MAYBANK announced that its Base Lending Rate (BLR) will be reduced by 55 basis points from 6.5 per cent to 5.95 per cent effective February 3 2009.The revision takes into account the reduction in the floor rate of the one and 12 months fixed deposits by 50 basis points and the reduction in Overnight Policy Rate (OPR) by 75 basis points.

The Base Financing Rate (BFR) of Maybank Islamic Bhd will similarly be revised downwards from 6.5 per cent to 5.95 per cent effective 3 February 2009.

The reduction in Base Lending Late (BLR) is part of ongoing commitment towards the creation of a more supportive monetary environment. Housing loan borrowers will enjoy immediate benefits as the interest rates of all their loans pegged to the Bank’s BLR will be adjusted accordingly. Given the challenging in business environment, the lower cost of funding will be a boon to borrowers and help in sustaining positive economic growth in the country.

Maybank remain mindful of the needs of they customers and the community at large, especially in facilitating business growth, and will continue to support them with access to financial services. Together with the earlier reduction in BLR in December from 6.75% to 6.5%, BFR by 25 basis points, and 75 point of OPR in Jan’09, the bank actually had to bear additional costs as deposit rates in general were not lowered by the same quantum as the lending rates.

Maybank and Maybank Islamic will nevertheless continue to play our part to assist customers manage their financial obligations in these times, including providing them with value-added advisory services.

The last revision in BLR and BFR of Maybank and Maybank Islamic respectively was on December 1 2008 when the rates were reduced by 25 basis points to 6.5 per cent.Meanwhile, CIMB Bank Bhd and CIMB Islamic Bank Bhd would reduce their BLR and BFR to 5.95 per cent respectively from 6.5 per cent, from February 3, 2009.

Previously, CIMB Bank and CIMB Islamic Bank were among the first few banks to lower BLR and BFR by 25 basis points following BNM’s reduction in OPR by 25 basis points on November 24, 2008.Both CIMB Bank and CIMB Islamic, the units of Malaysia’s second largest banking group, offer their retail banking services to over 4.7 million customers on a dual banking platform in 367 branches nationwide.

One of the benefits on property investment, decreasing of BLR by Maybank and CIMB Bank help reducing total interest of housing loan and mortgage loan.

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