CIMB Bank Sees Rise In Mortgage Loan
CIMB Bank expect 30% to 50% of its new mortgage loans this year to come through Islamic finance, CIMB Bank’s head of retail banking, Peter England said at 11th Feb’2009.
With the launch of its new Flexi Home financing-I Scheme, which covered both Islamic and conventional financing, the CIMB bank was expecting a significant growth in the mortgage loans segment in year 2009. Flexi Home financing-I Scheme is referring to adjust rate bank mortgage loan (ARM). Some of the party call as floating rate bank mortgage loan.
With the strengthening on CIMB Bank in terms of distribution, CIMB Bank are the fastest growth mortgage business in Malaysia and think of make a significant impact in the rollout of this product.
CIMB Bank was expecting between RM2.5bil and RM3.obil in sales from Flexi Home financing-I Scheme. Since launch in Jan y2009, Flexi Home financing-I Scheme have approved more than RM10mil. Property Investment is still in growing sign.
CIMB Bank was expecting a 15% growth in residential mortgage loans in year 2009. In year 2008, CIMB Bank had recorded a growth of 28%, from RM5.4bil to RM24.8bil. CIMB Bank expects to archive a 20% growth in non-residential mortgage loans. In year 2008, non-residential mortgage loans registered a 33% growth to RM8bil.
Given the current gloomy economic conditions, CIMB Bank projected the bank mortgage loans industry growth to be in single digit in year 2009, ~ 6% to 7 %.
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