Normally It takes about 30 years for the public to pay off the house loan. Therefore, we must research around to find out which bank has the lowest interest on the home loan that can enable us save a lot of money.
Don’t underestimate the difference between a few percentage of the interest, there will be extra cost in 30 years. For example, the loan is suppose 500,000, if the interest provided by A bank is 4.50%, and the B bank provides 5.00%. Although the difference is only 0.5% of the district, it will eventually have to be spend with an amount of more than RM35,000.
Here attached with interest rates on the latest home loans of various banks in Malaysia, including BR (basic interest rate), BLR (basic lending rate) and effective interest rate (Indicative Effective Lending Rate), which will be used as reference by people to applying for loans.
Islamic Financial Institution
Development Financial Institution
Indicative effective lending rate refers to the indicative annual effective lending rate for a standard 30-year housing loan/home financing product with financing amount of RM350k and has no lock-in period. (14 June 2019, Bank Negara Malaysia)
Above information is for reference only. Loan interest rate will be different depends on the risk of the borrower, the term of the loan, the amount of the loan, etc.
Kindly check with the bank to know the exact interest rate.
Share it with your family and friends, who want to buy house in 2019.