• CIMB Home Renovation Loan

    Home Loan BYTES FROM OUR KITCHEN

    CIMB Home Renovation Loan

    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.


    You’re probably eligible for a CIMB Home Renovation Loan if you are

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    CIMB Renovation Loan Minimum Age

    CIMB Renovation Loan Minimum Age - 21 years

     CIMB Renovation Loan Maximum Age

    CIMB Renovation Loan Maximum Age - 50 years

    CIMB Renovation Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    CIMB Renovation Loan Minimum Income

    S$24,000 for single and/or joint applicants


    Your CIMB Renovation Loan amount eligibility is based on these factors

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    CIMB Renovation Loan Minimum Salary

    CIMB Bank Renovation Loan Min Salary - S$24,000

    CIMB Renovation Loan EMI

    Existing Loan EMI - EMIs of other loans lower your eligibility


    Increase your eligible CIMB Home Renovation Loan amount by these steps

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    CIMB Renovation Loan Add Spouse as Co-applicant

    Make your immediate family member a co-applicant, and his income will add to your eligibility


    CIMB Home Renovation Loan Basic Details Updated on 23 Jul 2017

    CIMB Home Renovation Loan Basic Details
    Min Loan Amount S$10,000
    Max Loan Amount $30,000
    Max Loan Tenure up to 5 years
    Interest Rates 5.37%
    Monthly EMI $379

    Overview of CIMB Renovation Loan

    The CIMB banking portfolio in Singapore comprises of three important segments - personal banking, private banking and priority banking. Priority banking services are targeted to the affluent section of the society providing wealth management services, lifestyle privileges and regional banking. Aimed at a specific customer base, private banking includes bespoke investment solutions, wealth management and portfolio advisory services. Under the personal banking umbrella, CIMB offers credit cards, home loans, investments, financing, insurance and other banking services. As a key entity of this section, CIMB renovation loans are offered at affordable rates and flexible financing options to Singaporean citizens.

    Features of CIMB Renovation Loan

    Contemporary or classic? Confused about how you want your home to look? CIMB provides you an opportunity to give your home a brand new look and feel that is a reflection of your tastes without stretching your wallet. Refurbish your home with affordable financing options from CIMB and live in a house you have always dreamt of.

    • CIMB renovation loans are offered at low interest rates and can be procured to finance renovation costs for completed and under construction properties.
    • Customers have to pay a processing fee of 1% of the sanctioned amount for CIMB renovation loans.
    • The minimum loan amount sanctioned by the bank is S$10,000.
    • CIMB finances up to 6 times the monthly income of the applicant or an amount of S$30,000, whichever is lower.
    • The loan tenure can be extended up to a period of 5 years.
    • CIMB requires at least 3 Cashier’s Orders to disburse a renovation loan.
    • For loan pre-closure, CIMB charges a fee of 1% of the amount prepaid.
    • The bank charges a fee of 1% of the undisbursed amount in cases of cancellations.
    • Delay in payment of monthly instalments will attract a late payment fee of S$80.
    • Cashier’s Orders will be issued at a charge of S$10 each. For any Orders that are cancelled, an amendment fee of S$20 will levied.

    CIMB Renovation Loan Eligibility

    1. Permanent Residents of Singapore aged between 21 to 50 years of age.
    2. Applicants should have a minimum annual income of S$24,000.
    3. An immediate family member will only be allowed to be a joint applicant for CIMB renovation loans.

    Documents Required for CIMB Renovation Loan

    1. Filled-in application form signed by the applicant.
    2. NRIC Photocopy
    3. Original contractor's contract / invoice - signed by the applicant and contractor
    4. Proof of Relationship between primary and co-applicant - Marriage or birth certificates
    5. Proof of ownership of property to be refurbished
    6. Proof of Renovation Permit
    7. Proof of billing - TV bills, internet or utility bills, bank account statements

    Income Documents

    Salaried professionals

    1. Last three months’ payslips
    2. CPF contribution statement for the last 12 months
    3. Latest Income Tax Notice of Assessment

    Applicants with variable or commission based income

    1. Employer’s commission statements for the last 2 years
    2. Income Tax Notice of Assessment for the last 2 years

    Self-employed Businessmen

    Applicants should have been in business for at least a period of 2 years should submit the Income Tax Notice of Assessment for the last 2 years.

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