- The Governor of Bank Indonesia ("BI"), Mr. Perry Warjiyo, has confirmed the possibility of the 0% down-payment policy for motor-vehicle loans (Kredit Kendaraan Bermotor – "KKB") and mortgage loans (Kredit Pemilikan Rumah – "KPR") being extended until 2023. A deadline of the end of 2022 is currently set. This measure is set to be introduced in order to ensure that credit and financing offered by the financial sector are able to fully support Indonesia’s ongoing national economic recovery.
- Along with the extension, Mr. Warjiyo has also stated that the KKB will apply to all types of new motor vehicles, whereas the 0% down payment policy for KPR will be available to be offered by banks through an easing of the loan to value/financing to value ratio by up to 100%. However, these policies will only be applicable to banks that meet a specific non-performing loan/non-performing financing ratio.
- Mr. Warjiyo also confirmed that BI is set to further strengthen the prime lending rate transparency policy through a further assessment of prime lending rate transmission and new credit interest rates for each economic sector and sub-sector. (ANT)
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