An HDB renovation mortgage can be a lender loan specifically for HDB flat homeowners in Singapore to finance their household renovations. It differs from a private personal loan as the money, generally capped at S£thirty,000 or 6 periods your month-to-month revenue, are disbursed on to an HDB-registered contractor through a cashier's buy. Being suitable, applicants needs to be Singapore Citizens or Permanent Residents, at the very least 21 several years outdated, and flat owners, with a minimum once-a-year money frequently starting from S£24,000 to S£30,000. Interest prices and fees vary throughout banking companies; for instance, DBS offers rates from five.08% p.a., with a powerful Fascination Fee website (EIR) of 6.16% p.a., and a marketing amount of three.38% p.a. for existing DBS House Loan prospects. Maybank also provides Specific charges for its house loan prospects, that has a advertising charge of 2.fifty% p.a. for the primary yr for HDB House Personal loan shoppers. The bank loan can be utilized for permanent fixtures like flooring, tiling, electrical wiring, and crafted-in carpentry, although not for furnishings or appliances.