Banks slash Interest Rates, Housing Loan Repayments to be Lower
Bank Malaysia to cut loan repayments to help housing loan borrowers in uncertain market.Several banks have slashed interest rates imposed on housing loans and more are expected to join in the fray.
Four banks – RHB Banking Group, Public Bank Group, United Overseas Bank Bhd (UOB) and Malayan Banking Bhd (Maybank) – have cut their respective Base Lending Rates (BLR) from 5.95% to 5.55%, following Bank Negara’s move to cut the Overnight Policy Rate (OPR) from 2.5% to 2% on Tuesday. RHB Bank and Public Bank will also be reducing their respective Islamic bank’s base financing rate (BFR) at the same quantum.
RHB Banking Group managing director Michael J. Barrett said housing loans borrower would be able to pay less to service their housing loans with floating rates while individuals and businesses would enjoy lower borrowing costs. Bank Malaysia help housing loan borrowers during these challenging times and provide our customers with more financial support. All the news BLR rates would take effect next Monday.
Public Bank Group chairman Tan Sri Dr Teh Hong Piow said the bank’s new interest rates would take effect next Tuesday (03/03/09). The reduction of BLR and BFR is part of the group’s on-going commitment towards the creation of a more supportive monetary environment which will help to sustain economic growth in the country.
A UOB Bank would reduce its BLR interest rates on March 6.Maybank would begin implementing its new rates next Monday, March 2. Other banks are taking steps to restructure their interest rates and will be announcing lower BLR soon. Maybank’s president and chief executive officer Datuk Seri Abdul Wahid Omar said; the base financing of Maybank Islamic Bhd will also be revised the same date. Maybank & Maybank Islamic last revised their BLR and BFR respectively on Ferbruary 03 when the BLR interest rates were reduced from 6.5% to 5.95%.
Meanwhile, the Association of Banks said in a statement that the downward revision of monthly housing loan repayment instalments should be completed around the end of the first quarter of this year. Banks will be notifying their customers on the quantum of reduction of the housing loan repayment installments and the effective date directly.
It is learnt that other Banks in Malaysia are currently taking initiatives to restructure their interest rates and will be announcing lower BLR soon. Bank Malaysia help housing loan borrowers during these challenging times and provide our customers with more financial support.
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great blog with latest information for malaysian.
Thanks for sharing..
[...] thought Bank Malaysia to cut loan repayments and banks continue slash interest rate recently, the demand for property in Penang are still in decreasing trend. The property prices dip [...]
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