Recently, there was an increased in Overnight Policy Rates, from 3% to 3.25%. How many of you feel the heat of the increment?
I guess almost everyone that has a house and still mortgaging the property to the bank will have a significant impact.
Earlier this week, I received a letter from my bank saying that the BLR increased to 7.01%. Therefore, my home loan installment will be increased to a certain amount too. Relatively, my installment increment is about RM90 per month.
This might mean eating out less and spend wisely.
What if you have 3-4 housing loans?
You’d have to pay more, and this is no fun at all. While who said owning a home is fun?
To be honest, owning a house comes with a lot of hidden costs. The hidden cost was not present to you while purchasing the house. Is fun to have new house or homes but it comes with a lot of maintaining the cost of the house.
And when you have more than one house to maintain, the cost can be a burden to some.
Back to my story, if you yet to receive this kind of letter which you should. Please call your bank. It’s imperative to keep tap of the actual installment to avoid paying less.
What happens when you’re paying less than the supposed amount?
In this case, the bank might consider you still owe them one-month payment. And this might have reflected in your CCRIS report too.
As we all know, CCRIS report is THE MOST IMPORTANT REPORT when applying for a loan facility, and we need to keep it ZERO arrears all the times.
Take it from someone who used to make these mistakes in the past.
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