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New Reference Rate Framework

Bank Negara Malaysia announces today that effective 2 Jan 2015, the Base Rate will replace the Base Lending Rate (BLR) as the main reference rate for new retail floating rate loans.

Since the introduction of the BLR framework in 1983, the BLR has served as the main reference rate on retail floating rate loans in Malaysia. Since then, the determination and implementation of the BLR has evolved with the development of the financial sector. In the recent period, however, the BLR has become less relevant as a reference rate for loan pricing, as lending rates on new retail loans are being offered at substantial discounts to the BLR. The BLR also lacks transparency, which makes it difficult for consumers to make an informed decision.

The new Reference Rate Framework aims to provide a more transparent reference rate to enable better decision by consumers in making choices among the many loan products offered by financial institutions. READ MORE

Find the best home loan in Malaysia! To calculate monthly home loan repayments and apply for home loans online visit www.imoney.my/home-loan.

 

 

Base Lending Rate (BLR)

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Last Reported BLR : 6.60% (Effective Since 11 May 2011)

(Rate refreshed on 06 March 2014)
 

BLR is a minimum interest rate calculated by banking institutions based on a formula which takes into account the institutions’ cost of funds and other administrative costs. This is defined by central bank of the countries.
 

The Overnight Policy Rate (OPR) from Bank Negara Malaysia is reference for banks in BLR adjustments, but there might differ from bank to others bank. At the global money market down turn, BLR will get lower and if the money market on uptrend, it will correlation upward. It is wisely and timely to consider take up mortgage loan and start to own your property at the lower BLR as current.

From the record, it shows that the highest BLR Malaysia ever has is 12.27% in year 1998 and the lowest BLR is 5.55% in year 2009. The average is 8.1%. Probably you can use this to justify whether it is better to take the fixed rate loan or floating mortgage loan (BLR +/- x% ). Below table shows the Malaysia Base Lending Rate (BLR) record from year 1989 to year 2011.
 

                                                                   Year BLR (%) Remark  
 2011 6.60 Adjusted May 2011
 2010 6.30 Adjusted July 2010
 2010 6.05 Adjusted May 2010

 2010

5.80 Adjusted March 2010
 2009 5.55
 2008 6.75 Adjusted March 2009
 2007 6.75
 2006 6.00
 2005 6.00
 2004 6.00
 2003 6.50
 2002 6.50
 2001 6.75
 2000 6.75 >> More BLR Historical Data
 

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