CIMB Bank offers a range of flexible packages to suit the different needs of its customers. The conventional HomeLoan comes with a variable interest rate and is particularly suited for buyers who prefer low initial repayments. It also allows for smaller-sized home loans. The minimum loan amount for this product is RM15,000.
CIMB’s full-flexi offering, HomeFlexi is available for loan amounts above RM150,000 and is characterized by high repayment flexibility, as it gives you the ability to deposit any amount anytime in your linked current account to save on interest.
In addition to that, CIMB Bank offers a Capped Rate Home Loan with a capped maximum interest rates in the event of BLR (Base Lending Rate) movement. The Capped Rate package also offers a repricing option every 3-5 years, so customers can reprice easily without needing to refinance.
CIMB also participates in the My First Home Scheme, which is designed specifically for first-time buyers under the age of 35, and provides Shariah-compliant home loan packages for Islamic costumers. CIMB Home Loan recently reinstated a lock in period of 3 years, which is a fairly lenient lock in period when compared across all banks. A margin of financing of up to 90% + 5% can be provided, with the extra 5% used to finance MRTA costs or other entry costs. The 5% allowance depends on the specific package chosen by prospective borrowers.
CIMB offers a loan tenure of up to 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or until the borrower is 70 years of age, whichever is earlier.
The array of loan packages provided by CIMB, which includes HomeLoan, HomeFlexi, Capped Rate Home Loan and My First Home Scheme can suit various individual needs. We highlighted the key characteristics of all home loan packages for you to compare and find the one that suits your needs.
|Product||Key Features||Is this a flexi package?|
|Capped Rate Home Loan||
|My First Home Scheme||
Flexi home packages allow borrowers to make extra repayments every month in order to reduce their monthly interest charges. These packages come with requirements, fees and conditions that should be considered alongside their benefits.
|Is a linked bank account required?||Yes|
|Account Maintenance Fees||RM10 per month|
All Malaysians and permanent residents above 18 years of age can apply for a CIMB home loan.
If you have applied for a CIMB Home Loan, you will be asked to provide some supporting documents in order for the bank to process your application. These documents are listed below:
You can use the CIMB Bank home loan calculator to calculate your monthly repayments, based on your desired property value and loan amount. Once you are ready to apply, you can make a free enquiry through iMoney, and we will call you back. Applying for a home loan with iMoney is absolutely free of charge.
If you are not sure whether this home loan by CIMB Bank is your best option, click here to compare other home loans in Malaysia.
There are many methods of repayment for CIMB home loans. It also has one of the largest branch networks in Malaysia, which makes physical payments even more convenient.