PETALING JAYA: The recent 50 basis points hike in Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) will not affect borrowers drastically, Yamani Hafez Musa(pix) said.
“The 50 basis points increase in OPR has only increased the repayment for housing loans of RM300,000 over 35 years by RM85 per month,” the deputy finance minister was quoted saying by The Malaysian Insight.
For housing loans of RM500,000 over 35 years, the additional repayment is only RM142 per month, said the Sipitang lawmaker.
He told parliament this was done through BNM’s simulation studies on the effects of OPR hikes on borrowers.
“According to BNM, the OPR hikes will not have any drastic effect on B40 borrowers either as their loans are mainly fixed interest rates for cars and personal loans,” said Yamani.
