An HDB renovation loan is a bank personal loan especially for HDB flat entrepreneurs in Singapore to finance their household renovations. It differs from a private bank loan since the money, usually capped at S$thirty,000 or 6 moments your regular monthly cash flow, are disbursed on to an HDB-registered contractor by way of a cashier's order. To generally be suitable, applicants need to be Singapore Citizens or Lasting Inhabitants, at the least 21 a long time old, and flat hdb renovation loan 320 31 entrepreneurs, that has a least yearly earnings frequently starting from S$24,000 to S$thirty,000. Fascination prices and fees range across banks; for instance, DBS features costs from 5.08% p.a., with an Effective Desire Charge (EIR) of 6.sixteen% p.a., as well as a promotional amount of 3.38% p.a. for existing DBS Household Bank loan clients. Maybank also provides Particular prices for its dwelling bank loan customers, which has a advertising rate of two.50% p.a. for the main 12 months for HDB House Personal loan consumers. The loan may be used for long term fixtures like flooring, tiling, electrical wiring, and crafted-in carpentry, but not for furniture or appliances.