A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Loan BYTES FROM OUR KITCHEN

    CIMB Islamic Home Loan

    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.

    Interest/Profit Rates

    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.

    Fees & Charges

    Fee Amount
    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

    Eligibility Criteria

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 18 years
    • Maximum age: Up to 70 years (depending on the scheme/plan)
    Income Criteria As per the bank’s discretion

    Documents Required

    Salaried Applicant:

    • Copy of NRIC
    • Latest 3 months' salary slips
    • EA form/EPF statement (last 2 years)
    • Sales and Purchase Agreement/Booking receipt from developer

    Self-employed Applicant:

    • A copy of NRIC
    • Latest 3 months' salary slips
    • EA form / EPF statement (last 2 years)
    • Sales and Purchase Agreement/Booking receipt from developer
    • Business registration A&D
    • Last 3 months’ bank statements

    Additional Documents Required For Pr1ma Scheme:

    • A valid Offer To Purchase (OTP) letter from Perbadanan PR1MA Malaysia (PR1MA)
    • Property purchase price of RM100, 000 to RM400, 000 for SPEF Scheme

    Types Of CIMB Islamic Home Financing

    • Variable Home / Business Premises Financing-i: This home loan scheme is applicable for completed and under construction properties both for residential and commercial use. Customers will get a discount of 20% on stamp duty when they apply for a new financing facility. For customers shifting from a conventional home loan to Islamic home financing, a waiver of 100% on the stamp duty is offered.
    • Term Financing-i: This is a financing scheme by the bank for the purchase of residential vacant land. The scheme comes with a ceiling profit rate of 10.75% p.a.
    • Flexi Home Financing-i/Business Premise Financing-i: This is a Shariah-based financing scheme that is utilised for under construction properties that can be used for both for residential and business purposes. In this scheme, customers can withdraw from their Special Mudharabah Investment Account-i via cheque or ATM at any time.
    • Vacant Land Flexi Smart-i: The scheme comes with a prepayment facility which can be useful for shortening the financial tenure so that a customer can repay the loan faster. One can also withdraw the prepayment made at any given point of time.
    • BizFlexi Smart-i: The loan is applicable for a wide range of properties from business to residential. Moreover, no processing, set-up or maintenance fee is charged to a customer under this scheme.
    • HomeFlexi Smart-i: The financing facility comes with a high margin on financing. Also a customer can get a 20% discount on stamp duty for new financing whereas a waiver of 100% of the stamp duty waiver is offered for loans converted from conventional loan to Islamic financing.
    • Variable Home Financing-i for PR1MA Homes: This is a home financing scheme specially offered for PR1MA homes. This scheme facilitates the margin of financing of up to 100% and additional 5% financing for stamp duty, GMTP, legal fees etc. Processing fee is waived for the PR1MA home financing package and it is utilised for properties located in Malaysia under the 1Malaysia People’s Housing (PR1MA) programme.

    Features & Benefits

    • The CIMB Islamic Home Financing schemes come with competitive profit rates.
    • The schemes come with a good margin of financing of up to 100% for residential properties and up to 90% (plus 5% legal/valuation/GMTP) for business properties.
    • Financial tenures of up to 35 years or until 70 years of the applicant’s age are offered for different schemes under CIMB Islamic Home Loan.
    • GMTP coverage is offered to the customers and the bank also offers financing (up to 5%) to cover the GMTP charges.

    How To Apply

    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.

    Calculator

    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.

    CIMB Islamic Home Financing Refinance

    To obtain attractive financing over the current financing scheme, a customer can opt for the HomeFlexi Smart-i refinancing scheme.

    Contact Number

    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

    FAQ's

    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.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.