An HDB renovation personal loan is usually a bank loan specifically for HDB flat owners in Singapore to finance their house renovations. It differs from a personal loan as the funds, typically capped at S$thirty,000 or 6 situations your monthly income, are disbursed straight to an HDB-registered contractor by using a cashier's get. To generally be suitable, applicants need to be Singapore Citizens or Lasting Inhabitants, no less than 21 yrs outdated, and flat homeowners, using a minimal annual money commonly starting from S$24,000 to S£thirty,000. Fascination charges and fees vary throughout financial institutions; As an illustration, DBS gives prices from five.08% p.a., with a successful Fascination Charge (EIR) of 6.sixteen% p.a., plus a promotional level of three.38% p.a. for current DBS Home Personal loan buyers. Maybank also offers special fees for its property mortgage customers, that has a advertising price of two.50% p.a. for the first more info calendar year for HDB Property Mortgage prospects. The bank loan can be used for long-lasting fixtures like flooring, tiling, electrical wiring, and created-in carpentry, but not for home furnishings or appliances.