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:
Affin Bank – 6.05%
CIMB Bank – 6.05%
Citibank – 6.05%
Hong Leong Bank – 6.05%
HSBC Bank – 6.05%
Maybank – 6.05%
OCBC Bank – 6.05%
Public Bank – 6.05%
RHB Bank – 6.05%
Standard Chartered Bank – 6.05%
United Overseas Bank – 6.05%
Malaysia Base Lending Rate (BLR) History
BLR rate was the highest in year 1998 due to 1997-98 economy crisis. Based on the current economy trend, the BLR rate will be higher in year 2010 and 2011 when economy is back on the track.
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Malaysia government should announce for BLR deduction in year 2011 budgeting so that most house owners can enjoy a better BLR.