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Renovating a house can be a source of joy and excitement to people as they get to change the way their house looks through minor cosmetic changes. People can also make their houses more convenient places to live by opting for major renovations. However, renovating a house can be a daunting task as it involves a significant amount of money and savings may not be enough to cover the cost of renovation.
Atleast 21 years
Above 21 years
Salaried / Self-employed with regular income
Earn more than the minimum income required
EMI limited to about 50% of monthly income
EMIs of other loans lower your eligibility
Make your spouse a co-applicant, and her income will add to your eligibility
Choose longer tenure
Alternatively add your parents
|Margin of Finance||Upto 80%|
The best way to finance home renovation work is to opt for a Renovation Loan, which is an instrument of debt meant to help people with most of their renovation needs such as remodeling the kitchen, constructing additional rooms and so on. A Maybank Renovation Loan can help people to take care of their home renovation expenses.
Maybank Singapore offers a variety of commercial and Islamic banking solutions that includes cards, deposits, investments, insurance and other e-services. New customers of Maybank and existing home loan customers can apply for the Maybank Home Renovation Loan and enjoy exclusive discounts and interest rates.
Here are the different type of home loans offered by Maybank:
The following promotion is applicable to new customers of Maybank only:
Here are the fees and charges that may be relevant to you upon applying for this housing loan from Maybank:
|Product/Item||Fees and Charges|
|Processing fee||1% of the loan amount approved by the bank.|
|Cancellation fee||1% of the cancelled or undrawn amount before issuing the cashier’s order/disbursing the loan amount. The minimum charge is S$100.|
|Cashier’s orders||The first cashier’s order is fee. Subsequent cashier’s orders will be charged S$5 each. The same will be deducted from your loan amount.|
Foreigners are not eligible to apply for this housing loan from Maybank. Currently, the Maybank Home Renovation Loan is only applicable to Singapore citizens and Permanent Residents.
You must meet certain eligibility criteria if you wish to apply for this home loan with Maybank that include:
In order to successfully complete this Maybank home loan application, you must submit certain documents. Here are the mandatory documents to be submitted for this home loan application:
There are four ways to apply for this housing loan with Maybank:
Q. How many borrowers can apply for the Maybank Home Renovation Loan?
A. A maximum of two borrowers are eligible to apply for the Maybank Home Renovation Loan under a joint application.
Q. How does the application process proceed after I have submitted the application form along with the relevant documents for the Maybank Home Renovation Loan?
A. Once you have submitted the application form and the relevant documents for this housing loan, the bank will issue you with an approval letter if your application has been approved. You will then be issued with a cashier’s order/s in the name of your contractor with the loan amount.
Q. Will the processing fee discount of 25% on my online application cover the entire processing fee amount for the Maybank Home Renovation Loan?
A. The processing fee discount of 25% has a cap of S$150 per loan application. Therefore, if your processing fee exceeds S$150, you will have to pay the difference.
Q. Do I have to be the owner of the property for which I wish to apply for the Maybank Home Renovation Loan?
A. Yes. In case you are a single applicant, you must be the owner of the property that needs to be renovated. In case of a joint application, one of the borrowers must be the owner of the property that needs to be renovated.
Q. In case of online applications, in what format/s should I upload the required documents for the Maybank Home Renovation Loan?
A. NRIC copy along with your signature image must be uploaded either in JPEG or PNG format. All other documents must be uploaded in PDF format.
Singapore’s struggling housing sector looks set for a shot in the arm in 2016, with the strict regulations around the market likely to be eased.
According to analysts from Maybank Kim Eng, the property market could experience a boost in sales with the implementation of cooling measure easing, something the island nation’s developers have long been petitioning for.
The projected cooling measures could result in an almost 30% increase on existing home sales, with sales touching 800 units in the next year.
This projected cooling measure easing looks set to push home sales up to almost 900 units by FY17E, according to data released by Maybank Kim Eng.
08th December 2015
The diversified businesses of Maybank, one of the largest banks in Southeast Asia, helped it to increase its profits by a decent margin even though the markets in this region are going through turbulent times. For the first 6 months of 2015, the net profit of the bank rose by 3.4 percent to S$1.1 billion (RM3.28 billion) with a rise of 108 percent in the net operating income of Maybank. The bank has experienced steady growth across all of its business segments including loans, which saw a decent growth of 11.1 percent on a year-on-year basis.
Fund-based income for the bank in the 2nd quarter grew by 13 percent to RM3.54 billion, while there was no growth in net fee-based income as it remained the same at RM1.34 billion. The overseas operations of the bank also saw a healthy percentage of growth as the operating income generated from overseas banking grew by 9.5 percent to RM3.06 billion. In Singapore, the operating income of the bank rose by 0.7 percent to S$ $398.12 million during the first six months of this year, while fund-based income of Maybank Singapore rose by 13.2 percent. Overall, the bank has performed very well in all markets, include the Singaporean market.
29th August 2015