What is this CIMB Term Financing-i?
CIMB Term Financing-i is a Shariah compliant home loan based on the concept of Commodity Murabahah, which adheres to the act of purchasing an asset at a deferred price, then selling it to a third party in exchange for cash.
Subject to your credit worthiness, CIMB can finance as much as 85% of the value of your new property, whether complete or under construction. You can also opt for an additional 5% in financing, which includes GMTP coverage, a Takaful policy to back up your CIMB Islamic home loan.
What is my monthly commitment?
Following conventional practice of Islamic banking, your monthly installments consists of the principal amount and profit charges, which is fixed throughout the tenor of 30 years.
The best thing about fixed repayment is that you don't have to worry about the changes in the market rate as your profit is capped to a ceiling rate.
Moreover, there is no processing fee on this Islamic home loan. The bank's profit charges is non compounding and it is capped against high increases in the Islamic Base Rate.
Do I need a Takaful coverage?
By signing-up Group Mortgage Takaful Plan (GMTP), you will a have peace of mind knowing that should any unexpected events befell unto you, your monthly instalment payments onwards will be taken care of from the GMTP policy.
Can I refinance house with CIMB Term Financing-i?
Owning a property is a huge commitment and investment. Few years down the road you may want to refinance your property to have extra cash and accommodate to growing list of commitments.
CIMB Term Financing-i offers among the best mortgage rates and refinance rate for your personal needs.
What documents are needed when I apply for this home loan?
Malaysians and permanent residents aged 18 years and above can apply for CIMB Term Financing-i. You only need to provide several documents as per below:
If you are a salaried employee:
- NRIC photocopy
- Latest 3-months salary slip
- EA form / EPF statement (last 2 years)
- Sales & Purchase Agreement / Booking receipt from developer
If you are self-employed:
- NRIC photocopy
- Latest 3-months salary slip
- Sales & Purchase Agreement / Booking receipt from developer
- EA form / EPF statement (last 2 years)
- Business registration A&D
- Latest 3-months bank statement