Malaysia Housing Loan Interest Rate - Looking for Best Housing Loan Interest Rate

The followings are compilation of Housing Loan Interest rate from some
of the banks in Malaysia. The information is in October and early
November 2010.
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One of my friend just bought a house and he went to most of the banks to
ask for the cheapest housing loan interest rate. The information may be
outdated and human may make mistakes, so better check with banks for the
current rate and features. Sales person may fight better rate for you.
Most are flexi loan, meaning you can always pay extra and make
withdrawal for the excess amount via ATM, Online or cheque book.
This is just for reference only.

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POLITEMARKET's Comment:
Most banks will quote you an attractive rate but say will try to fight
for you. Do not rely on that.

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What you should do.
1)Call almost all the banks.
2)Select at least 5 banks or more that give you the best rate
3)Submit your application to these 5 banks or more
4)Wait for the letter of offer out with blank and white (proof)
5)Sign with the bank with best rate and terms

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Is it worth the effort to call so many banks and submit?
An agent was laughing at this suggestion.
Up to you to decide.

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Assuming you did not find out the rate, and you took up BLR minus 2.2%
(most banks offer minus 2.2%)
Standard Chartered Bank offer minus 2.35% - 2.4%, average 2.375%
You lose out 0.175%.

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If your loan amount is RM250,000
The first 10 years normally still own the bank RM200,000
If you can get 0.175% cheaper, assuming an average of RM200,000
One year you can save RM350
Ten years RM3500. Twenty years RM7000.
Worse if you took up an offer that just minus 1.8%
That is 0.575% difference.
10 years lose out RM11,500
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What if you are very rich and you refuse to call so many banks
You are so rich and your loan amount is RM2.5million
You may save 0.175%, or RM35,000 (10Years) to RM70,000 (20yrs)
So rich? You can ask your secretary or assistant to call.
Up to you to decide whether you want make effort to save money
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OCBC Bank minus 2.2
Flexi Loan- not so flexi, withdrawal need 3 days notice

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UOB Bank minus 2.2%

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CIMB Bank minus 1.9%
Depending on loan size, the higher the loan size, the better deal you
can get.

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Hong Leong Bank BLR minus 2.2%

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Standard Chartered Bank November 2010 Promotion BLR minus 2.35% (first 5
years), minus 2.4% subsequent years

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Affin Bank BLR minus 2.3%
Need 48 hours notice for withdrawal

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AmBank minus 1.8%
Existing AmBank customers and bigger loan amount can enjoy better rate

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Eon Bank minus 2.2%
No RM200 start up fee

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BSN Bank Simpanan Nasional BLR minus 2.2%
It is not flexi loan, cannot withdraw
But got free trip for two

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RHB Bank BLR minus 2.2%
Can try 2.3% if big boss approve

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Ctitibank BLR minus 2.1%
Minus 2.3% if big boss approve

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Public Bank BLR minus 2.2%

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HSBC BLR minus 2.1%/2.2%

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What is current BRL? it is 6.30%

Source : politemarket.blogspot.com