When it comes to buying a house or purchasing property, it is often difficult to find financial aid which suits your requirements. Purchase your first or next house with the help of CIMB Home Loans which offer not only some of the most competitive rates of interest but also flexible terms of repayment. Under home loans, CIMB Bank offers the CIMB HDB Home Loan and the CIMB Private Home Loan.
Atleast 21 years
Above 21 years
Salaried / Self-employed with regular income
Earn more than the minimum income required
EMI limited to about 50% of monthly income
Loan capped @ 80% of property value
EMIs of other loans lower your eligibility
Make your spouse a co-applicant, and her income will add to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
|Margin of Finance||Up to 80%|
|Loan Tenure||5 years – 35 years|
CIMB offers a spate of credit products that mainly include personal loans, car loans, home loans, and credit cards. Home loans offered by the bank come with a range of features, making it one of the most sought-after home loan products in Singapore. Let’s look at the various features and benefits associated with CIMB Home Loans. We also look at different types of loans offered by the bank, home loan interest rates and other related details including how to apply for the loan and modes of repayments.
CIMB Private Property Loan
The private property loan offered by CIMB gives you the opportunity to purchase a private property in Singapore. You can choose any tenure you wish to, depending on the quantum of loan amount you wish to borrow and your repayment convenience. You can also choose from a combination of available interest rate packages that will remain valid till the period your loan tenure is active. You can also switch between interest rate packages at no additional costs.
CIMB HDB Loan
The HDB Loan offered by CIMB enables you to finance the purchase of your HDB flat in Singapore. The product comes with an affordable rate of interest, flexible tenure options and a combination of fixed and floating rate packages to choose from.
CIMB Commercial Property Loan
The commercial property loan is another popular loan product that the bank offers. You can construct your commercial property or purchase a commercial property. The bank provides funding of up to 80% of the valuation of the property in most cases. You will have to meet the minimum income eligibility criteria in order to apply for the CIMB Commercial Property Loan.
CIMB Renovation Loan
A renovation loan from CIMB will give you the wonderful opportunity to renovate your existing home and give it the appearance you always wanted it to have. If you currently have a home loan with CIMB, the interest on the renovation loan is much lower than the rate available to other individuals.
Overseas Property Loan
The overseas property loan allows you to purchase a property in London and Australia from Singapore itself. You can get the loan sanctioned in either Singapore dollar, or Australian dollar or Sterling Pound as per your requirement.
CIMB HDB Home Loan:
CIMB Private Home Loan:
CIMB Overseas Property Loans:
Here are the interest rates for CIMB home loan with different packages
|Loan Package||Fixed or Floating Rate||1st year||2nd Year|
|3 year package||Fixed||2.18 %||2.18 %|
|4 year package||Fixed||2.18 %||2.28 %|
|5 year package||Fixed||2.48 %||2.48 %|
|3M Rate Package (SIBOR)||Floating||2.23 %||2.23 %|
|Variable Package||Floating||0.94 %||1.60 %|
|Change of insurer (fire insurance)||S$200 p.a.|
|Late payment charges||5% of amount + Prime Lending rate (a minimum of S$30 will be charged)|
|Rescheduling date of thorough redemption||S$200|
CIMB HDB Home Loan
Income Documents Required
CIMB Private Home Loan
Income Documents Required
All you’ve got to do if you wish to apply for a property loan with CIMB is visit the official CIMB Singapore website and fill out the application form available online. The next step will involve submission of relevant documents as mentioned by the bank, following which your application will be processed. An executive from the bank will get in touch with you to clarify the details you’ve provided and obtain additional details, if necessary. Your loan application will then be processed and reviewed, and approved if your profile meets the bank’s internal credit norms.
You can also visit the closest CIMB branch in Singapore and physically fill out the loan application form and submit your documents.
You can refinance your home loan – whether it is HDB, private property or commercial property – with CIMB at a much reduced interest rate. Contact the bank for details on how you can customize your refinance package with the bank.
CIMB does not currently offer home loans to foreigners. Applicants should either be Singaporean citizens or Permanent Residents.
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.
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.
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.
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.
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.
A. The overseas property loan covers London and Australia.
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.
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$).
No, CIMB Bank does not charge any loan processing fee.
An individual must be at least 2 years of age in order to apply for a CIMB home loan.