*This article was updated on 3 February 2020.
Bank Negara Malaysia recently lowered the Overnight Policy Rate (OPR) by another 25 basis points to 2.75% – which means a lower cost of borrowing for banks and thus, cheaper home loans for consumers. The list below is the most recent one released by BNM as of 3rd February 2020 and illustrates the respective banks’ Base Rate, Base Lending Rate and Indicative Effective Lending Rate.
A change in the OPR will trigger a chain of events which affects various borrowing rates being offered by banks to consumers including short-term interest rates, fixed deposit rate as well as the base rate (BR) and base lending rate (BLR).
We recently explained all about Base Rates and Base Lending Rate (BLR) in the article below. Find out how these figures affect your home loan and how you can better prepare yourself before taking up a mortgage:
According to Bank Negara Malaysia (BNM)’s Reference Rate framework, in respect of housing loans/financing priced against the BR, banks are supposed to disclose an indicative effective lending rate for a standard housing loan/home financing product for consumers at all branches and websites. A standard housing loan or product refers to a loan facility with financing amount of RM350,000 for 30 years and has no lock-in period.
Here are the latest figures:
|FINANCIAL INSTITUTION||Base Rate (%)||Base Lending
Lending Rate* (%)
|Bangkok Bank Berhad||4.22||6.87||5.42|
|Bank of China (Malaysia) Berhad||3.55||6.35||4.55|
|CIMB Bank Berhad||3.75||6.60||4.50|
|Hong Leong Bank Malaysia Berhad||3.63||6.64||4.50|
|HSBC Bank Malaysia Berhad||3.39||6.49||4.50|
|Industrial and Commercial Bank of China (Malaysia) Berhad||3.52||6.45||4.47|
|Malayan Banking Berhad||2.75||6.40||4.20|
|OCBC Bank (Malaysia) Berhad||3.58||6.51||4.45|
|Public Bank Berhad||3.27||6.45||4.50|
|RHB Bank Berhad||3.50||6.45||4.50|
|Standard Chartered Bank Malaysia Berhad||3.27||6.45||4.50|
|United Overseas Bank (Malaysia) Bhd.||3.61||6.57||4.36|
Source: Bank Negara Malaysia (As at 3 February 2020)