

In addition, it offers alternative rescheduling and restructuring of loan and finance agreements as customers want.

Customers can sign up through the company’s internet platform, email, or phone number. For this aim, it has also established specific repayment assistance help desk lines.

 

For UOB:

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is extending a six-month opt-in repayment moratorium, with automatic approvals, to help individuals and businesses get their cash flow back on track as rapidly as possible during the pandemic.

Individuals, microenterprises, and SMEs can also choose for a 50% decrease in monthly payback instalments for six months as an alternative.

They are also able to contact the Bank and choose, by means of less payment plans that will allow them to manage their debt obligations more effectively, to convert their outstanding credit card balances into loans for three-year terms. Customers will not be charged compounded interest or penalty charges during the six-month moratorium period.

Those who choose to provide relief support can fill out an online contact form on the website. Customers may also call the hotline of the Covid-19 relief support programme in the Bank. To ensure a simple and seamless application, no upfront documentation is needed. Customers can also visit a branch of UOB Malaysia to apply.

 

For CITI Bank:

The repayment aid package is available to Citi Malaysia clients in the B40, M40, T20, microenterprise, and SME categories.

Borrowers have the option of chooseing a moratorium for their loan facilities or a 50 percent payment programme — the two options are valid for six months. The bank has also added that Citi credit card customers can convert their card balance into temporary loan facilities to better manage their debt.

SME borrowers can also opt for a six-month extension on loan or trade bill maturity dates, as well as a 50 percent decrease in term loan instalment payments spread out over six months. Customers that are affected can apply on the company’s website.

 

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KUALA LUMPUR (July 7): Banks have started taking applications for the six-month loan moratorium today.

This is in line with the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) stimulus package.

The applications can be made by individuals, microenterprises, as well as small and medium enterprises (SMEs) affected by the pandemic.

Bank Negara Malaysia has assured that the approvals will be given automatically and the opt-in for the moratorium will be easy with no need for supporting documentation.

The banking regulator had also noted in a July 6 statement that opting for repayment assistance will increase the overall cost of borrowing, as interest/profit will continue to accrue on deferred payments.

It added that borrowers’ Central Credit Reference Information System (CCRIS) records will not be affected by any form of repayment assistance received in 2021.

 

Here are the banks that are offering the opt-ins and the how-to guide:

 

RHB Banking Group

RHB Banking Group will provide customers with a choice between a six-month deferment of instalments on loan/financing facilities and a 50% reduction in instalments for six months under the PEMULIH package.

The PEMULIH Repayment/Payment Assistance programme applies to all individual borrowers, microenterprises, as well as SMEs that have been affected by the Covid-19 pandemic.

The banking group said in a statement that this is applicable to loan/financing facilities approved before July 1, 2021 and are not in arrears for more than 90 days on the date the application is submitted. No supporting documents are required upfront for the processing of applications, it added.

Customers who wish to apply only need to submit their request through the RHB e-Form available on RHB’s corporate website, or respond to two-way SMS messages that are being sent to them, it noted.

“To make it even easier for our individual customers, we are sending out special two-way SMS messages inviting them to apply for the PEMULIH Repayment/Payment Assistance programme. Customers only need to read the terms and conditions, and thereafter respond to the SMS message to apply. Emails will also be sent to our microenterprise and SME customers with links to simple e-forms to facilitate their application process,” said RHB group managing director and group CEO Datuk Khairussaleh Ramli in a statement today.

As of June 30, 2021, RHB has extended in total approximately RM34.4 billion in various forms of payment assistance to retail and SME customers, benefitting more than 240,000 individuals and more than 4,700 SME businesses since the beginning of the Covid-19 pandemic.

 

OCBC Bank (Malaysia) Bhd

OCBC Bank (Malaysia) Bhd (OCBC Bank), together with its Islamic banking subsidiary OCBC Al-Amin Bank Bhd (OCBC Al-Amin), today commenced the moratorium sign-up exercise for its individual, microenterprise and SME customers under the PEMULIH package.

All individual, microenterprise and SME customers may now sign up online or at the bank’s branches for either a six-month deferment of instalments or 50% reduction in instalments for six months, the banking group noted in a statement today.

To opt in for the programme, OCBC customers may apply online using the bank’s simplified application process, it added.

OCBC CEO Datuk Ong Eng Bin said the bank is committed to supporting every customer who has been adversely affected by the pandemic and MCO.

