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Friday, July 11, 2014

Homeowners see first repayments rise since 2011


KINIBIZ Lenders will from today increase borrowers’ loan repayments to reflect Bank Negara’s decision to raise interest rates by 25 basis points or 0.25 percent for the first time in three years yesterday.

Homeowners will be among the most affected by the central bank’s policy change. A house is usually the most expensive purchase a person will make in his or her lifetime and it is usually financed with a mortgage.

Depending on the size of the outstanding loan and remaining loan duration, homeowners can expect to pay anything from an additional RM100 to RM900 and beyond per year (see chart).

For instance, a homeowner servicing a loan with RM300,000 outstanding and a remaining term of 20 years would be asked for an additional RM500 per year or RM42 per month in loan repayments.

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