An HDB renovation bank loan is actually a financial institution bank loan specifically for HDB flat homeowners in Singapore to finance their residence renovations. It differs from a personal mortgage since the money, usually capped at S$thirty,000 or 6 moments your regular profits, are disbursed on to an HDB-registered contractor through a cashier's order. To be suitable, applicants needs to be Singapore Citizens or Lasting Inhabitants, at the least 21 several years previous, and flat owners, with a minimum amount yearly revenue usually starting from S£24,000 to S$30,000. Desire costs and fees vary throughout financial institutions; As an example, DBS provides rates from five.08% p.a., with a highly effective Interest Level (EIR) of hdb renovation loan 320 31 6.16% p.a., in addition to a advertising price of three.38% p.a. for current DBS House Personal loan buyers. Maybank also offers Distinctive costs for its house personal loan buyers, having a marketing fee of 2.fifty% p.a. for the 1st yr for HDB Home Financial loan consumers. The loan may be used for long term fixtures like flooring, tiling, electrical wiring, and crafted-in carpentry, but not for furniture or appliances.