• CIMB Renovation Loan

Covers All Renovation Needs

CIMB Renovation Loan covers all types of residential properties, be it those completed or still under construction.

Attractive Interest Rate & Fee Package

With interest rates as low as 2.98%^ p.a. and a low processing fee of 1% (EIR 4.85% p.a.), CIMB Renovation Loan will give you the peace of mind, letting you focus on picking the right design theme for your new home.

High Financing Limits

 

The sky is the limit! With a CIMB Renovation Loan, get offered up to six (6) times your monthly income or S$30,000 (whichever is lower).

Fast approval in 1 day

Get an approval in-principle on your application in just 1 day+

Additional Features

Flexible Loan Tenures

  • With loan tenures between 1 to 5 years, you have the flexibility to choose the duration that best suits your financial needs.

 

3 Complimentary Cashier's Orders

  • Finance your renovation at once or in disbursements. With up to three (3) complimentary Cashier's Orders, the choice is yours!

Here is an example of the interest and monthly instalments you will pay, based on a S$10,000 loan.

Loan Tenure (Years) Monthly Rest Interest Rate^
(p.a)
Processing Fee Effective Interest Rate
(p.a)
Monthly Instalment Amount*
1 2.98%
(CPR-2.52%)

1% of the approved loan amount (deducted upon loan disbursement)

 

 

 

 

4.85%

S$847
2 3.87%
(CPR-1.63%)
S$434
3 4.18%
(CPR-1.32%)
S$297
4 4.34%
(CPR-1.16%)
S$228
5 4.44%
(CPR-1.06%)
S$187

Residential Status

  • Singaporeans and Singapore Permanent Residents only

Age Requirement

  • 21 to 55 years old

Income Requirement

  • Annual income of S$24,000 for single and/or joint applicants. Joint applicants must be immediate family members (parent, spouse or sibling)

Minimum Loan Amount

  • S$10,000

Documents Required

  • Photocopy of NRIC (front and back)
  • Completed application form duly signed by applicant(s)
  • Original contractor's contract/invoice duly signed by applicant(s) and contractor
  • Proof of ownership of property to be renovated
  • Proof of billing (cable TV, internet or utility bills, any bank statements)
  • Proof of Relationship between Principal and Joint applicant (marriage certificate OR birth certificates)

Income Documents for Salaried Employees

  • Latest 3 months computerised/electronic payslip OR
  • Last 12 months CPF contribution history statement OR
  • Latest Income Tax Notice of Assessment

Income Documents for Commission-based / Variable Income Earners

  • Latest 2 years computerised/electronic employer’s commission statements OR
  • Last 2 years Income Tax Notice of Assessment

Income Documents for Self-Employed Applicants (applicant must be in their current business for 2 years):

  • Last 2 years Income Tax Notice of Assessment

Click here to see our Fees & Charges for CIMB Renovation Loan.

* The above monthly instalment amounts have been simplified for illustration purposes.

^CPR is CIMB Prime Rate currently at 5.50%  p.a..  2.98% p.a. is the lowest rate being offered based on 1-year loan tenure. Interest rates are subject to change at CIMB Bank’s sole discretion without prior notice.

Terms & Conditions apply. Click here to view the full Terms & Conditions.

+1 day in-principle approval is only valid if the completed application form and required documents are submitted by 4pm on a working day (excluding Saturdays, Sundays and Singapore Public Holidays). Approval in-principle is subject to further assessment and is not the final and formal approval by the Bank.

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