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    CIMB Renovation Loan Singapore 2017

    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 12 Dec 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

    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.

    Features and Benefits of the CIMB Renovation Loan

    • The loan comes with a very competitive rate of interest. Interest rates can vary depending on the loan tenure.
    • You can get a loan of up to 6 times your monthly income. The maximum loan amount that the bank provides is S$30,000.
    • You can choose a loan tenure between 12 months and 60 months (1 year and 5 years). Longer tenures mean higher interest payments but low monthly repayments. In case of shorter tenures, repayments are high but the amount paid in interest is low.
    • The loan can be easily applied for. The bank’s customer service centre will answer any queries regarding the loan process.
    • If you have a home loan with CIMB, you can expect to receive a lower rate of interest on your loan application.
    • The interest rate offered by the bank is a monthly rest interest rate.

    CIMB Renovation Loan Interest Rates

    Tenure of the loan Monthly Interest Rate (Rest) (p.a.) Effective Interest Rate (p.a.) Loan Processing Fee (p.a.)
    1 year 2.98% 4.85% 1%
    2 years 3.87% 4.85% 1%
    3 years 4.18% 4.85% 1%
    4 years 4.34% 4.85% 1%
    5 years 4.44% 4.85% 1%

    The CIMB Prime Rate stands at 5.50% p.a. as of now.

    CIMB Renovation Loan Fees and Charges

    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.

    Eligibility Criteria for the CIMB Home Renovation Loan

    • You should be a Singaporean citizen or a Permanent Resident. The Renovation Loan isn’t available to foreigners.
    • Your age should be a minimum of 21 years.
    • Your minimum annual income must be S$24,000.
    • The income of joint applicants can add up to S$24,000 if the income of the primary applicant is less than S$24,000. In any case, the total income should be S$24,000 p.a.
    • In case of joint applicants, the secondary applicant has to be an immediate family member in order to qualify as a joint applicant.

    Documents to be submitted

    • Copy of NRIC (both the sides)
    • Contractor’s invoice, signed and verified by customer and contractor
    • Proof of ownership of the property that is to be refurbished
    • Utility or telecom bills or bank statements
    • Proof of relationship between main and joint applicant if applicable
    • Income proof: Last 3 months’ electronic or computerized payslip OR
      • Most recent CPF contribution history statement for the past 1 year OR
      • Most recent Income Tax Notice of Assessment
      • Most recent 2 years’ electronic/computerized employer’s commission statements OR
    • Completed application form, signed and verified by customer

    How to Apply for a CIMB Renovation Loan

    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.

    FAQs

    Q. What is monthly rest interest rate?

    1. The monthly rest interest rate is the applied interest rate on the loan. The rest rate is the interest charged on the outstanding loan amount, after making repayments on a regular, monthly basis. The rest rate can change depending on the tenure of the loan, the loan amount, and the monthly repayments.

    Q. How will my credit score affect my loan application?

    1. The credit score is a very important parameter that influences your loan application as banks expect you to have a clean credit history of at least one year if you wish to apply for loans. The credit score takes into account your credit history (indicates late payments, defaults, etc.), your total debt to income ratio, you monthly repayments and the total number of debt sources. Your loan will only be approved if your credit profile is in line with the bank’ standards.

    Q. If I already have a home loan, can I expect to receive a lower rate of interest?

    1. Yes. Most banks give you a lower rate of interest on your renovation loan if you already have a home loan with the bank. You will need to negotiate on the interest rate to get a much reduced rate.

    Q. What if my individual income is lower than S$24,000?

    1. The bank allows you to apply along with a joint applicant. The total income of the joint applicants has to be a minimum of S$24,000 in order to qualify for the loan. All necessary documents in this regard must be submitted.

    Q. How long will the loan amount take to get disbursed?

    1. The loan, after receiving initial approval, will take about 7 business days to be received. You can track your loan application online - the bank will update your loan status as and when it is being processed.
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