On 28 June 2021, Malaysia announced another 6-month loan moratorium to all individual borrowers and micro-entrepreneurs. Hence, some key questions:
- What is the effect of a moratorium on our mortgages?
- Who should take the moratorium?
- Who should not be taking up the moratorium?
- How to make the best use of it if we decide to take up the moratorium?
I personally answered all of the questions above and used a spreadsheet to compute:
- Our loan amount after the moratorium.
- The amount of actual savings if we decide not to take up the moratorium.
- When will we actually pay off our loan if we take up the moratorium?