Banks have raised interest rates, forcing mortgage borrowers to pay more every month.
The Overnight Policy Rate (OPR) was raised by the National Bank, and several domestic banks followed the National Bank’s interest rate hike policy by raising loan interest rates. Many borrowers of house loans are unhappy with Bank Negara’s rate rise policies!
What impact will the 0.25 percent interest rate hike on borrowers have domestic banks announced a 25 basis point or 0.25 percent increase in the home loan benchmark rate (BR) and base lending rate (BLR)?
A 0.25 percent increase in interest rate on an RM500,000 house loan would result in the borrower paying around RM70 extra per month. The monthly payment on the RM700,000 home loan is around RM110 more. For cash-strapped debtors, this is a significant strain.
Borrowers should check with their banks about the monthly loan amount they will need to pay after the interest rate hike to avoid delinquency issues caused by underpayment.
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
CIMB Bank
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
RHB
BR: 2.75%
BLR: 5.70%
Effective Date: May 18, 2022
Maybank
BR: 2.00%
BLR: 5.65%
Effective Date: May 13, 2022
