Overview of CIMB Bank - Commerce International Merchant Bankers Bhd
CIMB or the Commerce International Merchant Bankers Bhd is one among the leading banks of the world providing financial services and banking products to individuals and companies alike. Its stellar performance has led to the bank being one of the largest investment banks in the whole of Asia as well as one of the largest Islamic Banks with international recognition. CIMB is also among the top 5 largest banks in ASEAN (Association of Southeast Asian Nations). The bank is present in 17 different countries and has employed more than 43000 employees around the world. The total assets of the bank in June 2015 was worth RM 438.3 billion. CIMB provides a diverse range of financial products and services that includes Credit and Debit Cards, Personal Loans, Home Loans , Insurance products and many more. CIMB started its operations in Singapore in the year 2009. Today, it stands tall amongst the top banks in Asia and among the best banks in the world.
CIMB London Property Loan
Find your new next home in prestigious locations in London that include Mayfair, Chelsea, Knightsbridge and South Kensington using the CIMB London Property Loan.
Features and Benefits of CIMB London Property Loan
- CIMB offers attractive low interest rates on various different properties in London, whether the properties are already constructed or still under construction.
- The CIMB London Property Loan is denominated in Singapore Dollars (SGD) to ensure that you have maximum control over the repayments of your loan.
- CIMB is offering up to 80% QOF or Quantum of Financing over the London Property Loans in an effort to ensure that your initial outlays are kept as minimum as possible.
- CIMB offers the London Property Loan at very flexible loan tenures respecting the financial needs and situation of every member or applicant with loan tenures as generous as 30 years and also up to 70 years of age, depending on which is earlier.
Eligibility Criteria for CIMB London Property Loan
- Only Singapore Citizens (SCs) and Singapore Permanent Residents (PRs) are eligible to apply for the CIMB London Property Loan. Foreigners are not eligible to apply for this loan.
- The applicant must be at least 21 years of age.
- The applicant must earn at least SGD 60, 000 per annum or more.
- Self – employed individuals must be in their current business for at least 2 years.
- The minimum loan amount offered under the CIMB London Property Loan is SGD 300,000.
Documentation Requirement for CIMB London Property Loan
- A copy of the Passport/ NRIC for the applicant and the owner.
- In case of a new purchase, a copy of the Property Purchase Agreement is required.
- In case of refinancing of the property, a loan statement from the existing bank or financial institution for the latest 12 months.
- Tenancy Agreement if applicable must be provided.
- Income Proof Documents Required for Salaried Employees –
Income Proof Documents Required for Self – Employed
- Latest Tax Assessment
- Latest CPF statement
- Income Tax Assessment for the latest 2 years
Fees and Charges for CIMB London Property Loan
|Intended Date of Full Redemption Rescheduling
|Fire Insurance – Change of Insurer
||SGD 200 per year
|Request for Loan Statement
- Present Calendar Year – NIL
- Previous Calendar Year – SGD 50
|Completely Repaid Loans Title Deed Custody
||SGD 500 per year
|Monthly Instalments - Late Payments
- PLR (Prime Lending Rate) + 5%
- A minimum amount of SGD 30 will be charged
Applying for CIMB London Property Loan
- You can fill in the LUCY form (Let Us Contact You) available on the official CIMB website and have the bank contact you regarding the application for the loan and to respond to any further inquiries.
- You can contact the bank via telephone on their Personal Banking Hotline on all days (Mondays through Sundays) between 9 AM and 9 PM.
- You can email the bank with any queries regarding the application process. The bank will respond to you within 1 business day.
- You can visit your nearest CIMB bank branch and apply for the CIMB London Property Loan directly in person.
Explore the Other Loans Offered By CIMB Bank:
Frequently Asked Questions
- What are the loan tenures provided under the CIMB London Property Loan?
CIMB offers flexible loan tenures of up to 30 years OR up to the age of 70, depending on which is earlier for the London Property Loan.
- Are foreigners eligible to apply for the CIMB London Property Loan?
No. The CIMB London Property Loan is applicable only to Singapore Citizens (SCs) and Singapore Permanent Residents (PRs). Foreigners are not eligible to apply for this loan.
- What is the maximum financing offered under the CIMB London Property Loan?
CIMB offers a Quantum of Financing or QOF of up to 80% to eligible applicants of the London Property Loan. This will aid in keeping your initial outlays to a minimum.
- Is there a minimum loan amount to keep in mind when applying for the CIMB London Property Loan?
Yes. You must apply for a minimum loan amount of SGD 300, 000 to be eligible to apply for the CIMB London Property Loan.
- What is the income requirement criterion to apply for the CIMB London Property Loan?
The applicant must earn a minimum income of more than SGD 60, 000 per annum in order to be eligible to apply for the CIMB London Property Loan.