CIMB mortgage home 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
|Interest rates not advertised on website
|Min. loan: S$100,000 for HDB and $200,000 for private homes
|2-3 year lock-in period
Table of Contents
- What Makes CIMB Stand Out to Borrowers
- Applicable Fees
- How to Apply for an CIMB Home Loan: Application Process
- How Do CIMB Rates Compare to Other Bank's Home Loans?
What Makes CIMB Mortgage Home Loan 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 (min. annual income of $36,000) than its competitors and two-year lock-in period, CIMB is not as flexible as other loans on the market.
However, one very attractive feature of the CIMB mortgage loan is that there is zero prepayment fees so you are able to pay down your outstanding loan ahead of schedule and reduce your interest expense with no charges.
CIMB HDB and Private Home Loans Mortgage Rates as of Janurary 2024
CIMB does not list their interest rates on their website, as they handle each case individually. 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.
|1st Yr Interest
|No offerings at this time
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.