Payment Holiday is no longer offered to new application with effect from 1 September 2018
1. What is the Payment Holiday?
Payment Holiday is a feature where eligible customers are not required to pay the monthly instalment for November and December throughout the financing tenure. This would allow customers to have extra cash in November and December.
2. Who is eligible to enjoy Payment Holiday?
Home financing / 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 for that year. The request for Payment Holiday feature should be made during the initial application for financing. Customers who have been approved with Payment Holiday but subsequently the financing account be classified under the Impaired accounts will automatically not be eligible for Payment Holiday anymore.
3. What is the home financing tenure with Payment Holiday?
The tenure for Payment Holiday is up to 30 years or age 70, whichever is earlier.
4. Which products offer for Payment Holiday feature?
Payment Holiday is applicable to new applications under 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 and met the criteria for Payment Holiday for the year does not need to pay the November and December monthly installment. 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 the 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.
*Subject to terms & conditions