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.
|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.
|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$100)|
Private Property Home Loan: As the name suggests, this loan holds good if you want to buy a private house. The property you choose can be under construction or completed.
HDB Home Loan: This loan can be taken when you are planning to buy an HDB or a BTO flat. It can also be taken to refinance your current loan on your HDB property.
Overseas Property Loan: This loan can be taken if you want to purchase a residential property in Malaysia, Australia, and London. You can start the loan process from the comfort of your home in Singapore. For properties in London, you can borrow up to 80% of the property value from Maybank in S$ 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.
Documents required to apply for the renovation loan:
You can apply for the Home Renovation Loan in the following ways:
For other loans:
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.