Refinance Malaysia home loan
Reasons to refinance:
Lower interest rates than BLR-linked home loans
Reduction of monthly instalments
Convenience of repayment in Singapore
If your mortgage is obtained from a Malaysia bank, it is most likely linked to Base Lending Rate (BLR). BLR is the minimum interest rates calculated by banking institution based on a financial formula which will take into account the financial institution cost of fund and other administrative charges. Current BLR is 6.85% for most of the banks. But, some banks do have higher BLR. You may check with Bank Negara Malaysia website on the latest BLR in Malaysia.</span.
Home loans linked to BLR are typically about 4.5%-5%. Refinance to lower interest rates will save you much over the longer term.
Refinance will incur conveyancing costs, valuation costs and bank fees. Approval of refinance application can be as short as 1 week. The new bank may take over the loan within 3-6 months time.