An HDB renovation loan is a bank loan especially for HDB flat house owners in Singapore to finance their household renovations. It differs from a personal personal loan as being the cash, generally capped at S$30,000 or 6 situations your every month money, are disbursed straight to an HDB-registered contractor by means of a cashier's purchase. To generally be eligible, applicants should be Singapore Citizens or Long term Residents, a minimum of 21 many years old, and flat owners, with a minimum amount once-a-year cash flow normally ranging from S$24,000 to S£thirty,000. Desire charges and fees differ across banking companies; For illustration, DBS presents costs click here from 5.08% p.a., with an Effective Desire Fee (EIR) of 6.sixteen% p.a., plus a promotional rate of three.38% p.a. for existing DBS Home Financial loan buyers. Maybank also offers Unique rates for its household bank loan customers, that has a advertising price of two.50% p.a. for the first 12 months for HDB Residence Loan shoppers. The mortgage can be employed for everlasting fixtures like flooring, tiling, electrical wiring, and constructed-in carpentry, although not for household furniture or appliances.