CIMB Home Loan
CIMB started its business in the 1920s handling services regarding business financing and issuance of bills of exchange. They now have the widest retail banking network in ASEAN with over 1,000 branches offering products such as the CIMB home loan, unit investment trust fund, and retirement plans.
CIMB home loan plans
CIMB Singapore offers two types of loans, the CIMB home loan and private property loan. They offer similar benefits and only differ in usage, income requirement, and minimum loan amount. The home loan is aimed at people looking to finance a place of residences such as a flat or a house. A private property loan can also be used to finance a new home, but it can also be used for other types of private property such as land and buildings.
CIMB bank boasts about the benefits you can get by applying for either of the loan packages. You have a choice of a fixed rate or the Singapore Interbank Offer Rate (SIBOR) for your loan package. CIMB also offers up to 80% Quantum of Financing for both the CIMB home loan and private property plans. Flexible loan tenures are also available offering up to a 30-year loan.
Document requirements are the same for both of the CIMB loan packages. You will need a photocopy of the NRIC or Passport of the applicants and owners. You’ll also need to present either the Option to Purchase or Sale & Purchase agreement, whichever applies. If you’ll be getting a loan for refinancing, you must present your loan statement from any existing bank or financial institution.
If applicable, you might also be asked for your evidence of the sale of an existing property and tenancy agreement.
For salaried employees, you’ll CIMB Singapore will ask for your latest tax assessment and CPF statement form. For self-employed applicants, you must be in your current business for 2 years and present the latest 2 years of income tax assessment.
CIMB home loan
HDB home loan To be able to apply for a CIMB housing loan, you must meet their eligibility requirements. The applicant must either be 21 years old or older with an annual income of at least SG$18,000 or SG$1,500 every month. The minimum loan amount that you can borrow is SG$100,000.
CIMB home loan: private property loan
For the private property loan, eligibility requirements have slight differences compared to the CIMB home loan. The age requirement is still at 21 years and above, but the income requirement is raised to SG$24,000 per annum or SG$2,000 every month. The minimum loan amount is also raised to double at SG$200,000.
Are you thinking about applying for a CIMB home loan? Compare home loans with GoBear first before applying to get the best deal for you.