An HDB renovation bank loan is actually a bank loan especially for HDB flat house owners in Singapore to finance their dwelling renovations. It differs from a personal mortgage because the money, generally capped at S£thirty,000 or six moments your every month income, are disbursed straight to an HDB-registered contractor via a cashier's order. To be eligible, applicants must be Singapore Citizens or Long term Residents, at the very least 21 a long time previous, and flat proprietors, using a minimal annual earnings generally starting from S£24,000 to S£thirty,000. Desire rates and fees fluctuate throughout banking companies; For illustration, DBS presents premiums from five.08% p.a., with a highly effective Curiosity Price (EIR) of six.sixteen% p.a., plus a advertising price of three.38% p.a. for present DBS here Property Bank loan clients. Maybank also offers Distinctive premiums for its property mortgage clients, with a marketing fee of 2.fifty% p.a. for the 1st yr for HDB House Personal loan shoppers. The bank loan can be used for long-lasting fixtures like flooring, tiling, electrical wiring, and designed-in carpentry, but not for furniture or appliances.