Launching itself into the new year with an aggressive push for its home financing
packages, CIMB Bank Bhd (CIMB) says the products on offer for the current year will
appeal to "a variety of loan seekers from all walks of life".
The bank believes it will garner wide appeal for its conventional HomeLoan, HomeFlexi
and Islamic Home Financing packages with their "attractive and competitive" rates
as well as convenient financing options.
"The rates we are offering present a great opportunity for not just home loan seekers
but also those looking to refinance their homes to enhance their cashflow," said
a CIMB loan officer.
Under the HomeLoan package, there are two options for properties that are either
completed or under construction.
For completed properties worth up to RM300,000 (or up to RM200,000 for properties
outside Klang Valley and Penang), CIMB offers a rate of Base Lending Rate (BLR)
minus 1.85 per cent for the entire loan tenure. The BLR is currently at 6.5 per
cent.
For completed units above RM300,000 (or above RM200,000 outside Klang Valley and
Penang), the rate will be BLR minus two per cent for the entire loan tenure.
Those who opt for this loan can also have an overdraft facility. Customers using
this facility are required to service interest of the overdraft only at BLR plus
0.60 per cent.
For properties under construction of up to RM300,000 (or up to RM200,000 for properties
outside Klang Valley and Penang), the rate is BLR minus 1.75 per cent. For for those
above RM300,000, it is BLR minus 1.90 per cent for the entire loan tenure.
Another package offered by CIMB is the HomeFlexi loan offering the same rates as
the conventional package, but with the added facility of flexible repayment options.
HomeFlexi customers can deposit extra amounts at any time or withdraw excess amounts
at any time at no extra charge. No commitment fees will be charged under this package,
said the bank.
Both the HomeLoan and HomeFlexi packages also offer customers a free moving cost
option, whereby the cost of moving into the new home will be taken into account
under the financing, but these will be charged at different interest rates.
For completed properties, this will be BLR minus 1.60 per cent for units below RM300,000
and BLR minus 1.75 per cent for those above.
For properties under construction, it will be BLR minus 1.50 per cent for units
below RM300,000 and BLR minus 1.65 per cent for those above.
"Both loan packages are also applicable to foreign purchasers under the Malaysia
My Second Home programme, so long as the property is valued above RM300,000," said
the CIMB officer.
The loan tenure for both packages is up to 30 years, or 65 years of age for the
borrower, and the margin of financing is up to 85 per cent of the property value,
plus five per cent for mortgage reducing term assurance.
In addition to conventional loans, CIMB also offers financing options under its
Islamic Home Loan packages which offer a margin of finance of up to 95 per cent
and a protection ceiling rate of 10.75 per cent.
For completed properties valued up to RM300,000 (RM250,000 outside Klang Valley
and Penang), the rate is BLR plus 2.95 per cent for the first year and BLR minus
1.40 per cent thereafter.
For units above RM300,000, it is BLR plus 2.95 per cent for the first year and BLR
minus 1.65 per cent thereafter.
For properties under construction valued up to RM300,000, customers will be charged
the prevailing BLR for the first year and BLR minus 1.40 thereafter. Units above
RM300,000 will also be charged BLR for the first year, but BLR minus 1.55 subsequently.
The loan packages also offer a variety of rates and options for financing moving
costs.
For details, call the bank's information hotline at 1 300 880 223 or visit www.cimbbank.com.my