An HDB renovation bank loan is often a bank personal loan specifically for HDB flat entrepreneurs in Singapore to finance their residence renovations. It differs from a private loan since the cash, typically capped at S$30,000 or six periods your month-to-month revenue, are disbursed on to an HDB-registered contractor by means of a cashier's get. To be eligible, applicants should be Singapore Citizens or Long lasting Citizens, at the least 21 several years outdated, and flat homeowners, using a minimal annual money frequently starting from S$24,000 to S£30,000. Interest fees and charges differ throughout financial institutions; As an illustration, DBS click here gives fees from 5.08% p.a., with an efficient Fascination Price (EIR) of six.16% p.a., plus a marketing charge of three.38% p.a. for existing DBS Property Loan buyers. Maybank also provides Unique costs for its dwelling mortgage buyers, which has a promotional price of 2.50% p.a. for the 1st calendar year for HDB Dwelling Loan clients. The bank loan may be used for everlasting fixtures like flooring, tiling, electrical wiring, and designed-in carpentry, although not for household furniture or appliances.