CIMB Vacant Land Flexi Smart-i is a financing scheme offered by CIMB Bank that helps you buy vacant residential properties. This financing package comes with a flexibility of repayments and helps you save maximum amount on the profit paid on the outstanding amount.
|Margin of Financing||Up to 85% of the property’s valuation|
|Financing Tenure||Up to 30 years|
|Type of Properties Covered||Residential vacant lands|
|Type of Loan||Flexi|
|Profit Rate||(BR* + 1.05)% p.a. to (BR + 1.45)% p.a.|
*BR = Base Rate, that is currently 4.15% p.a.
|Stamp Duty||Charged as per the Stamp Duty Act 1949:
|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 due amount charged on a daily basis.|
|Age Requirement||At least 18 years at the time of application.|
|Applicant Type||Documents Required|
You can obtain financing for the purchase of a vacant residential land by applying for the CIMB Vacant Land Flexi Smart-i. The financing package comes with an option to redraw the repayments made and lets you make payments according to your affordability and convenience. You can get high margin of financing with this facility at competitive profit rate.
Q. What are the charges I have to bear when I opt for the redraw facility?
A. If you wish to withdraw from the facility at any CIMB branch, you will be charged with a fee of RM25 per withdrawal. Whereas, the withdrawals made via CIMB Clicks will charge you with an amount of RM10 per withdrawal.
Q. What is the maximum allowed age of this financing facility?
A. You are eligible for the facility if you are 18 years old or older and do not exceed the age of 70 years before the facility reaches its maturity.
Q. Is it necessary for me to bring a guarantor to the CIMB Vacant Land Flexi Smart-i application process?
A. The bank may ask you to be accompanied with a guarantor to the process of application after performing your credit assessment. It is not mandatory to bring a guarantor unless the bank asks you to.
Q. Is there a set-up fee I have to bear with this financing scheme?
A. No, the financing scheme doesn’t charge you with a set-up fee or maintenance fee.
Q. Should I take the takaful protection with CIMB Vacant Land Flexi Smart-i?
A. Although it is not compulsory to take the takaful protection coverage with your financing scheme, it is suggested that you opt for it to be covered against any unfortunate incident during the tenure of the facility.
Q. Am I allowed to make an early settlement on the outstanding financing amount with this scheme? If yes, what are the advantages and disadvantages of doing the same, if any?
A. Yes, you can settle the outstanding financing amount of the scheme before it reaches its maturity. Opting for the same can help you get rebate (Ibra’) based upon the total duration of the tenure unutilised. However, you will also be charged with an early exit fee in such cases.