• CIMB Renovation Loan

Covers All Renovation Needs with Fast Approval

CIMB Renovation Loan covers all types of residential properties, be it those completed or still under construction. What's more, get an approval in-principle on your application in 1 day+.

 

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).

Complimentary Home & Home Contents Insurance

Sign up for a Renovation Loan with us today and receive complimentary insurance coverage# of up to S$80,000 on your home & home contents with HomeBLISS  by Sompo Insurance.

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.  

#Terms and conditions governing CIMB Renovation Loan-HomeBLISS Feature 2018 apply. Please click here to view the full terms and conditions.

Policy Owner’s Protection Scheme

HomeBLISS is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please visit sompo.com.sg/FAQ or GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).

HomeBLISS is underwritten by Sompo Insurance and distributed by CIMB Bank.

Call Us
At your Service
Mon - Sun (9.00am - 9.00pm)
+65 6333 7777
Email Us
Drop us a note & we will respond
to you within 1 working day