CIMB Bank is one of the well-known banks in Malaysia that offers customers home loans which are easy for their customers to pay back. These loans are catered for all income groups in Malaysia regardless of the salary brackets of individuals and also for those with earning a minimum wage. With CIMB Bank, you can decide on which loan suits you in your current situation and you can make your choice from there. Take note that unlike the other banks, CIMB offers reward points back to their customers based for each Ringgit Malaysia that is borrowed.
Do you qualify for a CIMB home loan?
The first thing is that in order for you to qualify, you will have to be at least 18 years of age. This is a plus point as some banks have a minimum age limit of 21 years old. There is also a maximum age limit whereby you cannot be more than 70 years of age if you are looking to apply for a loan. The next thing is that you have to be employed or self-employed with a take home salary and you also need to earn a minimum of RM 24000 per annum in order for you to qualify.
Just how much can you really borrow?
To make things easy, CIMB has given you a maximum instalment limit of up to 50% of your income to service the loan. The loan is provided could also reach up to a 95% of the property. This makes it easy for most of the younger generation to buy as they will be able to repay the loan in smaller amounts, however, be cautious as if you have any other instalments from other existing loans, this will make it a little harder to qualify for a 95% loan.
How do I improve my chances on getting a loan for that dream house I have always wanted?
For starters, if you are already married, good for you. This is an added bonus because you will be able to make your spouse a co-applicant and her income will be added to your eligibility when applying for the loan. You can always choose a longer tenure loan which is up to 35 years as this will lower your monthly payments to the bank, giving you a higher chance of qualifying based on your repayment ability. The last resort is all else fails is that you could also add your parents as co-applicants and the same privileges apply.
2 Types of loans available
HomeFlexi Loan
The CIMB HomeFlexi Loan enables you to pay more for your home loan at any one point of time if you do have access cash in your hands and this can actually lessen the financing period of your home. This is something that you really should consider especially if you are thinking of settling your home loan debt sooner. You will also need to pay an additional RM250 for the processing of this loan.
CIMB Home Loan
The CIMB Home Loan is more suited for those who want to take their time in paying back their loan based on the agreed upon financing period. This loan also comes with a zero processing fee so you won’t have to take out any additional money at all.
Based on both the loan types which are offered, it really depends on what your income level is at the end of the day. If you are someone who earns well and wished to settle your home loan with a much shorter period of time then the HomeFlexi Loan is one that you should go with as it would also reduce your interest rates significantly if you were to calculate over a period of time. On the other hand, if you are someone who is already tied down with other commitments, then paying a fixed amount based on your financing period would be a much safer bet.