A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Loan BYTES FROM OUR KITCHEN

    CIMB Renovation Loan in Singapore

    CIMB offers home renovation loan at reasonable rates of interest to citizens and Permanent Residents of Singapore. You can use this renovation loan to refurbish, repair, or furnish your home. Let us take an in-depth look at some of the features of the renovation loan, the available benefits and other details including interest rates.

    CIMB Renovation Loan Interest Rates: EIR of 4.85% p.a.

    CIMB Renovation Loan will give you the peace of mind with low interest rate and low processing fee. The interest rates associated with the CIMB Renovation Loan based on a S$10,000 loan are shown in the table given below:

    Tenure (years) Interest Rate (p.a.) Effective Rate of Interest (p.a.) Monthly Instalment Amount*
    1 2.98% (CIMB Prime Rate-2.52%) 4.85% S$847
    2 3.87% (CIMB Prime Rate -1.63%) S$434
    3 4.18% (CIMB Prime Rate -1.32%) S$297
    4 4.34% (CIMB Prime Rate -1.16%) S$228
    5 4.44% (CIMB Prime Rate -1.06%) S$187

    Note the following:

    • The CIMB Prime Rate or CPR currently stands at 5.5% p.a.
    • The monthly instalment amounts have been simplified for illustration purposes.

    Why Take This Loan: Complimentary Home & Contents Insurance

    There are several reasons why you should opt for the CIMB Renovation Loan:

    • With this loan, you will be eligible to get up to six times your monthly income or S$30,000 (whichever is lower).
    • Once you apply for this loan, you will get an in-principle approval on your application in just a day.
    • This loan covers all kinds of residential property renovation work, whether it is a completed building or it is a building which is still under construction.
    • When you sign up for this loan, you will get a free insurance cover of up to S$80,000 on your home and the contents in your home with HomeBLISS by Sompo Insurance. Separate terms and conditions will be applicable.

    What Will This Loan Cost You?

    The various fees and charges associated with the CIMB Renovation Loan are as follows:

    Type of Charge Amount
    Processing fee 1% of the approved loan amount
    Late payment fee S$80
    Prepayment fee 1% of the amount prepaid
    Cancellation fee 1% of the loan amount cancelled
    Cashier’s Order Cancellation/Amendment Fee S$20 each
    Issuance of Cashier’s Order S$10 each ( the first three cashier’s orders issued are free)

    Are You Eligible for CIMB Renovation Loan?

    To be eligible for this loan, you will have to fulfil the following conditions:

    • You should either be a Permanent Resident or a citizen of Singapore.
    • You must apply for a minimum loan amount of S$10,000.
    • You must be between 21 and 50 years of age.
    • Your annual income must be at least S$24,000, both for single/joint applicants.

    You will have to submit the following documents at the time of application:

    • Proof of relationship between joint and principal applicant (e.g. birth/marriage certificate).
    • Photocopy of NRIC.
    • Proof of billing (e.g. bank statements, utility bills, etc.).
    • Original contractor's invoice which has been signed accordingly by the applicant(s) and the contractor.
    • Completed application form along with the signature of all the applicants.
    • Proof of ownership of the property that has to be renovated.

    Income documents that you will need if you are a salaried employee:

    • Most recent income tax NOA.
      OR
    • Last 12 months’ CPF contribution statement.
      OR
    • Most recent three months computerised/electronic payslip.

    Income documents that you will need if you are a self-employed applicant:strong>

    • Most recent 2 years’ income tax NOA.

    Income documents that you will need if you are a commission-based earner:

    • Most recent 2 years’ income tax NOA.
      OR
    • Most recent 2 months’ computerised/electronic payslip.

    FAQs

    Q. Are there any terms and conditions for the in-principle approval for this loan?

    A. Yes, you should submit the filled out application form along with the requested documents by 4:00 p.m. on business days to get an in-principle approval within 1 day.

    Q. Do I have to separately apply for the HomeBLISS Home & Contents Insurance cover?

    A. No. Once you apply for this loan, you will be automatically covered under HomeBLISS insurance by Sompo without the need for further action from you.

    Q. How long will the HomeBLISS Home & Contents Insurance cover remain valid?

    A. This insurance cover will remain valid for a period of 12 months.

    Q. Can the CIMB Prime Rate change at any time?

    A. Yes, CIMB Prime Rates or CPR are subject to change at any point as per the bank’s discretion without any prior notice.

    Q. Are foreigners eligible to apply for the CIMB Renovation Loan?

    A. No. Foreigners are not eligible to apply for this loan.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.