The CIMB Islamic Home Loan or Home Financing offers a variety of home loans to the customers based on the concept of Commodity Murabahah. The loans come with a high margin of financing and a ceiling limit on profit rates preventing extreme fluctuations in the monthly instalments.
The profit rates for the CIMB Islamic Home Loan schemes depend upon the Base Rate (BR) or Base Financing Rate (BFR).
The current BFR as of 2 February 2018 is 7% p.a.
|Set up fee||NIL (For some schemes: RM200)|
|Monthly service charges||NIL (For some schemes: RM10)|
|Late payment fee||1% p.a. of the unsettled amount|
|Stamp Duty Charges||As per the Stamp Duty Act 1949 (Revised in 1989)|
|Processing fee||RM212 (waived for Variable Home Financing-i for PR1MA Homes)|
|Letter of confirmation for EPF withdrawal||RM21.20|
|Nationality Criterion||Malaysian citizen|
|Income Criteria||As per the bank’s discretion|
Additional Documents Required For Pr1ma Scheme:
The CIMB Islamic home loan application process can be completed by the following ways:
Offline Application: Applicants can visit the nearest branch of the CIMB Islamic and collect the application form for the home loan. They need to fill the form and attach all required documents to it before submitting it to the customer service agents at the bank.
Online Application: An interested candidate can find the application form for the CIMB Islamic Home Loan on the official website of the bank. On completing the name and contact details column, the application can be submitted through the website. Submission of documents and any additional procedures must be carried out as informed by the bank or on the website.
To find the Monthly Instalment Calculator, customers can visit the official CIMB Islamic website. They can obtain the value of their monthly payments after filling the financing amount, tenure and profit rate.
To obtain attractive financing over the current financing scheme, a customer can opt for the HomeFlexi Smart-i refinancing scheme.
If a customer wants any additional information or any complaints regarding the product, they can contact the customer care department on the hotline: 1 300 880 900
Q. What is the current Islamic Base Rate for CIMB Islamic?
A. The Base Financing Rate is 7.00% p.a. as of 2 February 2018. The changes in BFR and BR can be applicable to new and existing consumer financing.
Q. How does auto debit payment facility work?
A. The auto debit facility is linked to the customer’s current or savings account with the bank from where the revised instalment amount is automatically debited on a pre-determined date of the month.
Q. Do I have to pay the early settlement charges?
A. The early settlement charges are imposed as per the bank’s discretion. You may or may not be charged fees for the early settlement but you will need to pay the outstanding balance, current monthly profit, and any amount due and payable to the bank when you are settling your home financing.
Q. Do I have to provide a guarantor for obtaining the home loan?
A. Though presenting a guarantor is not mandatory, you may need to provide one if the bank requests for it. The requirement of a guarantor is based on the credit assessment of the applicant as conducted by the bank.
Q. What happens when I fail to make the payments repeatedly?
A. The bank will take action against defaulters that includes sending legal notices, offsetting the loan amount from due from the customers’ accounts maintained with the bank, foreclosure and even freezing of the property.