CIMB Home Loan Singapore
A number of factors must be considered before purchasing a house. CIMB Home Loan will help you purchase your dream home with affordable interest rates and refinancing options. You can also refinance your current mortgage plan and withdraw equity from your existing property.
Home Loans Schemes Offered by CIMB
Interest Rates and Tenure
|Type of loan
|Private Property Loan/HDB Home Loan
||30 to 35 years or till the borrower turns 70 years old
||Choice between CIMB fixed rates or rates pegged to SIBOR
||1 to 5 years
||2.98% p.a. (EIR: 4.85% p.a.)
Fees and Charges
||Fees and Charges
Private Property Loan/HDB Home Loan/Overseas Property Loan
|Rescheduling of full redemption
|Loan statement (per statement)
||Present calendar year: No cost
Previous year: S$50
|Late payment of instalments
||Prime lending rate + 5% (minimum of S$30)
|Changing insurer of fire insurance
||S$200 every year
||1% of the loan amount that was approved
||1% of the loan amount that was cancelled
|Late payment fee
||1% of the prepaid amount
|Cashier’s order issuance
||S$10 per order (first 3 orders not charged)
Types of CIMB Home Loans
CIMB Private Property Loan: If you want to purchase a new private house, withdraw equity on your current private property, or refinance your current mortgage plan, you can go for CIMB’s Private Property Loan. You get to choose from flexible refinancing plans. Up to 75% of the property value is covered by the loan. The loan can be repaid in up to 35 years to repay the loan or till the borrower turns 70 years, the earlier of the two. The minimum loan amount must be S$200,000.
CIMB HDB Home Loan: If you want to purchase a resale HDB flat or a new Build-To-Order flat, you can go for the HDB Home Loan. Up to 75% of the property value is covered by the loan. The loan can be repaid in up to 30 years to repay the loan or till the borrower turns 70 years, the earlier of the two. The minimum loan amount must be S$100,000.
CIMB Overseas Property Loans: CIMB offers two loans under this category.
CIMB London Property Loan: You can use this loan to purchase properties in Mayfair, Chelsea, Knightsbridge, and South Kensington. CIMB will give you up to 70% of the property value. The repayment can be made in either S$ or GBP. The minimum loan amount must be S$300,000 or GBP200,000. You can repay the loan until you turn 70 years old or over a 30-year tenure period.
CIMB Australia Property Loan: With the CIMB Australia Property Loan, you can buy properties across Australia at low interest rates. You can receive financing to up to 70% of the property value. You can choose to repay in S$ or AUD. You can repay the loan until you turn 70 years old or over a 30-year tenure period. The minimum loan amount must be S$300,000 or AUD250,000.
CIMB Renovation Loan: This loan can be used to renovate your residential properties, be it in completed state or under construction. The loan limit can go up to S$30,000 or 6 times your monthly salary. The approval process will be completed in 1 business day. You can choose to get the loan amount at once or as and when you need it as the first 3 cashier’s orders will not cost you. The minimum loan amount that you can borrow is S$10,000.
Benefits and Features
- Option to choose the Singapore Interbank Offer Rate (SIBOR) package or the fixed rate package to purchase a house in Singapore or to refinance your current loan.
- Get up to 75% of financing for your property purchase.
- The loan tenure can go up to 35 years or until the borrower turns 70, the earlier of the two.
- Citizens and Permanent Residents of Singaporeans are eligible to apply for CIMB Home Loans.
- You must be at least 21 years old to be able to apply for these loans.
- If you want to take a loan to purchase private properties or renovate your house, you must be able to show a minimum annual income of S$24,000.
- If you want to purchase an HDB flat, you must be able to show a minimum annual income of S$18,000.
- To purchase a property in London, you must be earning at least S$120,000 per year and to purchase a house in Australia, you must be earning a minimum of S$60,000 per year.
- Photocopy of your passport or NRIC.
- Sale and Purchase agreement and Option to Purchase.
- Latest statement of CPF withdrawal in case of refinancing or sale of existing property.
- Loan statement from the past 12 months from your present financial institution or bank.
- Proof of sale of an existing property.
- Tenancy agreement, wherever applicable.
- CPF statement and recent tax assessment.
- Income Tax Assessment from the last 2 years (for self-employed).
Additional documents for CIMB Renovation Loan:
- Completed and signed application form.
- Ownership proof of the property you want to renovate.
- Contractor’s invoice or contract that has been signed by the contractor and the applicant.
- Utility bills, cable TV bills, internet bills, or bank statements.
- Computerised payslips from the last 3 months or CPF contribution history from the last 12 months or recent income tax notice of assessment.
- Computerised commission statements from the employer from the last 2 years, in case of persons earning variable income.
How to Apply for a CIMB Home Loan?
- Submit your contact details through a form on CIMB’s official website. The bank will get in touch with you.
- For the renovation loan, you can get the application form from the official webpage and fill it. Post it in the business reply envelope that is included in the form.
Repayment of the Loan
The loan amount comprising principal and interest must be repaid through monthly instalments. You can maintain an account with CIMB from where your instalments will be deducted. You must maintain sufficient funds in your account so that the deductions are successful.
How to Contact CIMB for Enquiries?
- Call CIMB at +6563337777.
- Send them a mail at ‘[email protected]’.
- Visit any of the CIMB branches and get your doubts cleared.
Own a home in Singapore or overseas with ease by making use of CIMB’s many home loan options. Start early to make sure you are able to comfortably repay the loan amount at your own pace and capacity.
Modes of Repayment
You can make repayments towards your home loan through internet banking. Regardless of what bank you have an account with, all you’ve got to do is login with your internet banking credentials and transfer the repayment amount for the month to the beneficiary account (CIMB bank).
You can also agree to sign a mandate where will automatically deduct the repayment amount from your savings bank account on a fixed date every month, until the end of the loan repayment tenure.
- How good should my credit score be if I have to apply for a property loan from CIMB?
A. Generally in the case of home loans, considering large sums of money involved, your credit score must be very good. Also, you must have a clean credit history for a minimum period of 1 year in order to successfully get your application approved.
- What is the maximum tenure that my loan can stretch to?
A. CIMB allows you to choose a tenure of up to 35 years, depending on the size of your loan amount and your ability to make repayments.
- Can I get a loan to purchase a property overseas?
A. Yes, CIMB offers overseas property loans. If you want further information in this regard, contact the bank’s customer service number or helpline number.
- Will I have to purchase fire insurance along with my loan?
A. Banks in Singapore require you to purchase a fire insurance policy along with your home loan application. Any other form of insurance can be purchased separately. Note that unless you purchase an insurance policy, the home loan amount isn’t insured.
- What are the countries covered under CIMB’s overseas property loan?
A. The overseas property loan covers London and Australia.
- How much is the minimum loan amount one can avail?
A. You can avail the CIMB HDB home loan for a minimum amount of SGD100,000 and the CIB Private home loan for a minimum amount of SGD200,000.
- Is there a charge levied on late payment of instalments?
A. Yes, in case of late instalment payment, both of the CIMB home loans will attract a late fee which comprises of prime lending fee + 5% (subject to a minimum of 30$).
- Is there any processing fee charged with the CIMB home loans?
No, CIMB Bank does not charge any loan processing fee.
- What is the minimum age required to apply for a CIMB home loan?
An individual must be at least 2 years of age in order to apply for a CIMB home loan.