CIMB Home Loan

About CIMB

CIMB (Commerce International Merchant Bankers Berhad) Group is an ASEAN universal bank and a world leader in Islamic finance, with 234 branches in Malaysia. To meet the needs and demands of today’s customers, CIMB offers a wide range of products and services, including consumer banking, commercial banking, investment banking, Islamic banking, and asset management. CIMB Group Holdings Berhad, on the other hand, has been listed on the Main Market of Bursa Malaysia since 1987.

What is a home loan?

A home loan is a sum of money that you apply for or borrow from a bank to assist you in purchasing your dream home. Each loan will be charged an interest rate determined by the loan amount and the repayment period. So, keep in mind that each bank will have a different interest rate, and you should do some research before applying for a home loan.

What type of home loan does CIMB offer?

CIMB provides various types of home loans:

• CIMB Conventional Loan
• Home Loan
• Home Flexi
• HomeFlexi Smart
• Vacant Land Flexi Smart
• Vacant Land Financing / Flexi Vacant Land Financing
• OD Against Property
• Overseas Mortgage Loan
• BizLoan / BizLoan with OD
• Malaysia My Second Home (MM2H)
• BizFlexi Smart / BizFlexi
• HomeLoan with OD
• Business Premises Financing-i / Flexi Business Premises Financing-i

• CIMB Islamic Loan
• HomeFlexi Smart-i
• Flexi Home Financing-i
• Term Financing-i
• Malaysia My Second Home-i
• BizFlexi Smart-i
• Flexi Business Premises Financing-i
• Business Premises Financing-i
• Variable Home Financing-i

What should I know before applying for a home loan?

• Interest rates

  You must be aware of the interest rates that the bank will charge you, either fixed interest rates or variable rates.

• Type of loan

  In Malaysia, there are 3 types of loans offered: term loan, semi loan, or flexi loan.

• Lock-in period

  Knowing the lock-in period is crucial because it often occurs when there is a sudden need for full settlement, refinancing, or selling your property.

• Margin of finance

  You must understand your margin of finance, which is the amount of money that a bank will allow you to borrow for your loan and how much cash/ upfront you must pay for the property.

• Fees

  The fees include legal fees, stamp duty charges, late payment fees, early settlement fees, and others.

• Type of bank

  The bank you have chosen to apply for a home loan with, as different banks offer different loan amounts, terms, etc. Choose a bank where you are comfortable applying for a home loan.

Who is eligible to apply for CIMB home loans?

• General
• Every individual above 18 years old is eligible to apply for CIMB home loans in general.

• Overseas Mortage Loan
• London: Not a permanent resident or citizen of the UK
• Australia: Not a permanent resident or citizen of Australia
• Above 18 years old
• CIMB Preferred and Private Banking customers

• Malaysia My Second Home & Malaysia My Second Home-i
• Participants who place Fixed Return Income Account-i / Fixed Deposit with CIMB under MM2H Programme can apply for this loan.

Why should I choose CIMB home loans?

• It provides a variety of home loan financing options to suit your needs
• CIMB also offered Shariah-compliant loans based on Commodity Murabahah
• Enjoy repayment tenure period up to 35 years or 70 years of age, whichever is earlier*
• Get up to 75% margin of financing (inclusive Group Mortgage Term Assurance (GMTA)) for Overseas Mortage Loan*
• You can deposit and withdraw the excess amount at your convenience*
• Group Mortgage Term Assurance (GMTA) can be financed*

*Depending on the selected home loan.

Who should I contact for further information about CIMB home loans?

For more information or assistance with the CIMB home loans,

• Contact CIMB Consumer Contact Centre at +60362047788
• Walk to the nearest CIMB Bank branches

What are the documents required for CIMB home loans?

• Identification documents
• Malaysian citizen
• Copy of NRIC
• Sales and Purchase Agreement/ the developer’s booking form
• Foreigner
• Copy of passport (minimum 6 months validity) or MYPR
• Sales and Purchase Agreement/ the developer’s booking form

Income documents

• Salaried employee
• Latest 3-month salary slip
• Latest EPF statement/ latest 3-month bank statement with credited salaries
• Commission earner
• Latest 6-month commission statement
• Latest 6-month bank statement with the credited commission
• Self-employed
• Business Registration
• Latest 6-month business bank statement
• Latest Form B with the tax payment receipt

For further information, please visit here.

What are the fees included in the CIMB Bank home loan?

• Stamp duty

  As per Stamp Duty Act 1949 (Revised 1989)

• Late payment fee

  1% of the amount in arrears

• Processing fee

  Will be charged based on the selected home loan

• Request for redemption statement

  RM20 per request

• Letter of confirmation for EPF withdrawal

  RM20 per request

• Secured OD

  1% p.a. commitment fee will be charged on any unused OD facility funds

What are the common terms of home loan?

• Lock-in period

  A period during which you will be penalised if you pay off your home loan earlier than agreed. The fine ranges from 2% to 5% of the total amount.

• Margin of Finance (MOF)

  The amount of money that a bank will lend you for your loan determines how much cash you must pay upfront for the property.

• Interest rates

  It is the amount of money you paid to the bank in addition to the principal amount.

• Valuation

  An estimate of the property’s worth and the stamp duty is calculated based on its value.

• Base rate

  The base rate is the interest rate charged by Bank Negara Malaysia to commercial banks for loans.

• Base Lending Rates (BLR)

  A rate set by each bank based on the cost of borrowing the money to be lent to borrowers.

• Refinancing

  Repaying an existing loan and replacing it with a new one with new terms and conditions.