A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Loan BYTES FROM OUR KITCHEN

    Maybank Home Loan Singapore

    Maybank offers loans to purchase Housing and Development Board (HDB) flats, private houses, overseas properties, and also to renovate your house. For HDB flats, Maybank financially aids the purchase of a new house and provisions refinancing. In the case of private properties, in addition to aiding refinancing and purchase of a new property, Maybank also allows equity withdrawals. The fixed and floating interest rates offered by Maybank are pegged against SIBOR or their fixed deposit mortgage board rate. You can go for refinancing when you want to reduce the burden of an existing loan and save on payable interest.

    Home Loans Offered by Maybank

    • Private Property Home Loan.
    • HDB Home Loan.
    • Overseas Property Loan.
    • Home Renovation Loan.

    Interest Rates

      Interest Rate
    Singapore Residential Financing Rate (SRFR)- Home Loan 4.50% p.a.
    36 months Fixed Deposit Mortgage Rate (FDMR36) - Home Loan 1.80%
    Renovation Loan Rate 2.88% p.a. (for existing home loan customers) 5.38% p.a. (for loan amount >= S$15,000) 5.98% p.a. (for loan amount < S$15,000)

    Note: The interest rates depend on the Renovation Loan Board Rate which is at 8.50% p.a.

    Fees and Charges

      Charges
    Loan restructuring S$800
    Changing redemption date S$200
    Processing fee of renovation loan 1% of the approved amount
    Cancellation fee of renovation loan 1% of the cancelled amount (minimum S$100)

     

    Types of Maybank Home Loans

    Private Property Home Loan: As the name suggests, this loan holds good if you want to buy a private house. The property you choose can be under construction or completed.

    HDB Home Loan: This loan can be taken when you are planning to buy an HDB or a BTO flat. It can also be taken to refinance your current loan on your HDB property.

    Overseas Property Loan: This loan can be taken if you want to purchase a residential property in Malaysia, Australia, and London. You can start the loan process from the comfort of your home in Singapore. For properties in London, you can borrow up to 80% of the property value from Maybank in S$ or GBP. For a property in Australia, you can borrow up to 70% of the property value in S$ or AUD. In Malaysia, you can purchase properties in Penang, Johor Bahru, Kuala Lumpur, and Malacca. You can borrow up to 70% of the property price.

    Home Renovation Loan: If you want to renovate your current house and are in need of financial assistance, you can go for Maybank’s Home Renovation Loan. A team of dedicated loan specialists will help you with the approval process which is generally quick. You can clear all your queries regarding your renovation plan with the loan experts. If you already have a home loan with Maybank, you will get the renovation loan at an interest rate of 2.88% p.a. New customers will get the loan at a special rate of 4.33% p.a. if the loan amount is at least S$15,000 and the tenure is 3 years. You can borrow up to S$30,000 or an amount that is 6 times your monthly income, the lower value among the two. The minimum loan amount must be S$5,000. You can select a tenure between 1 and 5 years.

    Features and Benefits

    • Borrow up to 80% of the property value.
    • When you refinance an existing loan to Maybank, you will get a legal subsidy.
    • Transparency in interest rates, which can be tailored to your needs.
    • Home renovation loan available at an interest rate as low as 2.88% p.a.
    • As a home loan customer, if you open a SaveUp Account and sign up for two more products or services from Maybank, you can earn up to 3% p.a. additional interest.
    • Get advice from dedicated managers for home loan solutions.

    Eligibility

    • You must be a Permanent Resident or a citizen of Singapore.
    • You must be at least 21 years old.
    • The minimum annual income of the main applicant must be S$30,000.

    Documents Required

    Documents required to apply for the renovation loan:

    • A copy of your NRIC.
    • Computerised payslip, CPF contribution done in the last 6 months, or Income Tax Notice of Assessment, for salaried customers.
    • Income Tax Notice of Assessment from the previous 2 years, for self-employed customers.
    • Birth or marriage certificate, in case of joint applications.
    • Contractor’s invoice or quotation.
    • Proof of ownership of your home (one of the following documents must be submitted):
      • HDB Sales Order.
      • HDB second appointment letter.
      • Approval letter from HDB.
      • Payment receipt of stamp duties.
      • Acceptance letter of home loan from Maybank or another bank.
      • Lawyer’s letter confirming the completion of the property.
      • Property tax bill.
      • HDB Renovation Permit.
      • Letter from HDB confirming ownership.
      • Sale and purchase agreement.
      • CPF withdrawal statement for residential property.

    How to Apply for a Home Loan?

    You can apply for the Home Renovation Loan in the following ways:

    • You can apply online from Maybank’s official website.
    • Send an SMS to 79898. The body of the message must be ‘Reno ’. The bank will get in touch with you.
    • You can fill an enquiry form, submit it, and wait to hear back from them.
    • You can visit any of the Maybank branches and enquire about the renovation loan.

    For other loans:

    • Visit a Maybank branch and discuss your interests with a loan expert.
    • You can take an online appointment.
    • You can also submit your personal information and the type of property you want to purchase through a form. The bank will direct you to the next step.

    Maybank offers home loans with competitive and affordable interest rates and flexible tenures. Start your process at the earliest and purchase a home so that you will have a comfortable retirement life. It is recommended to start your loan process early in your life. That way you will be able to repay the loan in your own time, with lower monthly instalments.

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