“We encourage those who find themselves needing the latest breathing spaces to take full advantage of the two repayment assistance options by signing up via our simple and convenient online channels. We will get back to you as quickly as possible. However, do bear with us if it takes us slightly longer to respond in the first few days as we anticipate there might be a sudden surge in requests,” he said.

In addition to the basic moratorium programme, OCBC Bank is also offering its credit card members to convert their outstanding balances into a three-year term loan/financing with reduced interest/profit rates so they can better manage their debt.

 

CIMB Group Holdings Bhd

CIMB announced that all individuals, microenterprises and affected SME customers of CIMB Bank Bhd and CIMB Islamic Bank Bhd can now opt in for the six-month moratorium with approvals given automatically.

It said customers are also given alternative options such as a 50% reduction in instalments for six months on credit facilities such as mortgages, ASB loans/financing and variable rate credit facilities. Customers can also opt for a three-month moratorium for hire purchase facilities while for credit cards, customers can convert their outstanding balance into a three-year term loan/financing with reduced interest/profit rates to help them better manage their debt.

Clients of the banking group can access a fully digital e-form, available on the banking group’s website. The webpage also outlines the payment assistance options that are available in a simplified manner where customers are only required to choose their preferred option in order to activate the process. The opt-ins can be done via phone, email or at bank branches (subject to the relevant operating conditions).

As of early July this year, CIMB has provided financial payment relief assistance to around 223,000 individual and SME customers, amounting to more than RM28 billion, with an approval rate of virtually 100%.

The banking group noted that approvals are given automatically and no documentation is required upfront. However, hire purchase customers are required to sign a variation agreement with their guarantor if any before the payment assistance can be activated.

“CIMB understands and empathises with our customers during this extremely difficult period. We would like to reassure our customers that CIMB is committed to providing them with assistance as we continue to face the prolonged challenges of the pandemic. By making access to the payment assistance easy and convenient for our customers, we hope to quickly help ease the financial burdens of our customers and provide breathing space for them to focus on rebuilding their livelihoods and ensure the well-being of their families and loved ones,” said CIMB Group CEO Datuk Abdul Rahman Ahmad in a statement today.

 

Affin Bank Bhd

Affin Bank has stated that all individual or retail customers, microenterprise and SME clients will be eligible for financial relief under the loan moratorium, with the bank offering the deferral of repayment instalments of all credit facilities with the bank (excluding credit cards) for a period of six months.

Customers can apply for the moratorium through its online banking platform, visiting any of its bank branches or calling its contact centre.

“For this moratorium offer under the government’s PEMULIH package, customers can expect a speedy and easy application process where they will not be required to provide supporting documents. The bank understands the importance of this moratorium on customers impacted by Covid-19 and we are expediting the processing of applications and keeping our customers informed within a short turnaround time of five days for individuals and 14 days for SME customers,” said Affin Bank president and group CEO Datuk Wan Razly Abdullah Wan Ali in a statement today.

 

Malayan Banking Bhd

Malayan Banking Bhd (Maybank) said all individuals (B40, M40 and T20 borrowers), microenterprises and SMEs can apply for the moratorium. It is also offering an alternative repayment assistance option of a 50% reduction in monthly instalments for six months.

Customers may apply for the moratorium or repayment assistance through its online and mobile banking platforms.

The moratorium on the monthly instalments and repayment assistance plan covers all loans and financing (excluding credit cards).

For credit card facilities (excluding charge cards), Maybank will offer to convert the outstanding balances into a three-year term loan with reduced interest rates so that borrowers can better manage their financial obligations during these challenging times, it added.

The measures are applicable for loans or financing approved on or before June 30 and which are not overdue for more than 90 days on the date the request is submitted to the bank.

“Approval will be given automatically to all customers in the above categories and Maybank has designed the process to be hassle-free with no supporting documentation requested upfront for approval purposes,” it added.

Customers can also contact the bank via telephone as well.

 

Public Bank Bhd

Public Bank Bhd is offering a six-month moratorium to individuals, regardless of their income level, as well as microenterprises and SME customers who face loan repayment difficulties during this pandemic. Customers may also opt for a 50% reduction in their monthly instalment payment for six months.

On top of this, it is also providing other rescheduling and restructuring of loan and financing arrangements as requested by customers.

Customers can opt-in via its online platform, email or phone. It has also set up special repayment assistance help desk lines for this purpose.

“With the resurgence of Covid-19 cases and the imposition of a more stringent Movement Control Order, Public Bank reassures customers its commitment and provision of financial assistance will continue nationwide. We hope our customers will continue to remain optimistic as Public Bank will continue to support them to navigate through the pandemic,” said Public Bank Managing Director and Chief Executive Officer, Tan Sri Tay Ah Lek.

