Notice of New Default Rates for Conventional Mortgage

Notice of New Default Rates for Conventional Mortgage

Dear Valued Customers,

Kindly be informed that, with effect from 2 January 2015 for all new loan applications, our default rate priced against the Base Rate for conventional mortgage accounts will be as follows:

In the event your Mortgage (Housing / Term Loan) facility is in default for three (3) months on the:-

  1. payment of interest pending the commencement of installment; OR 
  2. payment of the monthly installments,

the Bank shall, without prior notice to you, convert the prescribed rate in your letter of offer to BR + 4.35% p.a., whichever is higher, calculated on the balance outstanding, or such other rate or basis of calculation of the default rate as the Bank may at its sole and absolute discretion prescribe at any time and from time to time.

When your Mortgage (Housing / Term Loan) facility is classified as a Non-Performing Loan, the Bank shall, without prior notice to you, convert the prescribed rate in your letter of offer to BR + 6.35% p.a. calculated on the balance outstanding or such other rate or basis of calculation of the default rate as the Bank may at its sole and absolute discretion prescribe at any time and from time to time. 

Henceforth, please take note that your monthly repayment will be revised accordingly if the above default rate takes effect.

Note: All existing floating rate retail loans/financing facilities which were granted prior to the above effective date shall continue to remain priced against the Base Lending Rate (BLR).  

For more information, call our Contact Centre at 03-8230 2222 or visit the nearest AFFINBANK / AFFIN ISLAMIC branch today.

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