CIMB Mortgage Review

CIMB Mortgage Review

CIMB offers both HBD and private property loans at low-to-average interest rates, though the total cost of the loan is above average

Good for

  • Individuals who want to repay their loan early

Bad for

  • Individuals looking for the cheapest loans

Analyst's Rating

3.0/5.0

CIMB mortgage loans are more expensive than other home loans on the market. That being said, CIMB's private housing loans offer a zero prepayment fee for partially repaying your loan at any time, potentially saving you a significant amount if you can repay your mortgage early.

Summary of CIMB's Home Loans
High interest rates for HDB flats
Min. loan: S$100,000
2-3 year lock-in period

Table of Contents

What Makes CIMB Stand Out to Borrowers

CIMB has standard mortgage loans from S$100,000 up to 75% of your property at tenors up to 30 years. However, with both a higher income requirement than its competitors and two-year lock-in period, CIMB is not as flexible as other loans on the market. Moreover, CIMB uses internally set "board" rates to determine interest rather than pegging their rates to the Singapore Interbank Offered Rate (SIBOR); interest payable can thus change throughout the contract without much prior notice.

CIMB HDB Loans Mortgage Rates as of February 26, 2021

While CIMB does not list their interest rates on their website, as they handle each case individually, we estimate they are around 2.15% p.a.. You can find the rates in the table below.

Bank1st Yr InterestLock-in PeriodApply Now
MB Fixed1.40%5 years
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MB Tracker1.25%1 year
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MB Board1.60%2 years
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MB Fixed1.40%4 years
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MB Fixed1.30%3 years
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CIMB Private Home Loans Interest Rates as of February 26, 2021

CIMB's private home loans interest rates tend to range from 1.30%-1.80%, which compares favorably among traditional bank lenders whose rates are from 1.25-2.25%. However, we found that despite the lower interest rates, the total interest cost over the course of the loan is on the higher end of the market. Their most attractive product differentiator for their private loan, however, is their zero charge for partially paying back the loan early. This saves consumers hundreds, if not thousands, of dollars as most other banks charge a 1-2% fee on the principal amount.

Bank1st Yr InterestLock-in PeriodApply Now
CIMB Fixed1.25%3 years
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CIMB Fixed1.35%3 years
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CIMB Fixed1.20%2 years
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CIMB Tracker1.50%2 years
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MB Fixed1.40%5 years
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Applicable Fees

CIMB loans typically charge extra fees in case of late payments, requested documents, etc. For example, if you're a month overdue on payments, you will have to pay both the amount you missed and the prime lending rate of +5% (subject to a S$30 minimum) the following month. If you want to reschedule your intended date of full redemption, you will be charged S$200. Moreover, if you want a "Custody of Title Deed" for your house, you will have to pay a fee of S$500 per year.

How to Apply for an CIMB Home Loan: Application Process

In order to qualify for this home loan, you must be 21 years or older with a yearly income of S$36,000 or more. To actually apply for the loan, you have to fill out a "contact me" form on their website, and a representative will get in touch with you within 24 hours.

Documents required to apply to CIMB Home Loans

  • Photocopy of NRIC/Passport
  • Option to Purchase or Sale & Purchase agreement
  • Loan Statement from Existing Bank/Financial Institution (for refinancing)
  • Latest CPF Withdrawal Statement for Existing Property to be Refinanced/Sold
  • Evidence of of Sale of Existing Property (if applicable)
  • Tenancy Agreement (if applicable)
  • Income Documents for Salaried or Self-Employed Employees for 2 years
  • Latest Tax Assessment and CPF Statement

How Do CIMB Rates Compare to Other Bank's Home Loans?

In terms of HBD loans, CIMB does not offer the most flexible or competitive rates, making it a less desirable option for some consumers. Their private home loans, however, have fairly competitive interest rates, though they are not the lowest in the market. Since home loan interest rates are quickly changing, it is worth discussing with a bank representative to see what they could offer you.

Find the Cheapest Home Loans in Singapore

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Anya Wasserman

Anya is a Research Analyst for ValueChampion who focuses on loans and investments in Singapore. Previously, she assisted global consultancies, hedge funds and private equities with primary research at a high-growth fin-tech based in London. A graduate of the University of Oxford and King's College London, Anya is currently interested in applying quantitative research to help consumers make better financial decisions.

Comments and Questions

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