Default Rate Notice

Dear Valued Customer,
Please be informed that the Bank is revising the existing Revised Rate clause in our housing financing Terms and Conditions. The revision will be applicable to our existing financing customers and there are no new terms requiring action from our customer.
The clause will be revised as per the following:
When the Facility is classified as impaired, the Bank shall provide a written notice of not less than seven (7) days, revise the Ijarah and/or Effective Profit Rate in the letter of offer to BR + 6.35% p.a. calculated on the outstanding principal or such other rate or basis of calculation of the rate based on regulatory requirements. The Bank shall revert the Ijarah and/or Effective Profit Rate as per the Letter of Offer when months in arrears fall to three (3) months or below.

The above revised Ijarah and Effective Profit Rate is subject to not exceeding the Ceiling Ijarah/Profit Rate.

The revision will take effect twenty-one (21) calendar days after posting.

Click here for the Frequently Asked Questions on the Revision of Repricing Mechanism (Revised Rate) for Mortgage Accounts (Housing/Term Financing)

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