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Paying home loan and insurance alternately

25 Views  ⚫  Asked 3 Months Ago
asked on Feb 27, 2018 at 00:53
by   Maninblack
edited on Mar 13, 2018 at 01:10
 
I am facing some financial difficulty / cash flow problem right now. I have a house loan commitment and also a life insurance (term life) and also medical insurance commitment.

So I am wondering, is it possible to pay house loan and also life+medical insurance alternately?
E.g.  January pay, February don't pay, March pay, April don't pay?

Insurance: I notice that in the policy contract there is a "grace period" of 30 days. So lets say my insurance payment due date is 28 of every month, and the monthly premium is RM 300, is it possible to:

January 28 = Pay RM 300
Feb 28 = No payment
March 28 = Pay RM 600 (RM 300 being for Feb and RM 300 being for March) 
April 28= No Payment
May 28= Pay RM 600 (RM 300 being for April and RM 300 being for May)

and continue the circle indefinitely.

Would it affect my insurance validity? Can I use my rights of "grace period" indefinitely?

House Loan: Unlike insurance, I don't plan to pay back 2 months worth of house loan lump sum in the 2nd month. Assume that 28 every month is due date and monthly installment is RM 500.

January 28 = Pay RM 500 
February 28 = No payment
March 28 = Pay RM 500 (plus any late charge)
April 28= No payment
May 28= Pay RM 500 (plus any late charge)

and continue the circle indefinitely.

Would the bank categorize my housing loan as NPL (Non-performing loan) and sue me/ lelong my house? This is my biggest concern.

Just to note that no worries even the repayment duration is going to double (i.e. from 7 years to 14 years). My age is still within the limit even the repayment duration is double.

I am okay with the late charge/interest or whatever charge, and also kena blacklist from CTOS/CCRIS. Meaning I am okay even this would stop me from getting any loan in future.

Please don't ask me why or try to persuade me that it is not worth to double the period of my house loan installment, or it is not worth to get blacklisted from CTOS/CCRIS. I have my own reason which is not so convenient to disclose.
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