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    CIMB Home Loan Singapore

    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.


    You’re probably eligible for an CIMB Bank Home Loan if you are

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    CIMB Bank Home Loan Minimum Age

    Atleast 21 years

     CIMB Bank Home Loan Maximum Age

    Above 21 years

    CIMB Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    CIMB Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your CIMB Bank Home Loan amount eligibility is based on these factors

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    CIMB Bank Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    CIMB Bank Home Loan Maximum Loan to property value

    Loan capped @ 80% of property value

    CIMB Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible CIMB Bank Home Loan amount by these steps

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    CIMB Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    CIMB Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 years

    CIMB Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an CIMB Bank Home Loan

    • 1. Copy of NRIC/Passport of all Applicants & Owners
    • 2. Latest Computerised Payslip (salaried)
    • 3. CPF Statement – Latest 12 Months Contribution History (salaried)
    • 4. 2 Years Income Tax Assessment (self-employed)
    • 5. Option to Purchase or Sale & Purchase Agreement (for new purchase)
    • 6. Tenancy Agreements (if any)
    • 7. Evidence of sale of existing property (if applicable)

    CIMB Bank Home Loan DetailsUpdated on 21 Nov 2017

    CIMB Bank Home Loan Details
    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.

    Why Choose CIMB Housing Loan?

    • CIMB Bank Home Loans are one of the best home financing option available in Singapore for a variety of reasons.
    • Choose from two unique home loan plans – HDB Home Loan and Private Home Loan.
    • Make the most of the affordable interest rate offered by CIMB Home Loans for your home financing needs.
    • Flexible repayment tenure is another advantage of the CIMB Home Loan.
    • CIMB Bank Home feature high loan value, which means that you, as a customer, can obtain a higher loan amount for your home financing purposes.
    • Enjoy freedom from loan processing fee when you apply for the CIMB Bank home loan.

    Types of Home Loans offered by CIMB

    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.

    Features and Benefits of the CIMB Home Loan

    CIMB HDB Home Loan:

    • The CIMB HDB Home Loan is specially designed to finance all types of residential property, be it an infrastructure which is either completed or under construction.
    • Expedite your savings with this loan as it gives you the option to choose between a Singapore Interbank Offer (SIBOR) and a Variable Rate package in terms of interest.
    • Among other features, this loan provides a high loan value of up to 80% of the loan amount.
    • The CIMB HDB Home Loan features flexible repayment tenure of up to 35 years or up to 70 years of age, whichever time period is nearer.
    • You may take this loan for an amount as low as SGD 100,000.

    CIMB Private Home Loan:

    • This loan can be used to finance residential properties which may either be complete or under construction.
    • Enjoy high loan value of up to 80% when you apply for a CIMB Private Home Loan.
    • This loan can be applied for an amount as low as SGD 200,000, to take care of any kind of home financing need.
    • Benefit from the flexible loan tenure which can be up to 35 years / till you turn 70 years of age, whichever occurs earlier.
    • For interest rates, customers can choose between the Singapore Interbank Offer Rate (SIBOR) and a Variable Rate package, whichever is more convenient.

    CIMB Overseas Property Loans:

    • The loan can be used for purchasing properties in London, Australia and Malaysia.
    • You can access the loan amount in Singapore Dollars.
    • You will not have to pay any processing fee for the loan.
    • The tenure of the loan is very flexible, from 5 – 35 years.
    • You can avail as much as 80% of the value of the property as a loan.

    CIMB Home Loan Interest Rates

    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 %

    CIMB Home Loan Fees and Charges

    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


    Eligibility Criteria to Apply for a CIMB Home Loan

    • You should be a minimum of 21 years old.
    • The minimum loan amount for HDB flats is S$100,000.
    • The minimum loan amount for private properties is S$200,000.
    • You have to earn at least S$24,000 p.a. in order to be eligible to apply for the loan. In case two applicants are applying for the loan, the income of at least one of the applicants has to be S$24,000 p.a.
    • All documents submitted to CIMB have to contain accurate information. Inconsistencies in information provided in the documents will lead to the rejection of your loan application.
    • The loan is available to Singaporean citizens and Permanent Residents.

    Documents Required for CIMB Home Loan

    CIMB HDB Home Loan

    Documents Required

    • Copy of NRIC / Passport of all applicants and owners
    • Option to Purchase or Sale & Purchase Agreement (for new purchases)
    • Latest 12 months’ Loan Statement from the current bank (for refinancing)
    • Latest CPF Withdrawal Statement for existing property to be re-financed / sold
    • Evidence of Sale of Existing Property (if applicable)
    • Agreement of Tenancy

    Income Documents Required

    • Most recent computerized payslip (for salaried applicants)
    • Latest 12 months’ CPF contribution history statement (for salaried applicants)
    • 2 years Income Tax Assessment (for self-employed applicants)

    CIMB Private Home Loan

    Documents Required

    • Copy of NRIC / Passport of all applicants and owners
    • Option to Purchase or Sale & Purchase Agreement (for new purchases)
    • Latest 12 months’ Loan Statement from the current bank (for refinancing)
    • Latest CPF Withdrawal Statement for existing property to be re-financed / sold
    • Evidence of Sale of Existing Property (if applicable)
    • Agreement of Tenancy

    Income Documents Required

    • Most recent computerized payslip (for salaried applicants)
    • Latest 12 months’ CPF contribution history statement (for salaried applicants)
    • 2 years Income Tax Assessment (for self-employed applicants)

    How to Apply for a Home/Property Loan with CIMB?

    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.

    CIMB Home Loan Refinancing

    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 Home Loans for Foreigners

    CIMB does not currently offer home loans to foreigners. Applicants should either be Singaporean citizens or Permanent Residents.

    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.

    FAQs

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. What are the countries covered under CIMB’s overseas property loan?

      A. The overseas property loan covers London and Australia.

    6. 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.

    7. 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$).

    8. Is there any processing fee charged with the CIMB home loans?

      No, CIMB Bank does not charge any loan processing fee.

    9. 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.

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