One of the lowest Renovation Loan rates in town, at just 2.31% p.a. if your mortgage is already with us
Here’s what you enjoy with POSB Renovation Loan
Effective Interest Rate^
Estimated Monthly Repayment†
|Based on approved loan of S$10,000|
^Inclusive of 1% handling fee and 1% insurance premium and calculated based on a loan amount of S$10,000 and monthly rest rate of 4.38% p.a. † These numbers are meant for illustrative purposes only and are rounded up to the nearest dollar.
To be eligible, you must be:
You may apply with your spouse, child, parent or sibling for a loan amount not exceeding S$30,000 in a single application. The joint applicant needs to earn at least S$12,000 per annum . You only need to submit the same documents required for the main applicant.
Applications by non-owner(s) who are either a spouse, child, parent or sibling of the property owner may be reviewed with consent from the property owner.
You can use it for carrying out numerous works on your residential property, including:
However, the Renovation Loan cannot be used to pay for furnishings or for any other purpose besides renovation. For ready cash to help with your home furnishings, find out more about Cashline.
Yes, you must submit an original formal quotation from your contractor, signed by both the contractor and yourself. The original quotation will be retained by the Bank.
|Fees deducted upfront from approved loan amount upon disbursement|
|Handling Fee||1% of approved loan amount|
|Insurance Premium||1% of approved loan amount|
|In the event of death or total permanent disability, AVIVA will pay off your outstanding renovation loan balance|
|Illustration:||Renovation Loan |
|Fees deducted upfront||- Handling Fee (1% of $10,000) = $100 |
- Insurance Premium (1% of $10,000) = $100
|Disbursed sum||- $9,800 ($10,000 - $100 - $100)|
|Other Fees Payable|
|Cancellation Fee||1% of approved loan amount|
|Prepayment Charge||1% of outstanding loan amount (Partial prepayments are not allowed)|
For salaried employees
For self-employed/commissioned earners/variable income earner
Last 2 years Notice of Assessment
Proof of ownership of property to be renovated by way of any one of the following documents:
|HDB Flats||Private Properties|
|i. HDB Sale & Purchase Agreement||i. Sale & Purchase Agreement|
|ii. HDB Sales Order||ii. Property Tax Bill|
|iii. Property Tax Bill|
|iv. HDB Financial Plan|
|v. HDB Renovation Permit|
|vi. HDB Collection Advice|
TERMS AND CONDITIONS
*(1) 2.31% p.a is a flat rate and is equivalent to a monthly rest rate of 4.38% p.a (with effective interest rates ranging from 5.11% to 8.00% for a loan amount of S$30,000 depending on the repayment period)for our home loan customers.
(2) For non-home loan customers, a flat rate of 2.58% p.a. applies, which is equivalent to a monthly rest rate of 4.88% p.a (with effective interest rates ranging from 5.60% to 8.50% for a loan amount of S$30,000 depending on the repayment period).
# refers to parent, spouse, child or sibling
**Insurance Premium at 1% of loan amount
#refers to parent, spouse, child or sibling
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