CIMB Bank is a leading bank in Malaysia that offers an extensive range of banking services. A few of the services provided by the bank include savings accounts, cards, investments, fixed deposit accounts, loans, insurance, etc.
You can now buy your dream home with a home loan available at CIMB. The loan can be repaid over several months at an affordable interest rate.
Features and benefits of CIMB home loan
Let us take a look at some of the features and benefits of CIMB home loan:
- This home loan is offered by CIMB without any processing fee.
- You will get a home loan for both fully constructed spaces as well as properties that are being constructed.
- The margin of financing (MOF) will be up to 90% along with 5% for GMTA or valuation or legal fees.
- A CIMB home loan will give you funds for Group Mortgage Term Assurance.
- If you are a CIMB Prime Banking customer, you will receive 0.1 bonus point for financing of RM1.
- With a CIMB home loan,
- You will have to repay your loan before you turn 70 years old or within 35 years.
Types of CIMB home loan schemes
These are the home loan schemes offered by CIMB:
- CIMB HomeLoan: This scheme allows you to purchase a home easily. With this product, you can select a term loan or an overdraft. You can enjoy a preferential rate on this loan when you are CIMB Prime Banking customer.
- CIMB HomeFlexi: This scheme enables you to make flexible repayments. Moreover, you can make additional repayments. This will help you earn savings on your interests. You may also consolidate your loan amount to your current account and then withdraw funds whenever you in need.
- CIMB HomeFlexi Smart: This is a great home loan scheme offered by CIMB that enables you to make prepayments. This facility will allow you to make interest savings and will also decrease your loan period. You do not pay any commitment fee for this product. You will receive an annual statement for this product.
- CIMB HomeFlexi Smart-i: This product can be used to buy both living and commercial spaces. You can get a discount of 20% on your stamp duty when you take a new loan. When you move from a conventional home loan to this financing, you will get a 100% waiver of stamp duty.
- CIMB HomeXtra: This can be taken by a person who already has a home loan and who wants additional loan funds. You will get this scheme for every living space that is fully constructed. You can enjoy a wide selection of home loan packages when you want to top up your existing home loan.
- CIMB My First Home Scheme: This loan will help you purchase your first house. You will receive up to 100% as your margin of financing. You will have to repay this loan before you turn 65 years.
- CIMB Variable Home or Business Premises Financing-i: This product follows the Shariah principles of Islamic banking laws. For a living space, you will get up to 90% as your margin of financing. For a commercial space, you will get up to 85% as your margin of financing. It follows the Tawarruq concept. Under this plan, the profit charges will not get added.
- CIMB Term Financing-i: This is given to help you living spaces that are vacant. You will get Takaful coverage with this plan. The ceiling profit rate is capped at 10.75%. Your margin of financing will be up to 85% for this plan.
- CIMB Flexi Home Financing-i or Business Premises Financing-i: This is a Shariah-compliant financing product for buying a living or commercial space.
- CIMB Vacant Land Flexi Smart: You can take this loan for buying industrial, commercial, agricultural, or a living space. You do not have to pay any set-up or processing or maintenance fee. You can visit a CIMB bank branch to prepay or withdraw your loan amount.
- CIMB Vacant Land Flexi Smart-i: You can prepay this home financing and this will decrease your outstanding original financing amount. You do not have to pay any fee for maintenance, processing, or for setting it up.
- CIMB Overseas Mortgage Loan: With this product, you can buy a property in a foreign country. CIMB allows you to buy a property in London or Australia with this mortgage.
- CIMB Home Loan for PR1MA Homes: You can buy a fully constructed house or a house that is being constructed that is a part of the 1Malaysia People’s Housing (PR1MA) programme.
These are the interest rates for CIMB home loans:
||Effective interest (p.a.)
||Interest rate (p.a.)
|Lesser than RM200,000
||BR + 1.45%
|RM200,000 to RM350,000
||BR + 1.35%
|RM350,000 to RM500,000
||BR + 1.15%
|More than RM500,000
||BR + 1.05%
Fees and charges
These are the fees and charges that you will have to pay for the different home loan schemes offered by CIMB:
|Monthly service charge
|Redraw fee for each transaction
|Letter of confirmation for EPF withdrawal
|Request for issuing the Redemption Statement
|Monthly Flexi charge
You will have to follow these eligibility criteria while applying for a CIMB home loan:
- You will need to be at least 18 years old.
- You will need to be a Malaysian or a permanent resident.
How to apply for a CIMB home loan
You can apply for a CIMB home loan by visiting a CIMB branch and a representative will assist you in completing the loan process. You may also call the bank’s customer care centre at +603 6204 7788.
How to make monthly installments payments
You can pay your monthly installments through self-service banking, mobile banking, online banking, and phone banking services.
You will have to give the following documents while applying for a CIMB home loan:
- Most recent salary slips for 3 months
- EA form or EPF statement for the most recent 2 months
- Sales and Purchase Agreement
- A copy of your NRIC
- Bank statement for the most recent 3 months
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.
- If I am a CIMB Prime Banking customer, do I get a re-pricing facility for my home loan?
Yes, when you are a CIMB Prime Banking customer, you will get a re-pricing facility. This facility will be valid till your lock-in period expires or for a period of 3 years, whichever comes later.
- What are the advantages that I will get if I take a CIMB HomeLoan while I am a CIMB Prime Banking customer?
When you are a CIMB Prime Banking customer, you will get 0.1 bonus point for financing worth RM1. You will also be able to enjoy a preferential rate on the loan. Also, you can get a re-pricing facility for a period of 3 years or before your lock-in period expires, whichever comes later and this will follow the current board rate.
- When I choose the overdraft facility under CIMB HomeLoan, what is the special feature that I can enjoy?
When you go for the overdraft facility under CIMB HomeLoan, you will have to repay only the interest.
- Do I get a statement when I take a CIMB HomeLoan?
Yes, you will receive a statement when you go for a CIMB HomeLoan. If you select a term loan under this scheme, you will get an annual statement. If you choose an overdraft under this scheme, you will receive a monthly statement.
- Will I get any promotional interest rate on home loans from CIMB?
You can go to any CIMB branch to find out if you will get any promotional interest rates on CIMB home loans.
- What is the present base rate?
The base rate is currently 3.90%.
- What is the process for completing the loan buying process?
You will first have to sign the purchase offer and pay the booking fee to CIMB. You can hire an attorney to create the Sale and Purchase Agreement (S&P).
Other Products offered by CIMB:
Apart from offering Home Loan,CIMB offers other products and services which include: