Latest Malaysia Base Lending Rate (BLR) 2010

Below info shows the Malaysia Base Lending Rate (BLR) for January of each year from year 1989 to year 2009, 2010

Year 2010 – BLR 5.55

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Popularity: 45% [?]

This video gives a brief insight into the world of the book, “MONEY $ENSE, Getting Smart With Your Money”.

Popularity: 6% [?]

One of the tools used by banks to evaluate the credit worthiness of a customer is to refer to the CCRIS report obtained (and maintained) by Bank Negara Malaysia (BNM). Beginning August 2001, CCRIS has become a crucial tool to the decision-making of the bank to approve the customer’s application. The report provides for real-time and on-line functions for banks to query for computerized customer credit reports as well as report relevant credit information to BNM.

CCRIS gives valuable details to the bank such as:

• Details of all existing personal credit facilities of a customer, such as type of facility, and ownership of the credit facilities
• Details on the total financial commitment, which includes the balance outstanding and the total limit for each of the credit facilities
• Conduct of each credit facility for the past 12 months, including legal status
• Other relevant information such as Date of Information Update, Frequency of Payment and Type of Collateral.

However, before you get worried about your credit information being abused, please note that the information can only be accessed by authorized persons in the bank, and is not available to the public in general. Your credit report:

• Can only be obtained by the bank IF a formal CREDIT application is made by you to that particular bank
• Cannot be viewed by other banks, at any time
• Does not show your deposit / investment accounts
• Does not show from which financial institution you borrowed from
• Does not show the tenure of the credit facility enjoyed by you
• Does not show the conduct of facilities for periods above one year

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Popularity: 11% [?]

CCRIS it is somewhat a small collaboration between banks and Bank Negara Malaysia where credit information of all Malaysians are kept. CCRIS or Central Credit Reference Information System.

Most Malaysians may be amazed at how when you try to apply for a credit card or a bank loan or even a hire purchase on your next vehicular purchase, the bank or financial institution will know all your previous credit transaction. Each customer will be given a rating on how good a paymaster they have been and if they had been naughty and been missing out on their payment. It will also provide an overview of how much you have borrowed from financial institution.

I know this system rather well as I fully utilize banking facilities to help my business grow. Bank may charge exorbitant rates but if you can generate returns higher than the interest rate, it will make the transaction worth while.

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Popularity: 7% [?]

The much anticipated rise in mortgage lending rates has not happened as predicted and the Overnight Policy Rate remains at 3.5%, and Base Lending Rate for the time being, stays at 6.75%. However pundits maintain that an interest rates increase in the third quarter of 2008 is likely.

Regardless of the eventual movement in OPR, Malaysian lenders continue to compete, and September saw the launching new “discounted” home loan packages and some with innovative features.

For quite a long time, HSBC watched as Malaysian Banks slashed rates. Now the “world’s local bank” with a long history and reputation of service excellence, finally introduces a number of “winning” home loans. If you are not fussy about its 7-year lock-in, then check out HSBC’s Home Smart value Plan (Non Free Moving Cost, No MRTA) which starts with a first year rate of BLR-2.25%, followed by BLR-1.75% (years 2-5) and then BLR-1.95% from the sixth year onwards.

The bonus is that the said package comes with “flexi” features, allowing prepayments and withdrawals.

However, the attractive rates apply provided the Letter of Offer is accepted within 3 days of issuance, which is fair enough.

As far as Refinancing is concerned, smart money is with HSBC’s Home Smart Refinancing (min RM RM250,000) that starts with BLR-2.35% and ends with BLR-2% (years 2-5 interest rates vary depending on the loan amount). This is without a doubt the star amongst all refinancing packages out there…and as said earlier…delivered with a healthy dose of top-notch service.

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Popularity: 9% [?]