List of Base Interest Rates for Home Ownership Loans (KPR) from 10 Major Banks in Indonesia, 2024

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Erlina Fury Santika 03/05/2024 13:25 WIB

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Bank Indonesia's (BI) April 2024 increase of the 7-Day Reverse Repo Rate (BI7DRR) by 25 basis points (bps) to 6.25% is predicted to trigger an increase in mortgage interest rates in 2024.

Base Lending Rate (BLR) Percentage for the Housing Loan (KPR) Consumption Segment of 10 Banks in Indonesia (February-April 2024)

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List of Base Interest Rates for Home Ownership Loans (KPR) from 10 Major Banks in Indonesia, 2024

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Base Lending Rate (BLR) Percentage for the Housing Loan (KPR) Consumption Segment of 10 Banks in Indonesia (February-April 2024)

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The 25 basis point (bps) increase in the BI 7-Day Reverse Repo Rate (BI7DRR) to 6.25% in April 2024 is predicted to trigger a rise in home loan (KPR) interest rates in 2024.

According to Katadata, an increase in the central bank's interest rate can lead to higher funding costs for banks. Banks then compensate by raising lending rates to mitigate the increased cost of funds.

Under these conditions, KPR installments are likely to become more expensive, especially for new customers and those using floating interest rate schemes. This has already been projected by several economists and banking observers.

For example, Moch Amin Nurdin, Senior Faculty at the Indonesian Banking Development Institute (LPPI), anticipates an increase in KPR interest rates this year.

"The [increase in KPR interest rates] might be felt this year if economic conditions, global geopolitics, inflation, and the weakening of the rupiah against the US dollar remain unchanged," Amin told Katadata on Sunday (April 28).

(Read Katadata: BI Interest Rate Hike: Prepare for Higher KPR Installments)

KPR loan interest rates are based on the base lending rate (SBDK) issued by the bank. According to the Financial Services Authority (OJK), the SBDK is used as the basis for determining the loan interest rate that banks will charge customers.

The SBDK does not yet include the estimated risk premium component, the size of which depends on the bank's assessment of the risk of each debtor or group of debtors. Therefore, the amount of the loan interest rate charged to the debtor is not necessarily the same as the SBDK.

Databoks compiled the SBDK specifically for KPR consumer credit from the 10 largest banks in Indonesia. This data was obtained from the OJK and by screening each bank's website, covering the period from February to April 2024.

Based on percentage ranking, the highest KPR interest rate comes from Bank Permata at 8.5%. Second is UOB Indonesia at 8.2%, followed by OCBC NISP at 8%.

Bank Pan Indonesia (Panin) is fourth at 7.75%, followed by CIMB Niaga at 7.55%.

The remaining banks include several state-owned and private Indonesian banks such as BNI (7.4%), BTN (7.4%), Mandiri (7.3%), BRI (7.2%), and BCA (7.2%).

(Read also: Strengthening the Rupiah, BI Raises Benchmark Interest Rate to 6.25% as of April 2024)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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List of Base Interest Rates for Home Ownership Loans (KPR) from 10 Major Banks in Indonesia, 2024

List of Base Interest Rates for Home Ownership Loans (KPR) from 10 Major Banks in Indonesia, 2024

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List of Base Interest Rates for Home Ownership Loans (KPR) from 10 Major Banks in Indonesia, 2024

List of Base Interest Rates for Home Ownership Loans (KPR) from 10 Major Banks in Indonesia, 2024

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20.04 Thousand Jayawijaya Regency Residents are Junior High School Graduates by End of 2024

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