If You Work for a Bank, You Can Enjoy 0% Interest on Housing Loan for First RM100,000

Do you happen to work for a bank? Then we’ve got good news for you!

According to The Star, bank employees will soon enjoy 0% interest in their housing loans for the first RM100,000.  It was reported that all member banks under the Malayan Commercial Banks’ Association (MCBA) have agreed to grant the benefit, starting 1 April 2019.

This benefit for bank employees will be offered in the new collective agreement (CA) which was inked by the MCBA and the National Union of Bank Employees (NUBE).

Source: forbes

What’s the purpose behind offering this benefit, you ask?

MCBA President Nora Abd Manaf said that by waiving this interest for the first RM100,000, they hope that it would help more employees attain their dream home sooner than later. Moreover, this would also help increase the disposable incomes of employees, mainly those in the B40 group while aiding the government’s effort in raising the number of home owners among lower-income communities.

FYI, the 0% interest rate is also applicable for employees who have existing staff housing loans.

Source: nst

Employees of MCBA member banks will also receive a salary adjustment of up to 12% under the new collective agreement (CA). Meanwhile, clerical employees will receive a 10% adjustment whereas non-clerical employees will get 12%.

Furthermore, the starting salary of different employee groups will be adjusted accordingly between 12% and 16%, with the maximum salary raised being 16%. The monthly cost-of-living allowance (COLA) on the other hand, will also be revised from RM400 to RM600.

After combining both basic salary and COLA, a fresh clerk’s starting monthly salary is said to amount to RM2,4oo. However, this figure is not inclusive of a two-month contractual bonus that’s paid each December. Now, that’s a guaranteed bonus!

What are your thoughts on this new benefit being offered to bank employees? Don’t forget to share this good news with your friends or family members who work in the industry!

 Also read: Maybank Employees Are Getting a 10% Salary Increase in 2019