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Payment Holiday

 

 
1. What is the Payment Holiday?
 

Payment Holiday is a feature where eligible customer may opt to skip the payment of monthly installment for every November and December throughout the financing tenure. This would be an added value proposition to customers whereby they would have extra cash during the Payment Holiday months.

   
2. Who is eligible to enjoy Payment Holiday?
 

Home financing and refinancing customers who are under the floating rates and met the eligibility criteria for Payment Holiday shall be eligible to enjoy the Payment Holiday feature.

   
3. What is the financing tenure for Payment Holiday?
 

The financing tenure for Payment Holiday is up to 30 years or age 70, whichever is earlier.

   
4. Which HFA products are applicable for Payment Holiday feature?
 

Payment Holiday is applicable to new applications for Baiti Home Financing-i or Wahdah Home Refinancing-i.

   
5. What is the difference between Payment Holiday and normal payment?
 

Under Payment Holiday feature, customer who is eligible for Payment Holiday for the year does not need to pay the monthly installment for November and December. However, the monthly profit for November and December are still being charged and payable.

At the end of the financing tenure, customer will be given an option either to fully settle the outstanding balance (i.e via EPF, savings, etc) or reschedule the remaining financing balance.

   
6. Can customer choose to switch from Payment Holiday to normal payment during the financing tenure?
 

Yes. Customer can switch from Payment Holiday to normal payment during the financing tenure. However, customer is not allowed to switch back to Payment Holiday from normal payment.


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