• Upgrading Your Home
When Buying When Selling
Search and Find  
  • Understand your needs and wants for a new home and use this to find the right property.
  • Scan clas2sifieds in newspapers and online, call real estate agents, drive around your target locations, and/or visit property launches.
  • Proactively search for a buyer through real estate agents, advertise in newspapers and online, put up a “for sale” sign at your home, and word of mouth.
Negotiate on Price  
  • Work out your budget to establish the amount you can afford.
  • Research property prices in the area to estimate the market value.
  • Have a price range to work with when negotiating.
  • Research property prices in your area to estimate the market value.
  • Have a price range to work with when negotiating and be clear on the price you are willing to sell the property. 
Making the Offer  
  • Sign the offer of purchase and pay the earnest deposit/booking fee. 
  • Sign the offer of purchase and obtain the earnest deposit from the buyer. 
Sale & Purchase Agreement (S&P)  
  • Appoint a lawyer with experience in property transactions or one that is on the Bank’s panel to prepare the S&P and manage all the legalities and documentation e.g. Memorandum of Transfer, Land Search, Bankruptcy Search, Registration and Withdrawal of Private Caveat, etc.
  • Appoint a lawyer with experience in property transactions or one that is on the Bank’s panel to manage all the legalities and ocumentation associatewith the S&P. The buyer’s lawyer will communicate with your lawyer requesting for various documents e.g. redemption letter (if youhome financing has yet to be settled), various letters of undertakings, confirmation of ifferential sum settled, and so forth.
Apply to EPF  
  • If you previously made a withdrawal from your EPF account for your existing home, you can apply again for another EPF withdrawal to help purchase your new home provided the existing home has been sold. You  must produce proof of sale of the first home.
  • You will need to produce proof of sale of this existing home to apply for withdrawal from EPF for your next home.
  • The buyer of your home may apply to EPF to withdraw from his/her account. 
Pay/Receive Balance of Deposit   
There should be a specified timeframe to pay the balance of the deposit e.g. date of signing the S&P.
  • There should be a specified timeframe to receive the balance of the deposit e.g. date of signing the S&P.
Bank Financing  
  • Apply for the home financing of your choice and ensure you submit all the required documents to expedite processing.
  • The bank issues you a letter of offer once the application is approved and you have to decide whether to accept the offer.
  • The outstanding balance that you owe the bank, if any, will need to be settled when you sell the property.
  • The buyer’s bank will liaise with your bank through the lawyers to redeem your property and settle your outstanding balance.
Appoint a Valuation Company  
  • If you purchase a completed property and are applying for a home financing then the bank will require you to obtain a professional valuation.
  • You can pay a valuation company to make a formal valuation to validate the price you are asking for.
Sign the Facility Agreement  
Follow up closely with the Bank and/or lawyer to have this financing agreement signed so that the Bank can complete the legal documentation and make disbursement to settle the balance of the purchase price.
  • This will need to be done by the buyer if he/she takes a home financing to purchase your property.
Pay/receive the balance of purchase price  
  • Follow up with your lawyer to confirm that payment is made and received by the seller’s lawyer.
  • Follow up with your lawyer to confirm that payment is received from the buyer’s lawyer.
Receive/ Handover the Keys  
  • Make arrangements with the seller to collect the keys to the property. 
  • Prior to handing the keys over to the buyer you should receive full payment for the sale, clear out all belongings from the property, and disconnect/close utility accounts e.g. water, electricity, telephone.
  • Plan your renovation by obtaining the floor plan of the property and seek quotations from various contractors.
  • Renovation plans need to be submitted to the local town council for approval.


  • You might want to give a face-lift to the existing property before you put it up for sale to help you fetch a better purchase price or help you sell the property faster.
  • Engaging professional movers can save you a lot of stress and strain especially if you plan to move heavy and large furniture and electrical items.
  • Arrange for interim accommodation and storage space for your belongings if you need to move out of the existing home before you are able to move into the new home.

Fees and charges that you might incur in the buying/selling process include real estate agent fees, valuation fees, home loan processing fees, legal fees, stamp duties, contractor’s charges for renovations made, mover’s fees, and insurance premium charges for your new property.

How to maximise the value of your existing home? – how much to invest, where to invest

The right upgrades to your home can make it more appealing to a wider range of prospective buyers. Quick wins include renovated kitchens and bathrooms, landscaping, energy saving features, new flooring, fresh paint, repair of cracks in walls, ceilings and windows, and replacement of worn out doors.

Be careful not to renovate your home too extensively as you may not be able to price it competitively compared to other houses in the neighbourhood. Before committing to your renovation plan you could obtain the opinion of an appraiser or real estate agent because they are in touch with the needs and wants of current home buyers and what sort of prices the houses in the neighbourhood can fetch.

At CIMB Bank, we look forward to help you achieve your investment goals by providing the finances you need. The loan you apply for will depend on the type of property you are investing in. 

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.    

A Shariah-based home financing product which is based on the concept of Tawarruq or also known as Commoditiy Murabahah.

This is a Shariah-based home financing product which is based on the concept of Tawarruq or also known as Commoditiy Murabahah.

How To Select A Loan For Your Needs

With so many different types of home loans available you might wonder which loan to take. 

  • If you are earning a fixed salary, the conventional HomeLoan or Variable Home Financing-i may be more appropriate for you. Both require regular monthly repayments that would assist you in your budgeting.
  • If you aspire to own your home sooner, then choose a home financing product that allows you to repay the principal amount earlier without any penalty or opt for HomeFlexi.
  • If financial flexibility is important to you, then the HomeFlexi offers you the freedom to pay more into your account when you have excess funds and withdraw excess payments from your account in times of need. Alternatively, opt for an overdraft facility as part of your home loan package and enjoy flexbility of the facility. You can draw funds from the account up to the approved overdraft limit whenever you need. Excess funds can be used to pay-down the overdraft outstanding balance to reduce interest cost without restrictions. 

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.