Buying a property can be one of the best investment decisions that you will ever make as the value of a property increases with time in most cases. Except for a few markets where the real estate market is very volatile, the prices of properties in most developed and developing countries are always on the rise. Hence, purchasing properties in these overseas markets can help you to expand your investment portfolio and also build your financial assets. These days, there are different types of loan products that are offered by banks in Singapore and they can help you in purchasing properties in various overseas locations.
Overview of CIMB Overseas Property Loans
CIMB is one of the top banks in Asia and it has a presence in countries around the globe. Based in Malaysia, the bank has established itself as one of the leading players in the world of banking and finance in Singapore. CIMB offers a wide range of products that include personal loans, home loans, credit cards etc. CIMB Home Loans are very popular with customers in the island and CIMB property loans are a type of home loan offered by the bank to people in Singapore. You will enjoy a wide range of advantageous features when you opt for the property loans offered by the bank.
Why Choose CIMB Overseas Property Loans?
If you want to purchase properties in overseas locations and expand your investment portfolio, you will certainly benefit from applying for this loan products offered by CIMB Bank. You will enjoy higher loan amounts, attractive interest rates, flexible features and a range of other benefits. You can fulfil your dreams and also make sure that you invest your money wisely when you choose CIMB Overseas Property Loans.
Types of Overseas Property Loans Offered By CIMB Bank
CIMB Bank offers the following overseas property loans in Singapore:
- CIMB London Property Loan – this overseas properties loan product offered by CIMB will help you to purchase properties in the city of London, United Kingdom.
- CIMB Malaysia Property Loan – it is an overseas properties loan product from CIMB that will help you to purchase properties in Malaysia.
- CIMB Australia Property Loan - this overseas properties loan product offered by CIMB will help you to purchase properties in Australia.
Features and Benefits of CIMB Overseas Property Loans
- You will get the required financing to purchase properties in overseas destinations of London, Malaysia and Australia.
- You will enjoy very attractive interest rates for all kinds of properties in these locations, whether under construction or completed.
- The loan amount will be offered in Singapore Dollars and so you will find it easier to make and keep a track of the instalment payments.
- You can avail up to 80 percent of the value of the property as a loan (70 percent for Australia properties) as CIMB will offer you with high Quantum of Financing (QOF).
- You will enjoy flexible loan tenures of up to 30 years or till the age of 70 (whichever is earlier) and will be able to make the payments as per your convenience.
- You will be offered with a minimum loan amount of S$200,000 for Malaysian properties and S$300,000 for London and Australian properties.
CIMB Overseas Property Loans Eligibility
- The applicant should be a Citizen or a Permanent Resident of Singapore.
- The applicant should be aged 21 and above.
- At least one of the applicants should have an annual income of minimum S$60,000 for London properties, S$24,000 for Malaysian properties and S$60,000 for Australian properties.
- Self-employed applicants can only apply for the loan only if they have been in their current business for the last 2 years.
Documents Required
- You will need to submit the following documents when you apply for an Overseas Property Loan with CIMB Bank:
- Photocopies of your Passport/ NRIC (and your joint applicants in case of joint applications)
- In case of a new purchase, you will need to provide a copy of the Property Purchase Agreement
- In case of refinancing, you will need to provide latest 12 months loan statements offered by the existing lender.
- If applicable, you will also need to provide copies of the Tenancy Agreement
Income Documents:
- If you are salaried, you will need to provide your CPF Statement and latest income tax assessment statement.
- If you are self-employed, you will need to provide income tax assessment statement for the last 2 years.
Fees and Charges
| Type of Fee |
Amount Charged |
| Fee for rescheduling the date for full redemption of the loan |
S$200 |
| Fire Insurance charges (charged by the insurer) |
S$200 per year per annum |
| Request of loan statement |
Current Year – no fee
Previous years – S$50 per statement |
| Getting custody of the title deed when the loan in fully repaid |
S$500 per year per annum |
| Late payment fee |
Minimum S$30 or 5 percent + prime lending rate of the bank. |
Explore the Other Overseas Property Loans Offered By Banks:
Explore the Other Loans Offered By CIMB Bank:
CIMB Overseas Property Loans Frequently Asked Questions (FAQs)
- In which currency is the loan amount offered?
The loan amount is offered only in Singapore Dollars irrespective of the type of overseas property loan you opt for.
- What is the minimum income requirement for applying for CIMB Overseas Property Loans?
The applicant should have an annual income of minimum S$60,000 for London properties, S$24,000 for Malaysian properties and S$60,000 for Australian properties. In case of joint applications, at least one of the applicant should meet the minimum income requirement.
- What is the maximum loan amount offered with CIMB Overseas Property Loans?
You can avail up to 80 percent of the value of the property as a loan for Malaysian and London properties and up to 70 percent of the value of the property as a loan for Australian properties.
- What is the age requirement for CIMB London Property Loan?
You should be aged 21 and above to apply for the CIMB London Property Loan.
- What is the minimum loan amount offered with this home loan product from CIMB Bank?
The minimum loan amount offered with this CIMB home loan product is of S$200,000 for Malaysian properties and S$300,000 for London and Australian properties.
