As a premium financial institution in the ASEAN region, CIMB caters to a diverse clientele with an eclectic array of banking products and services. With a widespread network of over 1000 branches in the ASEAN expanse, CIMB has established itself with a strong foothold by entering into partnerships with numerous leading conglomerates. CIMB also provides banking services like investment banking, asset management, trading, research, securities and transaction banking to corporate firms and businesses. Being the second largest Islamic bank in Malaysia, CIMB also offers a complete range of Islamic banking services
CIMB Renovation Loan Minimum Age - 21 years
CIMB Renovation Loan Maximum Age - 50 years
Salaried / Self-employed with regular income
S$24,000 for single and/or joint applicants
CIMB Bank Renovation Loan Min Salary - S$24,000
Existing Loan EMI - EMIs of other loans lower your eligibility
Make your immediate family member a co-applicant, and his income will add to your eligibility
|Min Loan Amount||S$10,000|
|Max Loan Amount||$30,000|
|Max Loan Tenure||up to 5 years|
CIMB provides Singaporean citizens and PRs with home renovation loans at affordable interest rates. Renovation loans can be used to renovate, repair, or furnish your home. Let’s take a look at some features of the renovation loan, the benefits that can be expected and other related details including interest charges, frequently asked questions etc.
|Tenure of the loan||Monthly Interest Rate (Rest) (p.a.)||Effective Interest Rate (p.a.)||Loan Processing Fee (p.a.)|
The CIMB Prime Rate stands at 5.50% p.a. as of now.
|Loan Processing Fee||1% of the approved loan amount|
|Late Payment Fee||S$80|
|Pre-payment Fee||1% of the prepaid loan amount|
|Cancellation Fee||1% of the cancelled amount|
|Cashier’s Order||S$10 for each order issued, waived for the first three years.|
You can apply for a home renovation loan from CIMB by visiting the official CIMB Singapore website, navigate to the home renovation webpage and click on the Apply Now button. A new page will pop-up, wherein personal and professional details have to be entered. You will also, as a next step, submit your supporting documents to the bank, following which the bank will process and approve your loan application. Your loan application will only be approved if the information on your documents is consistent and your application meets the internal credit norms of the bank.
You can also visit the closest CIMB branch in Singapore and contact the bank to apply for your home renovation loan. All necessary documents will also need to be submitted.
Q. What is monthly rest interest rate?
Q. How will my credit score affect my loan application?
Q. If I already have a home loan, can I expect to receive a lower rate of interest?
Q. What if my individual income is lower than S$24,000?
Q. How long will the loan amount take to get disbursed?