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 funds, normally capped at S£thirty,000 or 6 periods your monthly earnings, are disbursed directly to an HDB-registered contractor by way of a cashier's purchase. To get qualified, applicants need to be Singapore Citizens or Long-lasting People, a minimum of 21 many years old, and flat proprietors, having a minimal annual earnings typically ranging from S$24,000 to S£thirty,000. Fascination premiums and charges range across financial institutions; By way of example, DBS presents premiums from 5.08% p.a., with a highly effective Curiosity Price (EIR) of 6.sixteen% p.a., in addition to hdb renovation loan 320 31 a marketing fee of 3.38% p.a. for existing DBS Home Loan prospects. Maybank also provides Specific costs for its residence mortgage customers, which has a marketing fee of 2.50% p.a. for the main 12 months for HDB Residence Mortgage customers. The personal loan may be used for everlasting fixtures like flooring, tiling, electrical wiring, and developed-in carpentry, but not for home furnishings or appliances.