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 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:
There are several reasons why you should opt for the CIMB Renovation Loan:
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)|
To be eligible for this loan, you will have to fulfil the following conditions:
You will have to submit the following documents at the time of application:
Income documents that you will need if you are a salaried employee:
Income documents that you will need if you are a self-employed applicant:strong>
Income documents that you will need if you are a commission-based earner:
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.