Mechanism of home loans in Malaysia
Interest rates for housing loans in Malaysia are usually quoted as a percentage below the Base Rate (BR). For example, if the current BR [previously named Base Lending Rate (BLR)] rate is 4.00%, the interest rate on a ‘BR + 0.45%‘ loan would be 4.45%. You can use the calculator provided to check all the home loan interest rates. In a typical Malaysian mortgage, you make monthly payments for an agreed period (i.e. the loan tenure) until you’ve fully repaid both the principal of the loan and the interest. During the early years of the loan, the majority of your monthly repayments are used to repay interest, however, as time passes, a larger proportion of your repayments will go into paying down the principal.
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SCS has created a housing loan calculator to make your calculations for monthly repayments easy. To use the mortgage calculator just type in the property price that you would like to borrow and for how long.