1. HDB Finance Mobile EMI
The HDB Finance mobile e-money service (MEMS) was launched in May 2018. It offers customers a convenient way to pay their monthly instalments using their smartphones. MEMS enables customers to make payments at any time day or night without having to visit an HDB branch.
2. Payment Options
There are three payment options available under the MEMS service:
a. Online Payments – Customers can use the HDB online banking system to pay their instalments via the HDB website or app.
b. Cashless Transactions – Customers can choose to have their monthly instalment paid directly into their bank accounts.
c. Cheque Collection Service – Customers can request for their cheques to be collected by HDB staff and mailed to them.
a. Convenient – HDB customers can now conveniently pay their monthly instalment using their smartphone.
b. Secure – All transactions are secured by HDB’s secure network.
c. Easy – No need to carry cash or wait for a long queue at HDB branches.
d. Flexible – Customers can choose to pay either online or offline.
e. Safe – There is no risk of losing money if the customer forgets to bring their ID card.
f. Timely – Customers’ monthly instalment is automatically deducted from their account before the end of each month.
1. HDB Finance Mobile EMI 2020
The Government announced that HDB Financing mobile EMIs will be revised for the year 2021 onwards. The latest revision was done to reflect the impact of Covid-19 pandemic on the economy. The first step in the revision was the suspension of loan disbursement for all borrowers who have not yet repaid their loans. On April 24th, 2020, the Ministry of Finance announced that the second step would be to increase the monthly interest rate by 0.25% (from 2.75% to 3.0%) on all outstanding principal balances. In addition, the repayment period for all borrowers would be extended by 1 month.
2. HDB Finance Mobile EMIs 2021
HDB Finance mobile EMIs will continue to rise at a rate of 6.25%, compounded annually, until 2021. At the end of the 1st quarter of 2021, the total amount of EMIs paid over the previous 5 years, including the current quarter, will equal 100%. This means that the maximum total EMIs payable in 2021 will reach RM17.8 billion.
3. HDB Finance MobileEMI 2022
In 2022, the government plans to raise the interest rate to 7.5% per annum, compounded annually. Interest rates will only apply to unpaid amounts after the end of the 2nd quarter of 2021.