Mortgage

A borrower first assesses affordability by studying his/her own income, family expenses, assets and liabilities, and weigh these factors against the new loan for a dream house. The borrower must prepare to pay up to 30% of the house price as down payment, and uses CIMB loan to pay the remaining 70%. The gross monthly income should exceed total monthly installment by two times. Below is an indicative sheet for a 25-year mortgage at 8% p.a.:

The relationship manager will walk through the application process with the customer, beginning with asking for personal information, employment, income, property price/location, requested loan amount, own assets and outstanding liabilities, and other relevant questions. It takes 2 to 10 working days to complete credit assessment. If application is approved, the customer will be given a letter of offer with stated loan terms and conditions. If the customer accepts the offer, the bank will provide the full loan agreement, mortgage agreement and other documents for signing.