CIMB Term Financing-i
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CIMB Term Financing-i

CIMB Term Financing-i is a financing package for purchases related to vacant residential properties. The facility works on the Shariah concept of Tawarruq or Commodity Murabahah. The financing facility comes with a range of competitive rates of interest and flexible repayment tenures.

Margin of Financing Up to 85% of the valuation of the property
Financing Tenure Up to 30 years
Type of Properties Covered Residential vacant land
Profit Rate (BR* + 1.05)% p.a. to (BR + 1.45)% p.a.

*BR = Base Rate, that is currently 4.15% p.a.

Features and Benefits

  • Get a high margin of financing for residential vacant lands.
  • Choose from a flexible range of repayment tenures according to your affordability.
  • Get financing at competitive profit rates.
  • Get an additional 5% financing in the form of GMRTT (Group Mortgage Reducing Term Takaful).
  • Enjoy processing fee waiver with your financing package.

Fees and Charges

Stamp Duty Letter offer: RM10.
Principal document: RM5 will be charged per RM1,000.
Security document: RM10.
Standing instruction: RM10.
Letter of Confirmation for EPF Withdrawal RM20 per request.
Processing Fee for EPF Withdrawal RM50 per request.
Redemption Statement RM50 per request.
Late Payment Charges (during the tenure) 1% of the total amount of overdue monthly payment.
Late Payment Charges (after the term’s maturity) IIMM% (Islamic Interbank Money Market) of the total outstanding principal balance charged on a daily basis.

Eligibility

Age Requirement 18 years or above at the time of application.

Documents Required

Applicant Type Documents Required
Salaried Applicants
  • A copy of NRIC.
  • Pay slips for the 3 recent months.
  • Sales and purchase agreement or booking form from the developer.
  • Bank statement for the 3 latest months showing the salary crediting, or
  • The latest EPF statement.
Self-employed Applicants
  • A copy of NRIC.
  • A copy of business registration.
  • Sales and purchase agreement or booking form from the developer.
  • Bank statement of the business for the 6 recent months.
  • Recent form B with the receipt showing tax payment.

How to Apply

Telephonic Application
  • Reach out to the bank via its customer service numbers.
  • Put your request for the financing package.
  • Submit your details.
Application at the Branch
  • Visit the nearest branch of CIMB Bank.
  • Apply for the financing scheme.
  • Fill up the relevant application form with required personal and financial details.
  • Submit the documents required for the process.
  • Submit the duly filled application form with all the supporting documents.

Get the financing for a residential vacant land with the help of CIMB Term Financing-i. The facility helps you by providing funds for the property purchase at a range of competitive profit rates. You can choose the repayment period according to your repayment affordability from a range of tenures available.

FAQs

Q. What are the factors that the tenure I can choose depend upon?

A. The tenures options available depend upon your age. You can get as much as 30 years of tenure or a maximum period till your retirement age.

Q. If I’m nearing my retirement age, is it not possible for me to take up financing via this facility?

A. You can apply for the financing facility given that you can make payments with the help of EPF funds, annuity payment, and pension provision.

Q. Does the application process for CIMB Term Financing-i require a guarantor?

A. Requirement of a guarantor can vary from application to application. The bank might ask you to bring a guarantor to the application process after performing your credit assessment.

Q. Is it necessary to take the takaful protection with this financing scheme?

A. No, it’s not mandatory to opt for the takaful protection. However it is highly encouraged to take GMRTT with your financing package.

Q. Is there an option for me to settle the outstanding financing amount before the financing facility reaches its maturity?

A. Yes, you can opt to settle the entire outstanding balance before the term’s maturity. However, you might get charged with an early settlement fee and profit charges for the month.

Q. What’s the benefit of settling the outstanding balance of the facility before its maturity?

A. If you opt to settle your outstanding balance before term’s maturity, you will be entitled to a rebate (Ibra’) on the unutilised portion of the agreed-upon tenure.

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