The average base interest rate for KPR mortgages rose to 7.97% in September 2021.
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Data from the Indonesian Financial Services Authority (OJK) shows that the average base interest rate (SBDK) for home ownership loans (KPR) increased to 7.97% in September 2021. This represents a 59 basis point (bps) increase from the August 2021 level of 7.38%.
Despite the increase, the average SBDK in September 2021 was still down 176 bps compared to the January 2021 KPR SBDK level of 9.73%. The average KPR SBDK then fell by 31 bps to 9.42% in February 2021 from its January 2021 position. From March to May 2021, the average KPR SBDK remained above 9%. March recorded 9.33%, April 9%, and May 9.24%.
The average KPR SBDK fell drastically to 7.41% in June 2021. This represents a decrease of 232 bps compared to January 2021 and a decrease of 183 bps compared to the previous month, May 2021. A downward trend in the average SBDK continued in July 2021, reaching 7.33%. In August 2021, the average rose slightly again to 7.38%.
Since February 2021, Bank Indonesia (BI) has set the BI 7 Days Repo Rate (BI-7DRR) at its lowest historical level of 3.5%. This decision was made to maintain exchange rate stability and the financial system amid low inflation forecasts and efforts to support economic growth.
The government also implemented a value-added tax (VAT) borne by the government (DTP) policy for the purchase of houses priced below Rp 5 billion. Houses priced below Rp 2 billion receive a 100% DTP VAT, and houses priced between Rp 2 billion and Rp 5 billion receive a 50% DTP VAT. This policy was in effect until December 31, 2021.
(read: [New KPR Demand Decreased in Q3 2021](https://databoks.katadata.co.id/datapublish/2021/11/08/permintaan-kpr-baru-menurun-pada-kuartal-iii-2021))
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