• First Home Buyer

Own your dream home faster!

Look for these useful tips to fast track your home buying experience:

Select a Property to Purchase

  • Determine the type of home you are looking for e.g. condominium, terrace, semi-detached, or bungalow.
  • Check various sources to avoid wasting time travelling e.g. browse through the classifieds in newspapers and online, and contact real estate agents in your preferred locations.
  • Save time by short listing to one or two locations before driving out to those areas.
  • Visit the developer’s sales office or development site if you are looking for a new property.

Apply for Bank Financing

  • Walk in to any CIMB Bank branch or speak to a CIMB Home Financing Consultant to apply for a home financing product that suits your needs. 
  • MRTA/MLTA may be financed by the Bank, which will be included in the total financing amount.

Engage Experienced Lawyer

  • Appoint a lawyer with experienced in the property purchase process who is able to explain and advise you on the legal requirements may ease your first purchase of a home.

Sign Sales & Purchase Agreement (SPA) and Other Documents

  • Follow up closely the lawyer to have the documentation signed as soon as it is prepared. 
  • During this period, the balance of down payment is expected to be paid in full.

Receive Vacant Possession of the Property and Get the Keys

  • Delivery of Vacant Possession (VP) is done when the property is ready to be handed over to you. The Developer/Seller will notify the you on a date to take delivery of the VP, usually within a week of disbursement of financing or as stated in the SPA. 
  • You should collect the keys to the property in person. 
  • For sub-sale, ensure that all utility bills, quit rent and assessments have been fully settled.


  • Plan your renovation by obtaining the floor plan of the property and seek quotations from various contractors.
  • Planning ahead helps save time because you will need to submit your renovation plans to the local town council/management for approval.

Sign Offer to Purchase or Letter of Intent and place Earnest Deposit or Booking Fee

  • For primary sale, offer to purchase will be prepared by the Developer. 
  • For sub-sale, engage a lawyer or property agent to prepare a Letter of Intent, or you may prepare one yourself.

Apply to EPF to withdraw from Account II

  • You may apply to EPF to withdraw from Account II to assist with home purchase.

Appointment of  Valuer

  • Appointing a valuer with experience in the property valuation process may ease your first purchase of a home.
  • A valuation is usually required if you buy a completed property.

Sign Home Financing Facility Agreement

  • Follow up closely with the Bank’s lawyer to ensure all necessary documents are signed as soon as possible.

Pay Balance of Purchase Price

  • Follow up with your lawyer to confirm payment is made and received by the seller’s lawyer.

Check for defects

  • The Defect Liability Period (DLP) is comparable to a warranty period for new properties where Buyers are given up to 24 months from the date of Vacant Possession to inspect and report any defects, poor workmanship or irregularities from the SPA to the Developer. 
  • A defect complaint form that lists the common areas in the house will be provided. All defects, however small, should be reported to the Developer to avoid any future repair cost after the DLP expires. 
  • It is advisable to perform a thorough check as soon as possible, followed by proper acknowledgment from the Developer, as it is easier to repair defects before moving in.

Move in!

  • Obtain quotes from movers/transport providers if you are moving large/heavy items. 
  • Packing early would let you move your things as soon as you get the keys to your new house.

Looking to buy your first home? Get the FREE Complete Home Buying Guide to Owning Your First Home!

What can you afford? - Assessing your financial capacity

Purchasing your home is a major financial commitment and you should review your present cash flow to determine how much surplus you have each month. For example:

Your income

  • From your salary/business
  • From your investments

Minus your living expenses

  • Food
  • Transport
  • Clothes
  • Rent
  • Utilities
  • Entertainment
  • Insurance
  • Other family expenses

Once you have calculated your monthly surplus you can use it to set yourself a savings goal to save for the deposit. As a rule of thumb, most buyers purchase properties that cost between 1.5 to 2.5 times their annual income and the monthly instalment should not exceed 1/3 of your gross monthly income.

To help save your money, you might consider opening a savings account and set up a standing instruction to transfer a set amount from your salary account each month as soon as your salary is credited. CIMB Bank offers a range of savings accounts including the Money Multiplier Account which is an interest bearing account that offers high interest rate with withdrawal flexibility.

Things to take into consideration when buying your house:

  • Purchase price
  • Lawyer’s fees for the SPA and financing facility agreement
  • Processing fees for the financing application
  • Valuation fee
  • Maintenance fee & deposit if you are purchasing a condominium
  • Renovation
  • Deposits with utility companies e.g. TNB, TM.  
  • Quit Rent, assessments
  • Mover’s fee
  • Insurance premium for Group Mortgage Term Assurance (GMTA) or GMRTT
  • Houseowner/householder insurance premium

How much can you borrow?

Make use of our home loan affordability calculator which is available at www.cimbbank.com.my to calculate the amount that is recommended for you to borrow. Factors that determine your financing amount will include the property purchase price/market value, interest/profit rate, financing tenure, your income, and your payment capability. 

Each person's dream home and financial needs differ and you should take a home financing that meets your unique needs. That is why at CIMB Bank we offer a range of home financing products for you to choose from.

A conventional term loan that offers standard repayment amount monthly until the end of tenure.

Enjoy repayment flexibility where you can deposit any amount, anytime. Excess repayments will be used to offset the principal loan amount for interest calculation. Combines loan account with current account to facilitate withdrawal of excess cash.    

With the flexibility of making prepayment, you are able to save on interest from the beginning. This shortens your loan tenure, and ultimately, you’ll own your home faster. For Extra convenience, you also have the flexibility to withdraw prepayment, and to help you save even more, HomeFlexi Smart comes without set-up and maintenance charges.

Make the dream to own your first home a reality. It’s time you own a home. With BNM's Fund for Affordable Homes, own your dream home with a home financing package specially for first-time home buyers.

Purchasing a home is a major investment and requires financial commitment on your part. Therefore it is wise to protect against unfortunate events that might happen.

An insurance coverage for housing loan customers. You will be covered should any unexpected event occur that lead to the disruption of your ability to service the loan. 

This policy provides coverage for your building and contents and covers loss or damage by fire, lightning, explosion, flood, burst pipe or by any other perils mentioned in the Insurance policy. 

Home Shield Plus provides protection against loss or damage to household contents and personal effects due to fire or theft. Additional benefits available are replacement of doors, locks and windows, meal and hotel allowance or emergency relief, domestic help allowance, death benefit (Insured) and liability to the public. The policy also provides reliable referrals and essential home assistance and concierge assistance.

Important Notices

  • This page provides general information current as at the time of production. The information in this booklet is intended as a guide only; it is not intended to be a substitute for professional advice and should not be relied upon as such.
  • All application for loans are subject to CIMB's normal credit approval criteria. Terms and conditions, fees and charges apply.
  • This material does not take into account your personal need and financial circumstances and you should consider whether it is appropriate for you.