An HDB renovation bank loan is usually a bank mortgage specifically for HDB flat house owners in Singapore to finance their dwelling renovations. It differs from a personal loan because the money, generally capped at S£thirty,000 or 6 situations your month-to-month revenue, are disbursed on to an HDB-registered contractor by means of a cashier's buy. Being suitable, applicants must be Singapore Citizens or Permanent Residents, at the least 21 several years outdated, and flat house owners, that has a least once-a-year profits commonly starting from S$24,000 to S$30,000. Interest rates and costs change throughout banking companies; For illustration, DBS features fees from five.08% p.a., with a powerful Fascination Fee (EIR) of 6.16% p.a., and a marketing amount of three.38% p.a. for current DBS House Loan customers. Maybank also provides Exclusive costs for its residence mortgage customers, which has a marketing fee of 2.fifty% p.a. for the main 12 months for HDB Residence Mortgage customers. The personal loan may be used for long lasting fixtures like flooring, tiling, electrical more info wiring, and constructed-in carpentry, although not for household furniture or appliances.