Correction... MLR means Mortgage Lending Rate

Actually, with all this new "benchmark" of interest rate, I still think BLR serves as a better base. Mainly because all (or most) banks have loans based on it. While the others are still relatively new and we can't quite use it to compare.

Assuming no big fluctuation in interest rates, the effective rate charged by the banks are equally competitive despite using a different benchmark rate. I'm not too sure about Islamic, but my basic understanding is the interest rate generally have a upper cap limit (max interest rate), but doesn't quite adjust downward from the day the loan agreement is signed.