The bank offers home loans for all types of HDB purchases, including Build-to-Order (BTO) or new flats and resale flats. They also offer home loans for a full range of under-construction (BUC) and resale private property, including landed houses, strata landed houses and condos.
The bank offers floating rate home loan packages pegged to the Singapore Interbank Offered Rate (SIBOR), which is currently the most common benchmark for home loans in Singapore.
FHR Home Loan
The Fixed Deposit Home Rate, or FHR, is used when the bank wishes to peg the interest rate of a loan to the fixed deposit rate being offered by the same bank. The FHR is a board rate, which means it can be changed at the bank's discretion at any time, although in practice banks do not change their FHR often.
Board Rate Home Loan
A board rate is an interest rate that the bank sets internally. They are free to change the board rate at their discretion. CIMB pegs floating interest rates to SIBOR rather than a board rate.
Bridging loan
If you are buying a new property and selling an existing one at the same time, you may need a bridging loan. Perhaps you wish to purchase a new home before you sell your existing property, or for whatever other reason, need to put down money for the new property before you have received the sales proceeds from the old one. In such situations, you would need a to finance the purchase of the new property. A bridging loan typically has a term of a few months.
Building Under Construction (BUC) Home Loan
The bank offers home loans for two types of buildings under construction—HDB and private. Under construction HDB flats include BTO flats and Executive Condominiums. Private buildings under construction, including new launch condo developments, are eligible for the bank's private property loans. Your loan installments only begin once the bank has made its first disbursement in accordance with the progressive payment scheme.