An HDB renovation mortgage is a financial institution bank loan especially for HDB flat entrepreneurs in Singapore to finance their home renovations. It differs from a personal mortgage because the money, generally capped at S£thirty,000 or 6 situations your monthly revenue, are disbursed on to an HDB-registered contractor through a cashier's purchase. To get qualified, applicants need to be Singapore Citizens or Lasting People, at least 21 years old, and flat owners, with a minimum annual income generally starting from S£24,000 to S£30,000. Fascination premiums and costs vary across banks; As an illustration, DBS presents costs from 5.08% p.a., click here with a highly effective Curiosity Price (EIR) of 6.sixteen% p.a., and also a advertising fee of 3.38% p.a. for existing DBS Home Personal loan prospects. Maybank also provides Specific charges for its residence loan customers, which has a marketing charge of 2.fifty% p.a. for the 1st 12 months for HDB Residence Loan prospects. The financial loan can be utilized for long term fixtures like flooring, tiling, electrical wiring, and built-in carpentry, although not for home furniture or appliances.