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  • CIMB Variable Home Financing-i for PR1MA Homes
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    CIMB Variable Home Financing-i for PR1MA Homes

    CIMB Variable Home Financing-i for PR1MA Homes is a financing scheme that is offered to the customers who have received an offer to purchase residential properties from PR1MA (1Malaysia People’s Housing Programme) Malaysia. The scheme offers financing margin of up to 100% and lets you make the repayment over a flexible tenure.

    Margin of Financing (MOF) A maximum of 100% of the property’s valuation
    Available Tenures of Financing Up to 35 years
    Types of Properties Covered Under construction and completed residential properties that are located in Malaysia under PR1MA.
    Profit Rate (Base rate + 1.05)% p.a. to (base rate + 1.45)% p.a. (current base rate = 4.15% p.a.)

    Features and Benefits

    • Get financing of up to 100% of the PR1MA properties’ valuation.
    • Get an additional 5% and 10% financing in the form of GMRTT (Group Mortgage Reducing Term Takaful) with the PR1MA Home Financing Package and Special PR1MA End Financing Package (SPEF), respectively.
    • Receive financing for under construction and completed homes under PR1MA programme with this package.
    • Wide range of available tenures with a maximum limit of 35 years.

    Fees and Charges

    The following are the fees and charges you need to bear with this financing scheme:

    Stamp Duty Principal document: RM5 to be charged with every RM1,000.
    Letter offer: RM10.
    Standing instruction: RM10.
    Security document: RM10.
    Processing Fee PR1MA Home Financing Package: No fee.
    Special PR1MA End Financing Package: RM200.
    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 amount that is due to be charged on a daily basis.
    Late Payment Charges (after the term’s maturity) IIMM% (Islamic Interbank Money Market) of the principal amount due to be charged on a daily basis.

    Eligibility

    Age Requirement You must be 18 years old or older at the application date.
    Nationality Requirement You must be a Malaysian citizen.
    Other Requirements You must have an OTP (offer to purchase) letter from Perbadanan PR1MA Malaysia.

    Documents Required

    Applicant Type Documents Required
    Salaried Applicants
    • 1 photocopy of NRIC.
    • Salary slips for the last 3 months.
    • Bank statements for the last 3 months showing the salary crediting or the recent EPF statement.
    • Booking form from the developer or the sale and purchase agreement.
    Self-employed Applicants
    • 1 photocopy of NRIC.
    • Business registration form.
    • Latest form B with the receipt of tax payment.
    • Business’ bank statements for the 6 recent months.
    • Booking form received from the developer of the sale and purchase agreement.

    How to Apply

    Telephonic Application
    • Receive the OTP letter from Perbadanan PR1MA Malaysia.
    • Contact CIMB Bank via its customer service numbers.
    • Apply for this financing package.
    • Submit the required personal as well as financial details.
    Application at the Branch
    • Obtain the OTP letter from Perbadanan PR1MA Malaysia.
    • Go to the nearest branch of CIMB Bank.
    • Apply for this financing package.
    • Fill up the application form for the package with necessary details.
    • Submit all the required documents along with the duly filled application form.

    CIMB Variable Home Financing-i for PR1MA Homes provides financing to the customers who have received the OTP letter from Perbadanan PR1MA Malaysia. The financing is available for completed residential properties as well as under construction properties. It comes with a maximum of 100% margin of financing and flexible range of tenures.

    FAQs

    Q. What are the properties covered under the Special PR1MA End Financing package?

    A. The package covers the properties whose valuation is from RM100,000 to RM400,000.

    Q. Is it compulsory for me to get the Takaful cover if I’m applying for this facility?

    A. No, it is not compulsory for you to opt for the takaful contribution if you’re applying for this scheme. But, you are recommended to sign up for the takaful protection to protect yourself against any unfortunate events during the scheme’s duration.

    Q. Am I required to bring a guarantor to the application process of CIMB Variable Home Financing-i for PR1MA Homes scheme?

    A. The requirement of a guarantor for the process is subject to your credit assessment performed by the bank. Unless the bank requires you to be accompanied with a guarantor, you are not required to bring a guarantor to the application process.

    Q. Can I pay off the entire outstanding financing repayment amount before the completion of the facility’s tenure?

    A. Yes, you can opt to pay off the entire outstanding amount before the maturity of this financing package.

    Q. What is the process of settling the outstanding balance before the scheme’s maturity?

    A. When you opt to settle the outstanding amount before the facility’s maturity, you are required to pay the monthly profit charges as well as an early settlement fee if applicable. However, you will also be entitled to a rebate (Ibra’) in such a case which would be decided by the bank.  

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