CIMB home loan interest rates
Headquartered in Kuala Lumpur, CIMB group has a staff strength of 43,000 spread over in 18 countries, covering ASEAN and major global financial centres. The group operates under several corporate entities, which include CIMB Investment Bank, CIMB Bank, CIMB Islamic, CIMB Securities International and CIMB Thai. The group’s business activities focus on Consumer Banking, Wholesale Banking and a full suite of financial services. The bank’s strength is in its dealings with the Asean markets and those in Islamic banking. Not surprisingly, its core markets are those in the South East Asian region, namely Malaysia, Indonesia, Singapore and Thailand. CIMB Islamic operates in parallel with these businesses, in line with the group’s dual banking model. In Singapore, its physical presence is relatively small compared to the other banks but has grown in recent years. As of now, they have only 2 main branches located at Raffles place and Orchard road providing personal banking services.
CIMB provides both Sibor-pegged rates and variable rates which is benchmarked on their internal board rates. Research shows that variable rates in the first year can be as low as 1.1% for HDB home loans and 1% for private homes in the first year. However, the downside of variable rates is that it can be subjected to quite a bit of fluctuations. Indicative rates show that HDB variable rates loan can jump from 1.1% in the first year to 1.8% in the second year. For Sibor-pegged rates, most other banks add on a 1 & on top of the Sibor rates but CIMB is unfortunately charging higher for this as well. Rates for 3 Month Sibor HDB loans adds another 1.28% to the Sibor rates, which is an additional 0.28% higher than if it follows the industry practice of 1%.
CIMB also has an interesting mortgage loan called the Beautiful Sunday Home loan, allowing the borrower to enjoy interest free Sundays for the first year of their loan. This scheme is applicable to financing of all types of under-construction or completed residential properties with a minimum loan amount of SGD200,000.
As a bank headquartered in Malaysia, CIMB also offers Malaysia Residential Property Loan denominated in Singapore Dollar to finance the purchase of your dream residential property in Malaysia. Quantum of financing for this loan is up to 70% and allows a maximum loan tenure of 30 years.
As leading Singapore mortgage brokers, let us get you the lowest mortgage packages for: