Bank Indonesia Interest Rate Hike: Will Mortgage Rates Definitely Follow Suit?

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Adi Ahdiat 03/05/2024 16:46 WIB

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Historically, from January 2019 to January 2024, the base interest rate for mortgage loans frequently fluctuated in line with Bank Indonesia's benchmark interest rate.

Movement of the BI Interest Rate and the Average Base Rate of National Housing Loan (January 2019-February 2024)

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Movement of the BI Interest Rate and the Average Base Rate of National Housing Loan (January 2019-February 2024)

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Bank Indonesia (BI) raised its benchmark interest rate from 6% to 6.25% in April 2024.

According to Moch Amin Nurdin, Senior Faculty at the Indonesian Banking Development Institute (LPPI), this is one factor that could potentially increase home loan interest rates (KPR).

"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.co.id* on Sunday (28/4/2024).

Historically, the KPR base lending rate (SBDK) has often fluctuated in line with movements in BI's benchmark interest rate.

For example, during the period June 2019-February 2021, BI's benchmark interest rate fell from 6% to 3.5%.

During that period, the average national KPR SBDK also decreased from 10.66% to 9.42%.

Then, from July 2022 to October 2023, BI's benchmark interest rate rose from 3.5% to 6%.

During that period, the average national KPR SBDK increased from 8.57% to 8.91%, and the upward trend continued to reach 9.12% in January 2024.

With the further increase in BI's benchmark interest rate to 6.25% in April 2024, banking observer Arianto Muditomo predicts that KPR interest rates will increase by 0.25% to 1%.

However, this increase will be particularly felt by KPR borrowers using a floating interest rate system.

"This impact is not very significant for KPR borrowers with a fixed interest rate," Arianto told *Katadata.co.id* on Sunday (28/4/2024).

Editor : Adi Ahdiat

"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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Bank Indonesia Interest Rate Hike: Will Mortgage Rates Definitely Follow Suit?

Bank Indonesia Interest Rate Hike: Will Mortgage Rates Definitely Follow Suit?

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Bank Indonesia Interest Rate Hike: Will Mortgage Rates Definitely Follow Suit?

Bank Indonesia Interest Rate Hike: Will Mortgage Rates Definitely Follow Suit?

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List of Persija Jakarta's Championship Titles Over 97 Years Since Its Founding

Jakarta Becomes the World's Most Densely Populated City by 2025

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