 

United Overseas Bank (Malaysia) Bhd

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is offering the six-month opt-in repayment moratorium, with approvals to be given automatically to alleviate individuals and businesses’ cash flow as quickly as possible during the pandemic.

Additionally, it is offering the option of a 50% reduction on monthly repayment instalments for six months, as an alternative for individuals, microenterprises and SMEs to choose.

Customers can also contact the bank and opt to convert their outstanding credit card balances into three-year term loans with lower instalment payment plans that would enable them to manage their debt obligations more effectively. It will waive compounded interest and penalty charges incurred by customers during the six-month moratorium period.

Those who want to opt in for relief assistance can submit their request by completing an online contact form on its website. Alternatively, customers can call the bank’s Covid-19 Relief Assistance Programme’s hotline. No upfront documentation is required to ensure an easy and seamless application. Customers can also visit a UOB Malaysia branch to make their application as well.

“We made changes to our Covid-19 Relief Assistance Programme as part of a concerted industry effort and commitment to continue supporting individuals and businesses affected by the pandemic. As the country continues to be in lockdown under Phase One of the National Recovery Plan, we remain cognizant that individuals and businesses will face financial challenges.

“We will continue to proactively engage our customers in need of financial relief as part of our commitment to helping the nation combat the virus and its wide-ranging impact on lives and livelihoods. We hope that by helping our customers overcome the financial strain of Covid-19, they can begin to plan ahead and prepare for the post-pandemic recovery,” said UOB Malaysia CEO Wong Kim Choong.

 

Citi Malaysia

Citi Malaysia’s clients in the B40, M40, T20, microenterprise and SME segments can apply for the repayment assistance package.

Borrowers have the option to choose between a moratorium or a 50% payment program for their loan facilities — both options are valid for a duration of six months. Citi credit card customers will also be able to convert their card balances into term loan facilities, to better manage their debt, the bank added.

It added that SME borrowers can opt in for a six-month extension to the maturity dates on loans or trade bills or a 50% reduction in instalment payments over six months for term loans.

Affected customers can apply via its website.

“Our focus is to ensure support for our customers especially at this challenging time given unemployment due to loss of jobs or inability of enterprises to sustain themselves financially. It is here that as a trusted and responsible financial partner, seamless execution of all customer requests and prompt service delivery are top priority to us to fulfil the urgent financial needs of our customers and responsible financial partner, seamless execution of all customer requests and prompt service delivery are top priority to us to fulfil the urgent financial needs of our customers,” Citi Malaysia CEO Usman Ahmed said.

 

Source: Edge Prop

Kevin Hans Jun Wei Samuel No Comments

Malaysia’s GDP Growth Outlook To Be Around 4%

Malaysia’s economic growth forecast for this year has been lowered because to movement restrictions imposed to combat the spread of Covid-19, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Despite some encouraging signs that the current rise would be contained and the economy will soon reopen, the government has cut the country’s projected GDP growth rate for 2021, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz in an interview with Bloomberg TV.

When asked if the projection may be lowered to approximately 4%, Tengku Zafrul said that it could be “in the range you mentioned.” The administration has previously stated that the forecast, which is now at 6%-7.5 percent in August, would be revised.

Tengku Zafrul was named as Malaysia’s National Recovery Plan’s coordinating minister last week, with responsibility for overseeing the strategy’s implementation, including intervention measures.

 

To read more, please scroll further:

KUALA LUMPUR (July 12): Malaysia will lower its economic growth outlook for this year, amid movement restrictions to curb the spread of Covid-19, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Although there are some positive news that the current surge could be contained and the economy will be soon reopened, the government has lowered the projection rate of the country’s gross domestic product growth outlook for 2021, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said during an interview with Bloomberg TV.

“We’re in the midst of revising to a lower number and will share the exact number after we get data from the ground,” Tengku Zafrul said today in an interview with Bloomberg TV.

Commenting on whether the forecast could be lowered to around 4%, Tengku Zafrul responded that it could be “around the range you mentioned.” The government has already mentioned that it will revise the outlook, currently at 6%-7.5% in August.

Tengku Zafrul was appointed last week as coordinating minister for Malaysia’s National Recovery Plan, responsible for monitoring the implementation of strategy, including intervention measures.

The government is under pressure as lockdowns are costing the economy about RM1 billion a day with only 10% of the population fully vaccinated. On Saturday (July 10), daily Covid-19 cases hit an all-time high of 9,353 with the Klang Valley making up a bulk of the cases.

