Looking for a housing loan, but not sure what you are getting yourself into? Now you can easily calculate monthly repayments, interest charges, and other details on your own, using our home loan calculator for Malaysia. Choose from Malaysia’s major banks and get repayment details based on up-to-date interest rates.
Update: Base Lending Rate (BLR) now updated to Base Rate (BR).
Simple steps to using our housing loan calculator for Malaysia:
Update: As of 2nd January 2015, Base Lending Rate (BLR) has been updated to Base Rate (BR) to reflect the recent changes made by Bank Negara Malaysia, and subsequently by major local banks.
By taking a mortgage from a financial institution in Malaysia, you agree to make monthly instalments inclusive of the interest rate charged for a period of time (loan duration). Interest calculation is done based on the oustanding loan amount to the bank each month.
Almost all housing loans in Malaysia is tied to the Base Rate (BR). The interest rate charged on your home loan is usually a percentage above the Base Rate, whereby a 'BR + 0.3%' (BR = 4.00%) will yield an interest rate on loan of 4.3%.
Choosing the right bank could be difficult because each bank has its own merits. Here are some tips to choosing the right bank:
If you are expecting an increase in salary, or are generally a good money saver, you would have considered increasing your monthly repayments in the future. Flexi home loans (semi-flexi and full-flexi) allow you to easily make additional repayments towards the loan for your house.
Putting in additional monthly repayments – whether as a lump sum payment or an increase in regular repayment amounts – can help you save on interest paid, and reduce the tenure of your loan. For a 30 year home financing, increasing your monthly repayments by just RM100 can save you over RM1,000 a year in interest.
iMoney's home loan calculator for Malaysia is designed in such a way that you will be able to easily calculate your monthly repayment through 3 simple steps:
To make the calculator even more powerful and personalized, it also has the advanced options to allow you to to fill in your "Year of Birth". This will show you the total amount you will need to pay, how much of that is in interest, time taken to repay and how old will you be.
What happens if you increase your monthly payment? How much will you save? Our mortgage calculator for Malaysia helps you calculate that all in a matter of seconds.
Once you have a good idea of which bank you should take a loan with, and are comfortable with your monthly repayments, you can apply for a mortgage with iMoney, and we will take care of the rest.
If you want a quick comparison of all housing loans across all banks, visit our Home Loan Comparison Page