CIMB Islamic specialises in offering excellent banking products and services in Malaysia. The bank offers exclusive Islamic financing by adhering to the Shariah principles of Islamic banking laws. You can rely on CIMB Islamic to provide you with outstanding home financing and refinancing schemes.
You’re probably eligible for an CIMB Islamic 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 Islamic 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 Islamic 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 40 years
Alternatively add your parents
Documentation needed to apply for an CIMB Islamic 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 Islamic Bank Home Loan Interest RatesUpdated on 20 Nov 2017
|Margin of Finance||Up to 95%|
|Guarantor Requirement||No Guarantee Required|
Features and benefits of CIMB Islamic home financing
Let us take a look at the features and benefits of CIMB Islamic home financing:
- The home financing products of CIMB are offered at excellent profit rates.
- You can take this financing for both fully constructed spaces as well as spaces that are being constructed.
- For living spaces, you will receive up to 90% as the margin of financing. For business spaces, you will get up to 85% as the margin of financing.
- For residential spaces, you will have to repay the financing within 35 years or before you reach the age of 70. For commercial spaces, you will have to repay the full financing within 30 years or before you reach the age of 70, whichever is earlier.
Types of CIMB Islamic home financing schemes
These are the different kinds of CIMB Islamic home financing schemes:
- CIMB Variable Home or Business Premises Financing-i: You can take this financing for both living and commercial spaces. You will get a discount of 20% on stamp duty when you are applying for a new financing facility. When you shift from a conventional home loan to Islamic home financing, you will receive a waiver of 100% on the stamp duty.
- CIMB Term Financing-i: This product will enable you to purchase a vacant land for a living space. The product is given to customers according to the Commodity Murabahah principle that comes under Islamic banking laws. This principle is also known as Tawarruq. You will have to repay this within 30 years or before you reach the age of 65, whichever is earlier. You will get Takaful coverage through Group Mortgage Takaful Plan (GMTP).
- CIMB Flexi Home Financing-i or Business Premises Financing-i: This product adheres to the Tawarruq concept of banking. You can enjoy a flexible financing tenure. If you have a Special Mudharabah Investment Account-i, you will get a profit with this financing product according to the funds that you have in this account.
- CIMB Vacant Land Flexi Smart-i: This product permits you to prepay your financing amount and this way you can finish your financing tenure quickly. You can do this at any CIMB branch. You can also withdraw amounts from your financing by going to a branch. You do not have to pay any maintenance fee or set-up fee.
- CIMB HomeFlexi Smart-i: You are given the option to prepay your financing amounts in advance. This will enable you to become the owner of your house more quickly. Under this plan, the profit rates will not get compounded.
- CIMB Variable Home Financing-i for PR1MA Homes: If you take a PR1MA Home Financing Package, you will get up to 100% as your margin of financing along with 5% as the legal fee or stamp duty or GMTP. You can get up to 100% as the Margin of financing (MOF) along with 10% for the legal fee or GMTP or stamp fee. This financing is given for properties that are a part of the 1Malaysia People’s Housing (PR1MA) programme. These spaces should be situated in Malaysia.
- CIMB Islamic First Home Buyer: This Islamic financing product offered by CIMB allows you to purchase your first home. The profit rates for this product are very economical. You will get Takaful protection with this plan.
The profit rate for CIMB Islamic home financing depends on the base rate.
Fees and charges
These are the fees and charges that you will have to pay for the Islamic home financing schemes offered by CIMB:
|Set up fee||NIL (For some plans: RM200)|
|Monthly service charge||NIL (For some plans: RM10)|
|Redraw fee for each transaction||RM25.00|
|Late payment fee||1% p.a. of the unsettled loan amount if you pay late during the financing tenure|
|Stamp duty for Form of standing instruction, Letter of Offer, and security documents||RM10|
|Letter of confirmation for EPF withdrawal||RM21.20|
|Request for issuing the Redemption Statement||RM53.00|
|Photocopy of security documents||RM21.20|
|Stamp duty for principal document||RM5.00 for each RM1,000|
You will need to follow these eligibility criteria when you are applying for CIMB Islamic home financing:
- You will need to be a Malaysian or a permanent resident.
- You will need to be at least 18 years old.
How to apply for CIMB Islamic home financing
You can apply for CIMB Islamic home financing by visiting any CIMB Islamic bank branch. A representative from the bank will help you in completing the application process.
How to make monthly installment payments
You can pay your monthly installments for CIMB Islamic home financing through online banking, phone banking, self-service banking, and mobile banking.
You will need to provide these documents when you are applying for CIMB Islamic home financing:
- Sales and Purchase Agreement
- A copy of your NRIC
- EA form or EPF statement for the most recent 2 months
- Bank statement for the most recent 3 months
- Most recent salary slips for 3 months
How to Calculate Loan Installment for CIMB Islamic Home Loan?
Bbazaar.my hosts a simple yet extremely useful CIMB Islamic home loan installment calculator. This calculator takes in the most prominent parameters of home loan and processes this raw data to yield the monthly installment information. The best thing about this online calculator is that these parameters can be adjusted to reach that optimum value of monthly installment which you are most comfortable paying. The input data users are required to enter in the online tool are –
- Desired loan amount
- Preferred loan tenure
- Applicable profit rate
- Processing fee
- What are the Takaful options that are provided for CIMB Islamic home financing?
CIMB Islamic offers brilliant Takaful options for properties. You can go for Houseowners and Householders Takaful, Fire Takaful (MRTT), and Mortgage Reducing Term Takaful (MRTT).
- What are the 2 main home financing options under CIMB First Home Buyer?
The 2 main home financing options offered under the banner of CIMB Islamic include HomeFlexi Smart-I and Variable Home or Business Premises Financing-i.
- What is the minimum tenure for CIMB Vacant Land Flexi Smart-i?
The minimum tenure for CIMB Vacant Land Flexi Smart-i is 5 years.
- What is the fee for Group Mortgage Takaful Plan (GMTP)?
The charges for GMTP are variable. You will need to make a one-time payment.
- Under CIMB Islamic financing, how is the ceiling rate capped?
The ceiling rate is capped according to the variations in the Base Financing Rate (BFR).
- If I have Special Mudharabah Investment Account-i, what are the exclusive advantages that I can enjoy?
With a Special Mudharabah Investment Account-i, you will gain profits according to the amount that you have in this account. You will also have the privilege to take out funds from this account by visiting any ATM or with the help of a cheque.
- Is there any variation between the reference rate for Islamic home financing and conventional home loans?
No, there is no variation between the reference rate for Islamic home financing and conventional home loans. It is consistent across both the types of financing.
Other Products offered by CIMB Islamic:
Apart from offering Home Loan,CIMB Islamic offers other products and services which include: