Dear CIMB Housing Loan Borrowers

All of you would have received notification that your BLR went up by 10 basis points (6.85% to 6.95%) in June.

I would urge all of you to send a complaint to BNM on this unjustified increase by CIMB as during this period, the other Big-4 namely, Maybank, Public and RHB did not increase their BLR.

The new Governor has obviously wanted to reduce the Borrowing cost by reducing the BLR and although CIMB has subsequently reduced the BLR from 6.95% to 6.75%, the increase from 6.85% to 6.95% is still unwarranted and I would urge all of you to complaint to BNM via bnmtelelink@bnm.gov.my

Yes, Banks have right to increase their BLR but let us also show our displeasure by complaining to BNM on this matter. But remember CIMB tried to suddenly impose a funding fee on their fully flexi loan but later retracted cos many people complaint.

Let's send the same message to CIMB again.  Banks should only increase their rates when there is strong justification.  Else due to high cost of refinancing, borrowers are effectively forced to pay unjustified higher rates and we as consumers must speak up for our rights.

PS - I only receive the notification almost 3-weeks after the BLR was increased and only managed to send my complaint letter to BNM this week.

Apologies if someone else has posted this before.

Update 1 - BNM confirmed receipt of Letter - 28 July 2016

Update 2  - BNM send CIMB instructiion to contact me to resolve the complaint and revert back to BNM within 2-weeks - 29 July 2016