What is this CIMB Term Financing-i?
CIMB Term Financing-i is a 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. - Syariah compliant? Checked!
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 GMPT insurance policy, an insurance coverage especially for CIMB Islamic home loans.
What commitments do I have?
Following conventional Islamic banking your monthly installments are calculated based on the Profit Rate at which the bank is entitled to earn money. This is determined by the IBR, the Islamic equivalent of BR, and may be influenced by changes in the market climate.
What does the Insurance cover?
By signing-up for GMTP insurance, you will be covered should any unexpected event prevent you from making payments on your mortgage.
What advantages do I get with this home loan?
There are no processing fees on this home loan. Hold on, there's more good news for your wallet - the bank's profit charges is non compounding, and it is capped against very high increases in the Islamic Base Rate.
Who can apply?
Malaysians and permanent residents are most welcome to apply. Unfortunately, foreigners who are here in Malaysia on the MM2H scheme are not allowed to tuse this mortgage product.
What documents are needed when I apply for this home loan?
If you are an employee earning a salary:
- 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
- Last 3 months bank statement