Meanwhile, the finance minister also touched on other key points during the interview such as the debt ceiling may have to be increased to 65% (from 60% currently) as the government increases borrowing to fund economic aid packages; while 2021’s fiscal deficit will likely widen to 6.5-7.5% (from a projected 6%).

 

Source: Edge Prop

Kevin Hans Jun Wei Samuel No Comments

Applications For I-Citra Withdrawal Begins On 12 July 2021

Members under the age of 55 can apply for the i-Citra withdrawal starting Monday, July 12, three days earlier than initially planned, according to the Employees Provident Fund (EPF).

Applications can be submitted via icitra.kwsp.gov.my, and the first payment is likely to be credited to members’ bank accounts in August, according to the retirement fund.

Eligible members can withdraw up to RM5,000, subject to the total aggregate amount in Accounts 1 and 2, according to the fund.

EPF originally stated that the approved withdrawal amount will be paid over a five-month period, with a set monthly payment of RM1,000, subject to a minimum savings balance of RM50.

Following Prime Minister Tan Sri Muhyiddin Yassin’s announcement of the PEMULIH economic stimulus package on June 28, the i-Citra withdrawal was implemented as a temporary relief mechanism to enable EPF members weather the economic impact of Covid-19.

 

To read more, please scroll further:

KUALA LUMPUR (July 11): The Employees Provident Fund (EPF) said members below 55 years old may apply for the i-Citra withdrawal starting Monday July 12, three days earlier than previously scheduled.

The retirement fund said applications can be made via icitra.kwsp.gov.my, and the first payment is expected to be credited into members’ bank account in August.

“Members must ensure that their mobile phone number matches the one in EPF’s record to receive a one-time password (OTP), in addition to having an active bank account to receive the payment,” the EPF said in a statement today.

Eligible members are allowed to withdraw up to a maximum of RM5,000, subject to the total combined balance in both Accounts 1 and 2, the fund said.

“The approved withdrawal amount will be paid for a period of up to five months, with a fixed monthly payment of RM1,000 per month subject to savings balance,” it added.

EPF previously said the approved withdrawal amount will be paid for a period of up to five months, with a fixed monthly payment of RM1,000, subject to savings balance and minimum of RM50.

The i-Citra withdrawal was introduced following the announcement of the PEMULIH economic stimulus package by Prime Minister Tan Sri Muhyiddin Yassin on June 28, as a temporary relief measure to help EPF members tide over the economic impact from Covid-19.

“For further information on i-Citra and its application guideline, members may refer to the EPF’s official communication channels, its website at www.kwsp.gov.my, or call the i-Citra Hotline at 03-8922 4848,” EPF said.

Source: Edge Prop

Kevin Hans Jun Wei Samuel No Comments

2030 Seberang Perai Planning Blueprint Has Received Positive Feedback

Through public involvement, the draught 2030 Seberang Perai Local Plan (DRTSP2030) has received a total of 2,559 responses from inhabitants on the mainland. Datuk Rozali Mohamud, mayor of the Seberang Perai City Council (MBSP), stated the public engagement lasted three months, from April 12 to July 9.

The planned blueprint includes a Seberang Perai growth planning approach that will last through 2030. It is built on three key pillars: competitiveness, inclusion, and sustainability, and is backed up by 18 strategies and 52 initiatives.

Three key development zones (NODs) have been selected as catalyst hubs in the proposal: NOD 1 – Catalyst Hub for Greater Butterworth Growth; NOD 2 – Catalyst Hub for the Growth of Kepala Batas-Bertam Growth; and NOD 3 – Catalyst Hub for the Growth of Bandar Cassia-Simpang Ampat Growth.

Seven regions have been designated as Transit-Oriented Development (TOD) Zones in terms of transportation. Three development zones have been established in such locations. TOD 1 in Butterworth will serve as the main transportation hub for northern Malaysia, while TOD 2 in Bukit Mertajam, Nibong Tebal, and Bandar Cassia will serve as a hub for the townships of Bukit Mertajam, Nibong Tebal, and Bandar Cassia. The smaller townships of Simpang Ampat, Bukit Tengah, and Tasek Gelugor will be the focus of TOD 3.

Park and ride services will be available at select places along the transit network, including the train stations at Simpang Ampat, Tasek Gelugor, and Nibong Tebal, as well as Permatang Pauh, Macang Bubok, and Bertam.

 

Source: MBSP Official Website