Indonesia's Rumah.com has recently launched the Mortgage Calculator in their mobile application especially for IOS users. This facility is available on the Main Menu of the app, and on each page of property listings for sale. In the latter, the property value is automatically filled in, and the user just need to input the loan amount (which is usually capped at 70 percent of the property price), and the loan period, toimmediately find out the estimated monthly instalments, split into the principal amount repayment and interest.
In fact, mortgage interest rate in Indonesia had been on a roller-coaster ride. From a high of above 12 percent in 2006, to a low of sub-6 percent in 2012. Since early 2014, The Central Bank of Republic of Indonesia left its benchmark interest rate on hold at7.5 percent till now. The difference between the high of 12 percent to a low of 6 percent could mean a difference of Rp96,000 per month for a home loan of Rp 25,000,000 over 20 years.
“Buying a property is a long term commitment. When one decides to buy a property, he must set aside a certain budget in case of interest rate hikes due to unforeseen circumstances. This Mortgage Calculator will help consumers understand their financial capabilities. With increasing mobile penetration, consumers would want a tool that is accessible from anywhere. Therefore, this feature is built into Rumah.com’s IOS platform. The iPhone and iPad users can now calculate their mortgage instalments anywhere,” said Ike Hamdan Head of MarketingRumah.com.