CIMB vs RHB Home Loan Singapore: Which Bank Offers Better Approval Chances?
Both CIMB and RHB are Malaysian banks with established Singapore operations offering competitive home loan packages, but they differ significantly in approval criteria, interest rates, and customer service approaches. Understanding these differences—and knowing how to strengthen your application—can be the deciding factor between loan approval and rejection.
This guide helps you navigate the CIMB vs RHB comparison, evaluate your eligibility, and take concrete steps to improve your chances of approval with either bank. Whether you're a first-time buyer or refinancing your existing mortgage, Homejourney's approach prioritizes your financial safety and success by providing transparent, verified information you can trust.
CIMB vs RHB Home Loan: Key Differences at a Glance
Both banks serve the Singapore mortgage market, but their lending philosophies and product offerings vary. CIMB typically positions itself as the more aggressive lender with faster processing times, while RHB emphasizes relationship banking and personalized service. These operational differences directly impact approval timelines and flexibility in underwriting decisions.
CIMB's strength lies in its digital banking infrastructure and streamlined online application processes. The bank has invested heavily in fintech capabilities, making it easier for borrowers to submit documents and track application status in real-time. RHB, conversely, maintains a more traditional relationship-based approach, often assigning dedicated relationship managers to handle your loan from start to finish.
For interest rates, both banks offer competitive floating and fixed-rate packages. CIMB frequently launches promotional rates to attract new borrowers, while RHB tends to offer better rates for existing customers with established banking relationships. Your choice should depend on whether you value speed and convenience (CIMB) or personalized guidance and relationship benefits (RHB).
Understanding Approval Criteria: What Banks Really Look For
Both CIMB and RHB assess loan applications using similar core criteria, though their weighting and flexibility differ. The primary factors affecting approval are your Total Debt Service Ratio (TDSR), credit score, employment stability, and property value. Understanding these criteria helps you identify weaknesses in your application before submission.
TDSR (Total Debt Service Ratio) is the most critical approval factor. Singapore's Monetary Authority (MAS) caps TDSR at 60% for most borrowers, meaning your total monthly debt obligations cannot exceed 60% of your gross monthly income. Both CIMB and RHB strictly adhere to this limit. If your TDSR exceeds 60%, approval becomes nearly impossible regardless of other strengths.
Credit Score and Payment History matter significantly. Both banks access your credit report through Credit Bureau Singapore (CBS). A score above 700 is generally considered healthy, while scores below 600 trigger additional scrutiny. CIMB tends to be slightly more flexible with borderline credit scores if other factors are strong, while RHB may require higher scores or additional documentation.
Employment Stability influences approval differently based on your employment type. Permanent employees in established companies face minimal scrutiny, while self-employed individuals, contract workers, and business owners require additional documentation. CIMB typically requires 2 years of business accounts for self-employed applicants, while RHB may request 3 years.
Loan-to-Value (LTV) Ratio affects both approval likelihood and interest rates. Properties with lower LTV ratios (meaning you're borrowing less relative to the property's value) receive faster approvals and better rates. CIMB allows up to 90% LTV for first-time buyers on properties under S$500,000, while RHB typically caps at 85% LTV.
5 Proven Strategies to Improve Your Approval Chances
1. Strengthen Your TDSR Before Applying
Since TDSR is the primary approval factor, reducing your existing debt obligations dramatically improves approval chances. Calculate your current TDSR: add all monthly debt payments (credit cards, car loans, personal loans, existing mortgages) and divide by your gross monthly income. If you're above 50%, focus on debt reduction before applying.
Practical steps: Pay down credit card balances to below 30% of credit limits, clear personal loans if possible, and avoid taking new credit in the 3-6 months before application. Even reducing your TDSR from 55% to 45% significantly strengthens your application and may unlock better interest rates from both CIMB and RHB.
2. Improve Your Credit Score Strategically
Your credit score directly influences approval decisions and interest rates. Obtain your CBS credit report (free annually at creditbureau.com.sg) and identify any errors or negative items. Dispute inaccuracies immediately—banks sometimes report incorrect payment statuses that unfairly damage your score.
Build credit strategically by maintaining low credit card balances (ideally below 30% of limits), ensuring all payments are made on time, and keeping credit accounts open even if unused. RHB particularly values long credit histories, so maintaining older accounts benefits your application with them. Allow 3-6 months of improved credit behavior before applying, as recent changes carry more weight in approval decisions.
3. Document Employment Stability and Income Growth
Both banks require recent payslips (typically the last 3 months) and employment letters. For maximum impact, gather additional documentation showing income stability or growth: promotion letters, salary increment evidence, or performance bonuses. Self-employed applicants should prepare audited accounts for the past 2-3 years plus latest management accounts.
CIMB values documented income growth, so if you've received recent promotions or salary increases, highlight these prominently. RHB prefers established income history, so emphasize the consistency of your earnings over time. For contract workers, provide all contract documents showing renewal likelihood and duration.
4. Increase Your Down Payment
A larger down payment reduces your LTV ratio, making you a lower-risk borrower. Both CIMB and RHB offer better rates and faster approvals for lower LTV applications. If possible, increase your down payment from 10% to 15% or 20%—this single change can be the difference between conditional approval and unconditional approval.
Higher down payments also demonstrate financial discipline and commitment to the purchase, factors that underwriters evaluate subjectively. Additionally, you'll borrow less, reducing your monthly obligations and improving your TDSR calculation.
