An HDB renovation bank loan can be a financial institution bank loan specifically for HDB flat homeowners in Singapore to finance their residence renovations. It differs from a personal mortgage as the funds, typically capped at S$thirty,000 or 6 moments your regular profits, are disbursed on to an HDB-registered contractor through a cashier's purchase. For being eligible, applicants must be Singapore Citizens or Permanent People, at least 21 decades outdated, and flat house owners, by using a bare minimum annual income generally starting from S£24,000 to S$thirty,000. Desire costs and fees vary throughout financial institutions; By way of example, DBS gives prices from five.08% p.a., with a powerful Fascination Price (EIR) of six.sixteen% p.a., as well as a promotional amount of 3.38% p.a. for existing DBS Dwelling Bank loan clients. Maybank also provides Exclusive charges for its home personal loan buyers, having a marketing level of 2.50% p.a. for the 1st yr for HDB Dwelling Financial more info loan clients. The personal loan may be used for permanent fixtures like flooring, tiling, electrical wiring, and designed-in carpentry, but not for home furnishings or appliances.