The latest benchmark rate (BR) and basic lending rate (BLR) of 16 domestic banks
The National Bank announced a 25 basis point increase in the overnight policy rate (OPR) on Nov. 3, and domestic banks followed the National Bank’s lead and raised their lending rates. The banks raised the Base Rate (BR) and Basic Lending Rate (BLR), which will cause borrowers to bear higher monthly installments.
For a RM500,000 mortgage, an interest rate increase of 0.25% will result in the borrower having to pay about RM70 more per month. As for a RM700,000 mortgage, the borrower will have to pay an additional RM110 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 monthly loan payment amount after the interest rate hike, so that they can avoid the problem of defaulting on their loan payments.
