Effective from 18th May 2010, the latest Base Lending Rate (BLR) for most banks in Malaysia will be at 6.05% per annum. Therefore, the BLR increased another 2.5% from 5.80% previously. This adjustment is made based on Bank Negara announcement to raise the overnight policy rate (OPR) by 25 points on 13th May 2010!
For me, Malaysia has a very high base lending rate, but this also means that our interest earned on fixed deposits is also quite high. From positive point of view, the BLR increase is a sign that our economy is recovering. However, I can feel that the core parts of Malaysia still very bad as unemployment, low salaries are some of the major issues facing by Malaysians nowadays.
So, with the latest increase of BLR in Malaysia, for sure it will further hurt Malaysians who is going to get new home.
These are the local and foreign banks latest BLR rate in our country: