That’s true. There is a new round of price war among banks for consumer loans, with the new mortgage rate going down to as low as base lending rate (BLR) -2.3%. The current BLR rate is 6.3%.
This is a very good news to property investors because they can obtain cheaper loan to buy more properties. With the news that Malaysia properties are booming, there are more reason to buy properties especially medium to high end landed properties.
There was a lots of interest in Malaysia properties priced below RM2mil and less movement among the higher end homes. Many foreigners especially from Singapore keen to invest in Malaysia due to affordability.
The new mortgage rate is now down to as low as BLR-2.2% since end-July.
After a quick check, below are the rates offered by some of banks. I believe other banks also have the same competative rate.