Owning a home is no easy feat. It takes years of hard work and a lot of finances to save up for a home. In fact even with the use of a home loan to finance the extra cash required, there is still the matter of paying back the loans. This is why owning a home is considered as a sense of accomplishment. It is a life-time decision and brings with it a lot of financial obligations. While taking a home loan, the CIMB home loans should be given a thought. After all, CIMB is known to be a leading banking institute in Malaysia and their home loans offer borrowers attractive features and benefits. Home loans usually come with a set of questions such as would it provide me a high enough margin of financing? Or will it be too expensive? Or how much would the loan actually cost? The home loans from CIMB bank seem to answer all these questions and more satisfactorily. The loan comes with a high margin of finance at 90% plus an additional 5% for legal fees, valuation fees and Group Mortgage Term Assurance. The rates offered are preferential rates that are competitive and low and loan amount is devoid of any processing charge that may reduce the actual amount of loan disbursed. Not only that, the CIMB home loan can be availed for completed or under constructed properties. The features of the CIMB Home Loan are given below.
You’re probably eligible for an CIMB Bank Home Loan if you are
At least 18 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your CIMB Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 95%
Instalments of other loans lower
Increase your eligible CIMB Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
Documentation needed to apply for an CIMB Bank Home Loan
- 1. NRIC photocopy.
- 2. Latest 3 months' salary slip.
- 3. EA form / EPF statement (last 2 years).
- 4. Sales & Purchase Agreement / Booking receipt from developer.
- 5. Documentation for self-employed applicants:
- Business registration A&D
- Last 3 months bank statement
CIMB Bank Home Loan DetailsUpdated on 23 Jan 2017
|Margin of Finance||Up to 95%|
|Guarantor Requirement||No Guarantee Required|
Features of CIMB Housing Loan
Listed below are some of the key features of CIMB Home Loan.
- It is a term home loan
- Offers a high margin of financing
- Offers flexible loan tenures up to 30 years or 75 years of age, whichever comes first
- The financing is available for both completed and under construction properties
- There is no processing fee charged on the loan
- Option of loan and overdraft available
- The loan offers competitive rate of interest on its loan
- Any Malaysian resident above the age of 18 years is eligible for the loan
- Both salaried and self employed individuals are eligible for the loan
Why choose CIMB Home Loan?
CIMB home loan offers flexible tenure periods up to 30 years. The home loan doesn’t just grant finances to purchase your dream home but it also offers a wide range of benefits. There is no processing fee charged on the loan and it also allows the option of loan and overdraft.The financing is granted for both completed or under construction residential and commercial properties depending on the type of loan chosen.
Types of Home loans offered by CIMB
Listed below are the types of loans offered by CIMB.
- CIMB home loan- It is a traditional term loan that offers standard repayment amount monthly till the end of the loan tenure.
- CIMB HomeFlexi- This loan option offers repayment flexibility by allowing the customer to deposit any amount any time without any restriction.
- CIMB HomeFlexi Smart- The plan allows you to save on interest by letting you make prepayments on the loan.This option will shorten your loan tenure thus ensuring that you will own your dream home faster.
- CIMB HomeFlexi Smart-i- This loan option comes without any set up and maintenance charges. The plan offers the option of making prepayments.
- HomeXtra- HomeXtra is offered to existing home loan customers who intend to apply for a higher loan amount.
- BizLoan- This loan option offers financing for commercial properties(Completed and under construction)
- BizFlexi- Offers flexibility in repayments for loans on commercial properties.
- BizFlexi Smart- Helps the customer save on interest and reduces the loan tenure by offering the option of prepayments.
- BizFlexi Smart-i- Helps the customer save on profit by offering flexible prepayment option with the plan.
- BizXtra- This plan is offered to existing business premises loan customers who want to increase their loan amount.
- My First Home Scheme- It is the perfect finance package for those who are intending to purchase their first home.
- Variable home financing-i and business premises financing-i- It is a Sharia based home financing solution.
CIMB Home Loan interest rates
The rate of interest offered on the home loans by CIMB is floating and depends upon various factors such as annual income, credit history, credit score, etc.
|Min Age limit||18 Years and above|
|Max Age Limit||70 Years|
|Max Loan Amount||More than RM 200000|
How to apply for CIMB Home Loan?
One can apply for CIMB home loan by visiting one of the bank branches or they can do it from the convenience of their home by applying for it online through third party financial websites which provide complete details about the loan.
How to Calculate Loan Installment for CIMB Home Loan?
CIMB home loan installment calculator hosted at bbazaar.my is an amazing tool for customers who wish to avail home finance. You can use this tool to calculate your monthly repayment so as to plan your finances in advance, even before you have availed a loan. The online home loan installment calculator takes certain parameters as input to finally display the calculated applicable installment amount for your loan. These parameters are-
- Desired loan amount
- Preferred loan tenure
- Rate of interest
- Processing fee
It is useful to know your tentative installment because this lends more clarity to your monthly financial planning and also throws light on the banking entity that suits you the best. This information helps you in making a concrete decision about your lender as well as the loan amount.
FAQ's - CIMB Home Loan
- What is the loan tenor offered on CIMB home loans?
A loan tenor of up to 35 years is granted for CIMB home loans.
- Is there a minimum age eligibility criteria to avail CIMB home loans?
The minimum age to be able to apply for CIMB home loan is 18 years.
- Does CIMB charge processing fee on its home loans?
CIMB charges no processing fee on its home loans.
Other Products offered by CIMB:
Apart from offering Home Loan,CIMB offers other products and services which include: