CIMB My First Home Scheme is a house financing solution for first home buyers by CIMB. The facility provides a high margin of financing to customers with competitive rates of interest.
Features & Benefits
- The facility comes with a high margin of financing, i.e. 100% of the price of the property for the first home buyers.
- The facility covers all kinds of residential properties that are completed or under construction.
- The facility comes with no processing fee.
- The facility provides funds for the purchase of a property with price ranging between RM100,000 to RM500,000.
- The repayment tenure of the CIMB My First Home Scheme is extendable to 35 years.
- The funds acquired through this facility come at a range of competitive interest rates.
|Approved Loan Amount||Interest Rate||Effective Rate of Interest|
|Up to RM200,000||(BR + 1.45)% p.a.||5.35% p.a.|
|RM200,000 to RM350,000||(BR + 1.35)% p.a.||5.25% p.a.|
|RM350,000 to RM500,000||(BR + 1.15)% p.a.||5.05% p.a.|
Note: Current BR (Base Rate): 4.15% p.a. effective 2 February 2018
- The customers applying for the loan facility must be 18 to 40 years old at the time of application.
- The applicants should not be older than 65 years of age by the time the loan facility matures.
- The facility is open to Malaysian citizens only.
- The facility provides funds to the first home buyers only.
- For an individual applying for the facility, the gross household income should not be more than RM5,000 per month.
- For a joint application, the gross household income should not be more than RM10,000 per month.
- The monthly instalment should not be more than 1/3 of the applicant’s monthly income.
- A copy of applicant’s ID.
- Bank statements for the last 3 months.
- The employment confirmation letter with job title and income details of the applicant.
- Sales and purchase agreement.
- Latest EA form.
- Copy of the recent payroll slip.
How To Apply
- Offline Application: The CIMB My First Home Scheme application can be completed at the nearest CIMB branch. The applicants can also put in their request for the CIMB My First Home Scheme via CIMB’s hotline or customer care numbers.
- Online Application: The applicants can also approach the CIMB My First Home Scheme application via the online website of CIMB.
Fees & Charges
|Letter of confirmation for EPF withdrawal||RM21.20.|
|Request for issuance of redemption statement||RM53.00 per request.|
|Stamp Duty||As per the Stamp Duty Act 1949.|
|Late payment charges||1% p.a. on the monthly arrears.|
For further details on CIMB My First Home Scheme, applicants can reach out to the bank via the bank’s customer care number 603-6204-7788.
Q. Do I need to bring a guarantor with me to the CIMB My First Home Scheme application process?
A. The requirement of a guarantor may vary from application to application.
Q. I’m a 43 year old Malaysian citizen. Can I apply for the CIMB My First Home Scheme?
A. No. Only the applicants aging between 18 to 40 years of age can apply for CIMB My First Home Scheme. You can apply for a loan from a range of other packages available under CIMB Home Loan.
Q. Do I need to get the home insurance with my CIMB My First Home Scheme?
A. Yes. You are required to take the insurance with CIMB My First Home Scheme.
Q. How much loan amount I can get through CIMB My First Home Scheme?
A. The limit of the loan amount obtainable via CIMB My First Home Scheme depends upon your monthly salary.
Q. I’m a 38 year old Malaysian citizen. What is the maximum repayment tenure I can get with CIMB My First Home Scheme?
A. The maximum repayment tenure available for you is 27 years.