Saturday, May 14, 2011

BLR Increase - what is the impact to you?

PETALING JAYA: More banks have announced a revision upwards of their interest rates following Bank Negara's hike of the benchmark overnight policy rate by 25 basis points to 3% last Thursday.

Hong Leong Bank Bhd, Hong Leong Islamic Bank Bhd, EON Bank Bhd and EONCap Islamic Bank Bhd said their respective base lending rate (BLR) and base financing rate (BFR) would respectively be raised by 30 basis points to 6.60% from 6.30%.

Seem like government start to "focus" back in property market, impose max 70% loan for 3rd house, increase BLR, re-introduce RPGT Tax ....

BLR have been re-adjust few times since few years ago, this definitely cause more burden to those who still have outstanding property loan with bank. Let's take this time adjustment of 0.03% for example, how much does it means to you?

If you have RM300k loan ==> Extra RM75 +- per month
If you have RM500k loan ==> Extra RM125 +- per month

Don't forget, BLR have been re-adjusted few times every increment is faster than lot of people salary increment, so, be prepare and don't over leverage...

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