5. Use Homejourney's Multi-Bank Application to Compare and Optimize
Rather than applying to CIMB and RHB separately, use Homejourney's bank rates comparison and application platform to submit your details to multiple banks simultaneously. This approach provides several advantages:
- Calculate eligibility first: Use Homejourney's mortgage eligibility calculator to determine your borrowing power before formal application, identifying any TDSR issues early
- Singpass integration: Auto-fill your application using Singpass, ensuring accuracy and speeding up processing
- Compare offers side-by-side: Receive offers from CIMB, RHB, DBS, OCBC, UOB, HSBC, Standard Chartered, and other major banks simultaneously
- Track applications centrally: Monitor all applications in one dashboard rather than managing separate bank portals
- Expert guidance: Connect with Homejourney Mortgage Brokers who provide personalized advice on strengthening weak applications
Homejourney's platform prioritizes your safety by verifying all bank information and ensuring transparent terms. You'll never face hidden fees or misleading rates—all offers are clearly comparable on our platform.
CIMB Home Loan: Approval Process and Timeline
Processing Timeline: CIMB typically completes initial assessment within 3-5 business days, with full approval taking 7-14 days for straightforward applications. Complex cases (self-employed, multiple properties, lower credit scores) may extend to 21-28 days.
Application Method: CIMB offers fully digital application through its online banking portal and mobile app. You can submit all documents digitally, making the process faster than RHB's hybrid approach. CIMB's system provides real-time status updates, so you always know where your application stands.
Approval Flexibility: CIMB is known for flexibility in borderline cases. If your TDSR is slightly above 60% but other factors are strong (high credit score, large down payment, stable employment), CIMB may approve with conditions such as requiring a guarantor or accepting a slightly lower loan amount.
Interest Rates (January 2026): CIMB's floating rates start from 1M SORA + 0.40%, while fixed rates begin at approximately 2.15% for 2-year packages. Promotional rates for new customers may offer additional discounts of 0.10-0.15%.
Approval Conditions: CIMB commonly approves with conditions such as: satisfactory property valuation, valid insurance, acceptable legal documentation, and sometimes a guarantor for higher LTV loans. These conditions are standard and typically resolved within 5-7 days.
RHB Home Loan: Approval Process and Timeline
Processing Timeline: RHB typically takes 5-7 business days for initial assessment and 14-21 days for full approval. RHB's more relationship-focused approach means slightly longer processing but often more personalized consideration of borderline applications.
Application Method: RHB offers both online and in-branch applications. Their hybrid approach means you can submit documents online but may need to visit a branch for final verification and signing. This can extend timelines but provides opportunity for direct discussion with your loan officer about any concerns.
Approval Flexibility: RHB emphasizes relationship banking, meaning existing RHB customers with good banking history receive preferential treatment. If you have an RHB savings account, credit card, or other products, mention this prominently in your application. RHB may approve slightly higher TDSR ratios (up to 62%) for established customers.
Interest Rates (January 2026): RHB's floating rates start from 1M SORA + 0.45%, while fixed rates begin at approximately 2.20% for 2-year packages. RHB frequently offers rate discounts (0.15-0.25%) for customers with multiple RHB products.
Approval Conditions: Similar to CIMB, RHB approves with standard conditions. However, RHB may request additional documentation for self-employed applicants or those with complex financial situations. Their underwriting team takes time to thoroughly assess applications, which can be advantageous if your situation requires explanation.
Documentation Checklist: What You Need for Approval
Both CIMB and RHB require similar core documentation. Preparing these documents before application significantly speeds up processing:
Essential Documents for All Applicants
- NRIC (National Registration Identity Card) - both front and back
- Latest 3 months of payslips
- Latest 2 months of bank statements (showing salary deposits)
- Employment letter from current employer (on company letterhead, dated within last 3 months)
- Latest annual tax return (Notice of Assessment from IRAS)
- Proof of address (utility bill or lease agreement dated within last 3 months)
- Property purchase agreement or Option to Purchase (OTP)
- Property valuation report (if available)
Additional Documents for Self-Employed Applicants
- Last 2-3 years of audited business accounts
- Latest management accounts (if more recent than audited accounts)
- Business registration documents (ACRA certificate)
- Latest 12 months of business bank statements
- Personal tax returns for the past 2-3 years
Additional Documents for Existing Mortgage Holders
- Current mortgage statement showing outstanding balance
- Proof of timely mortgage payments (bank statements or bank letter)
- If refinancing: latest valuation of existing property
Pro Tip: Prepare all documents in PDF format and organize them in a single folder before applying. Both CIMB and RHB's online portals allow batch uploads. Having everything ready reduces processing time by 2-3 days and demonstrates serious intent to lenders.
Common Approval Rejections and How to Avoid Them
Rejection Reason #1: TDSR Exceeds 60% — This is the most common rejection reason. Solution: Calculate your TDSR before applying. If it exceeds 60%, reduce existing debt obligations or increase your down payment to lower the loan amount. Use Homejourney's eligibility calculator to identify the exact issue.
Rejection Reason #2: Insufficient Credit History or Low Credit Score — Banks cannot assess lending risk without credit history. Solution: Build credit by maintaining accounts in good standing for 6+ months before applying. If you have a low score due to recent issues, wait 12+ months for negative items to age before applying.
Rejection Reason #3: Employment Instability or Gaps — Frequent job changes or unexplained employment gaps raise red flags. Solution: Stay in your current role for at least 6 months before applying. If you've recently changed jobs, provide documentation showing the move was a promotion or career advancement, not a lateral move.
Rejection Reason #4: Inconsistent or Declining Income — Banks want to see stable or growing income. Solution: If your income fluctuates (common for commission-based or self-employed roles), provide 2-3 years of tax returns showing average income. Highlight any recent salary increases or promotions.
