Mortgage borrowers complain about banks’ interest rate hikes, and need to shoulder more monthly mortgage payments!


The National Bank of China (NBC) has increased the Overnight Policy Rate (OPR), and all banks in the country have followed the NBC’s interest rate hike policy and increased their lending rates. Many mortgage borrowers are complaining about the national bank’s interest rate hike!


The banks in the country have announced a 25 basis points or 0.25% increase in the Base Rate (BR) and the Basic Lending Rate (BLR), so how will the 0.25% increase affect the borrowers?


For a RM500,000 mortgage, an interest rate increase of 0.25% will result in the borrower having to pay an additional RM70 per month for the loan. For a RM700,000 mortgage, it will cost the borrower about RM110 more per month. This is a heavy pressure for borrowers who are short of cash.


Borrowers are urged to check with their respective banks on the amount of monthly loan payment after the interest rate hike so that they can avoid the problem of defaulting on their loan payments.


Public Bank
BR: 2.52%
BLR: 5.72%
Effective date: May 13, 2022


Affin Bank
BR: 2.95%
BLR: 5.81%
Effective date: May 13, 2022


BR: 3.00%
BLR: 5.85%
Effective Date: May 18, 2022


Bank Islam
BR: 2.77%
BLR: 5.72%
Effective date: May 17, 2022


Hong Leong Bank
BR: 2.88%
BLR: 5.89%
Effective Date: May 17, 2022


BR: 2.75%
BLR: 5.70%
Effective date: May 18, 2022


MaybankBR: 2.00%
BLR: 5.65%
Effective date: May 13, 2022


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