Housing Loan Interest Rate (% p.a.)

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CIMB Housing Loan Interest Rate

CIMB’s housing loan interest rate in Malaysia is a financial factor for potential homeowners. It determines the cost of borrowing when purchasing property. The interest rate is influenced by the Standardised Base Rate (SBR), which is currently set at 3.00% per annum as of 9 May 2023. CIMB offers a range of interest rates depending on the loan amount. For a financing amount of less than RM200,000, the interest rate is SBR + 2.45%, resulting in an effective rate of 5.45% per annum. For loans ranging from RM200,000 to RM350,000, the rate is SBR + 2.35% with an effective rate of 5.35% per annum. Loans between RM350,000 and RM500,000 have an interest rate of SBR + 2.15%, resulting in an effective rate of 5.15% per annum. For amounts exceeding RM500,000, the rate is SBR + 2.05%, with an effective rate of 5.05% per annum.

How Does CIMB’s HomeFlexi Loan Work?

CIMB’s HomeFlexi loan offers flexibility and control over your mortgage payments. This loan type allows borrowers to pay extra amounts on their mortgage when possible and withdraw excess funds from the loan directly into their current account. The HomeFlexi loan provides up to 90% financing of the property value, plus an additional 5% to cover legal fees, valuation fees, and Group Mortgage Term Assurance (GMTA). This loan type is well-suited for properties both completed and under construction. Flexibility in repayment is a hallmark of the HomeFlexi loan, enabling borrowers to save significantly on interest charges by maintaining a healthy balance in their linked current account.

What Are the Requirements and Fees for CIMB’s Housing Loan?

Applicants for CIMB’s housing loan must meet specific criteria and pay certain fees. The minimum requirement for application is an annual income of RM24,000, and eligible age ranges from 18 to 70 years old. Both salaried employees and self-employed Malaysians can apply. Required documents include a photocopy of the NRIC, latest salary slips, EA form or EPF statement, and a Sales & Purchase Agreement or Booking Receipt from the developer. The loan comes with a late penalty fee of 1% per annum on the outstanding amount, while processing fees are waived. An early settlement fee might apply, subject to the terms of the agreement with the bank. A redemption letter fee of RM50 and an EPF withdrawal fee of RM20 per request are also applicable.

Why Consider the CIMB HomeFlexi Loan?

The CIMB HomeFlexi loan offers several advantages for prospective homeowners. It is particularly beneficial for those who have irregular cash flows, allowing them to reduce mortgage interest through additional payments into their linked current account. The HomeFlexi loan provides a minimum interest rate of 4.45% per annum for amounts exceeding RM350,000, offering competitive rates in the market. The flexibility of the loan, coupled with the option to reprice every three years and the potential for preferential rates for CIMB Prime Banking customers, makes it an attractive option. Additionally, CIMB offers InstaApproval, simplifying the application process to a quick, paperless submission with approval in as short a time as one minute.

How Does the Standardised Base Rate Affect CIMB’s Loan Interest?

The Standardised Base Rate (SBR) is a critical component of CIMB’s housing loan interest calculation. Effective from 1 August 2022, the SBR serves as the benchmark for all retail floating-rate loans and is linked to the Overnight Policy Rate (OPR) set by Bank Negara Malaysia. The SBR ensures uniformity across banks, making it easier for consumers to compare loan products. Any changes in the OPR by the Monetary Policy Committee will directly influence the SBR, and subsequently, the interest rates on CIMB’s housing loans. This transparency allows borrowers to make informed decisions when selecting a home loan provider.

What Are the Features of CIMB’s Capped Rate Home Loan?

CIMB’s Capped Rate Home Loan provides an added layer of security against fluctuating interest rates. In the event of Base Rate (BR) movements, the Capped Rate package limits the maximum interest rate charged, offering borrowers peace of mind. This package allows for easy repricing every 3-5 years without the need for refinancing, providing flexibility to adjust to market conditions. The Capped Rate Home Loan is an excellent choice for those looking to safeguard their monthly repayments from unexpected increases in the base rate, ensuring financial stability over the loan tenure.

How Can Borrowers Manage Repayments for CIMB’s Home Loan?

CIMB offers multiple repayment methods to accommodate borrowers’ convenience. Payments can be made online through CIMB Bank Savings or Checking accounts, MEPS ATMs, Interbank GIRO, standing instruction facilities, or at any CIMB branch. Express Payment machines and phone banking are also available for easy access to loan repayments. By leveraging these diverse payment channels, borrowers can ensure timely payments and manage their home loan commitments efficiently. With such a comprehensive range of options, CIMB facilitates a seamless repayment experience for its clients.