Overview of Commerce International Merchant Bankers Bhd (CIMB Bank)
The Commerce International Merchant Bankers Bhd is one of the world’s leading providing financial solutions and banking products to both, individuals as well as companies. It is one of the largest investment banks in Asia and stands tall in the fifth place among the largest banks in the ASEAN (Association of Southeast Asian Nations). The Islamic branch of CIMB bank has achieved international recognition. CIMB bank has been thriving in Singapore ever since 2009 when it was first established on the island. Today, the presence of CIMB is felt in 17 different countries with an employee base of more than 43, 000 from across the globe. By June 2015, the total assets of the bank was worth RM 438.3 billion. Even today, it is one of the leading and preferred banks within Asia. CIMB provides an array of financial solutions and banking services including Debit and Credit Cards, Insurance products, Home Loans and Personal Loans to name a few.
CIMB Malaysia Property Loan
No other bank knows Malaysia as well as the CIMB. With the CIMB Malaysia Property Loan, you can now know Malaysia as clearly as well by monitoring your investment closely and at the same time be excited about your new investment opportunity.
Features and Benefits of CIMB Malaysia Property Loan
- The CIMB Malaysia Property Loan is offered at low and attractive interest rates at different properties in Malaysia, that include properties that are already constructed as well as properties that are still under construction.
- You can now have more control over the repayments of your loan because CIMB Malaysia Property Loan is denominated in Singapore Dollars (SGD).
- CIMB Malaysia Property Loan provides a high margin of financing which enables your initial outlays to be kept as minimum as possible. This loan provides up to 80% QOF (Quantum of Financing).
- CIMB values each and every member by providing extreme flexibility in terms of the loan tenure to cater to individual financial needs and requirements. You can avail this loan at a tenure of up to 30 years OR up to the age of 70 years, depending on whichever is earlier.
CIMB Malaysia Property Loan Eligibility Criteria
- Singapore Citizens (SCs) and Singapore Permanent Residents (PRs) are eligible to apply for the CIMB Malaysia Property Loan. Foreigners are not eligible to apply for this loan.
- The minimum age to apply for this loan is 21 years and above.
- The minimum income requirement for this loan is SGD 24, 000 per annum. Singapore Citizens (SCs) and Singapore Permanent Residents (PRs) must earn more than this amount to be eligible to apply for this loan.
- The applicant must apply for a minimum loan amount of SGD 200, 000 to be eligible for this loan.
- Self – employed applicants applying for this loan must be in their present business for a minimum of 2 years.
CIMB Malaysia Property Loan Documentation Requirement
- A photocopy of the Passport or NRIC for all the owners and the applicants.
- For a new property purchase the following copies are required - Offer to Purchase, Sale & Purchase Agreement, Booking Receipt and/ or Copy of Title Deed.
- In case of refinancing, the latest 12 months loan statement from the existing bank or financial institution must be provided.
- If applicable, the Tenancy Agreement must be provided.
- Salaried Employees Income Proof Documents Requirement –
Self – Employed Income Proof Documents Requirement –
- Latest CPF Statement
- Latest Tax Assessment document
- The last 2 years Income Tax Assessment document
CIMB Malaysia Property Loan Fees and Charges
|Rescheduling the Intended Date of Full Redemption
|Change of Insurer for Fire Insurance
||SGD 200 per annum
|Loan Statement Request
- Present Calendar Year – NIL
- Previous Calendar Year – SGD 50
|Title Deed Custody for Fully Repaid Loans
||SGD 500 per annum
|Late Payment charge for Monthly Instalments
- Prime Lending Rate (PLR) + 5 percent
- A minimum of SGD 30 will be charged for late payments
Applying for CIMB Malaysia Property Loan
- You can fill in the LUCY form, also known as the ‘Let Us Contact You’ form which is available on the official CIMB website. The bank will then contact you regarding your loan application process and provide information on any further inquiries you may have regarding the same.
- You can contact the bank via telephone by calling their Personal Banking Hotline number available throughout the week (from Mondays to Sundays) between 9 AM and 9 PM.
- You can email the bank with any inquiries regarding the loan and the application process and the bank will respond to you within 1 business day.
- You can visit your closest CIMB bank branch and apply for the CIMB London Property Loan in person directly.
Explore the Other Loans Offered By CIMB Bank:
Frequently Asked Questions
- What additional documents do I need to provide to apply for the CIMB Malaysia Property Loan if I am purchasing a new property?
For the purchase of a new property, you will need to provide the Offer to Purchase, Sale & Purchase Agreement, Booking Receipt and/ or Copy of Title Deed to apply for the CIMB Malaysia Property Loan along with the other documents and photocopies requested.
- Is there a minimum income criterion to apply for the CIMB Malaysia Property Loan?
Yes. You must earn more than SGD 24, 000 per annum in order to be eligible to apply for the for the CIMB Malaysia Property Loan.
- What kind of properties are eligible to qualify for financing under the CIMB Malaysia Property Loan?
All types of properties in Malaysia are eligible to qualify for financing under the CIMB Malaysia Property Loan. You can apply for this loan whether the property is completed or still in the construction stages.
- What is the maximum financing provided under the CIMB Malaysia Property Loan?
CIMB Malaysia Property Loan provides a high margin of financing of up to 80% QOF or Quantum of Financing in an effort to ensure that your initial outlays are kept to a minimum.
- Are foreigners eligible to apply for the CIMB Malaysia Property Loan?
No. The CIMB Malaysia Property Loan is only applicable to Singapore Citizens (SCs) and Singapore Permanent Residents (PRs). Foreigners are not eligible to apply for this loan.