Latest mortgage interest rates (as of Nov 9)
The most recent Base Rate (BR) and Base Lending Rate (BLR) statements from 16 domestic banks.
On November 3, Bank Negara announced that it would raise the overnight policy rate (OPR) by 25 basis points, and domestic banks followed suit, raising lending rates one after the other. Banks are raising their Base Rate (BR) and Base Lending Rate (BLR), forcing borrowers to pay higher monthly payments.
A 0.25% increase in interest rate would result in an RM70 increase in monthly payments for an RM500,000 home loan. The monthly payment for the RM700,000 home loan is approximately RM110 higher. This is a significant burden for cash-strapped borrowers.
Borrowers are encouraged to check with their respective banks about the monthly loan amount they will need to pay after the interest rate increase, in order to avoid default loan problems caused by underpayment.
