An HDB renovation loan is a bank loan specifically for HDB flat owners in Singapore to finance their home renovations. It differs from a private personal loan as being the cash, generally capped at S£30,000 or six occasions your month to month revenue, are disbursed directly to an HDB-registered contractor via a cashier's get. To generally be suitable, applicants need to be Singapore Citizens or Lasting Citizens, at the least 21 several years previous, and flat owners, with a minimum amount yearly revenue usually ranging from S£24,000 to S$30,000. Desire premiums and charges differ throughout banking companies; For illustration, DBS delivers charges from 5.08% p.a., with a successful Fascination Charge (EIR) of 6.sixteen% p.a., as well as a promotional amount of 3.38% p.a. for existing DBS Dwelling Financial loan consumers. Maybank also offers Exclusive charges for its house personal loan buyers, having a marketing fee of 2.fifty% p.a. for the initial year here for HDB Household Bank loan customers. The financial loan can be utilized for permanent fixtures like flooring, tiling, electrical wiring, and designed-in carpentry, but not for home furnishings or appliances.