Low interest rate
Depending on your loan tenor, you can enjoy interest rates as low as 4% per annum-regardless of the loan amount.
| Loan tenor | Interest rate per annum | Effective interest rate (EIR) per annum (for single application) | Effective interest rate (EIR) per annum (for joint applications) |
|---|---|---|---|
| 1 | 4% | 9.20% | 11.12% |
| 2 | 4% | 8.50% | 9.51% |
| 3 | 4% | 8.19% | 8.88% |
| 4 | 5% | 9.77% | 10.31% |
| 5 | 5% | 9.59% | 10.02% |
The Effective Interest Rate quoted is inclusive of 1% (for single applicant) or 2% (for joint applicants) insurance fee on your Home Renovation amount.
| Tenor/Loan amount | Loan amount | ||
|---|---|---|---|
| S$10,000 | S$20,000 | S$30,000 | |
| 12 months | S$867 | S$1,733 | S$2,600 |
| 24 months | S$450 | S$900 | S$1,350 |
| 36 months | S$311 | S$622 | S$933 |
| 48 months | S$250 | S$500 | S$750 |
| 60 months | S$208 | S$417 | S$625 |
- For joint applicants, each applicant will be charged 1% to enjoy this insurance coverage.
- Interest rates are calculated based on the "front-end add-on" method by multiplying the principle loan amount with the specified annual rate for the full tenor of the plan:
- For the Home Renovation Loan's flat rate 4% p.a., the effective interest rate is 7.30% for 1 year, 7.50% for 2 years and 7.51% for 3 years.
- For the Home Renovation Loan's flat rate of 5% p.a., the effective Interest rate is 9.24% for 4 years and 9.15% for 5 years.
- Minimum income of the main applicant is $30,000 per annum.
- Application should be Singapore Citizens or Permanent Residents, and aged between 21 and 60 years old.
Bank's List of Preferred Contractors
To speed up the processing of your Home Renovation Loan, you may want to consider engaging any of the contractors listed on the following websites:
www.hdb.gov.sg/bn25/isos118p.nsf
www.radac.org.sg/arlist.asp