Important: The Bank may at its sole discretion extend a loan up to 6 times the applicant’s monthly income (maximum S$30,000) for Express Renovation Loan and twice your monthly income (maximum S$30,000) on a Personal Loan An administrative fee of minimum S$100 or 1% of the loan quantum will be levied on approved Express Renovation application. An administrative fee of minimum S$50 or 1% of the loan quantum will be levied on approved Personal Loan application An insurance fee of 1% of the loan quantum will be levied on each and every applicant for successful Express Renovation Loan and Personal Loan The processing and insurance fees will be deducted upfront from the approved loan quantum Incomplete documents and new contractors not under our panel of preferred contractors may result in delays in processing Applicants may cancel the facility without penalty within 14 days of the date of the disbursement letter if the facility is not utilised. After this period, a cancellation fee of 1% of the approved loan amount for the Express Renovation loan/Personal Loan will be payable An administrative fee of 1.5% of amount prepaid shall be charged if Express Renovation Loan or Personal loan is prepaid within 12 months from the date of first disbursement of the loan In the event of a default in any of the installment repayment for Express Renovation Loan or Personal Loan, a default fee of S$60 and Prime + 5% on the outstanding arrears is chargeable Site visits may be conducted by the Bank for verification of renovation works Interest rate is subject to review at Bank’s sole discretion For renovation on existing residential properties (if ownership of property is more than 6 months): The total approved loan amount will be disbursed in stages as the Bank may determine in its sole discretion The first installment shall not be more than 30% of the total approved loan amount Interest will be calculated on the total approved loan amount upon disbursement of the first installment notwithstanding that only a portion of the total approved loan amount may be disbursed. In the event that there is a default in any of the repayment installment, the Bank reserves the right to withhold any further disbursements and terminate the loan The Bank may carry out site inspections to review renovation works. If the Bank is in its sole discretion of the opinion that the renovation works are not in conformance with the renovation quotation submitted in respect of the renovation loan, the Bank may in its discretion withhold any further disbursements and terminate the loan. Otherwise, the remaining approved loan amount will be disbursed with one month from first installment