An HDB renovation bank loan is actually a financial institution bank loan specifically for HDB flat proprietors in Singapore to finance their house renovations. It differs from a personal loan given that the resources, ordinarily capped at S£thirty,000 or six occasions your month-to-month earnings, are disbursed directly to an HDB-registered contractor by using a cashier's buy. To get qualified, applicants has to be Singapore Citizens or Long term Residents, a minimum of 21 years aged, and flat homeowners, using a minimal annual profits normally ranging from S£24,000 to S£30,000. Interest fees and charges differ across banking companies; For illustration, DBS delivers charges from 5.08% p.a., with a successful Fascination Price (EIR) of six.sixteen% p.a., along with a marketing amount of 3.38% p.a. for present DBS Household Bank loan customers. Maybank also provides Specific prices for its dwelling bank loan clients, which has a advertising price of two.50% p.a. for the first 12 months for HDB House Personal loan buyers. The mortgage can be employed for everlasting fixtures like flooring, tiling, electrical wiring, and built-in carpentry, although not for furnishings or here appliances.