Hire Purchase or Loan

There is a lot of difference when you choose to buy something with the help of a loan and when you do it on hire purchase basis. In the former case, the ownership passes to you but in the later case you are just in possession and not a legal owner. It means that a person who has bought a car on hire purchase cannot sell it. Simple enough, he is not an owner of the car and, therefore, he has no such right.

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Popularity: 28% [?]

BLR reduce as mentioned by the media will take effect soon. This is a good way to use it as platform in reduce loans monthly repayment if you may have.

—— NEWS —–

ALL commercial banks will take immediate steps to reduce the monthly loan repayments for facilities with interest rates pegged to the base lending rate (BLR).

This is to help borrowers in the current challenging environment, the Association of Banks in Malaysia (ABM) said in a statement today.

The move came in the wake of the announcement by Bank Negara Malaysia yesterday that its benchmark overnight policy rate (OPR) will be reduced by another 50 basis point to 2 per cent from 2.50 per cent.

The new BLR will be published by the banks individually in the days ahead, similar to cases of the previous rounds of OPR cuts in November 2008 and January 2009, ABM said.

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Popularity: 9% [?]