A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Maybank Home Loan Singapore

    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.

    You’re probably eligible for an Maybank Home Loan if you are

    Maybank Home Loan Minimum Age

    Atleast 21 years

     Maybank Home Loan Maximum Age

    Above 21 years

    Maybank Home Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    Maybank Home Loan Minimum Income

    Earn more than the minimum income required

    Your Maybank Home Loan amount eligibility is based on these factors

    Maybank Home Loan Minimum Salary

    EMI limited to about 50% of monthly income

    Maybank Home Loan Maximum Loan to property value

    No Info

    Maybank Home Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible Maybank Home Loan amount by these steps

    Maybank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant, and her income will add to your eligibility

    Maybank Home Loan Maximum Tenure

    Choose longer tenure

    Maybank Home Loan Add parents as Co-applicant

    Alternatively add your parents

    Documentation needed to apply for an Maybank Home Loan

    • 1. Copy of NRIC/Passport of all Applicants & Owners
    • 2. Latest Computerised Payslip (salaried)
    • 3. CPF Statement – Latest 12 Months Contribution History (salaried)
    • 4. 2 Years Income Tax Assessment (self-employed)
    • 5. Option to Purchase or Sale & Purchase Agreement (for new purchase)
    • 6. Tenancy Agreements (if any)
    • 7. Evidence of sale of existing property (if applicable)

    Maybank Home Loan DetailsUpdated on 11 Dec 2018

    Maybank Home Loan Details
    Interest Rate 3.88%
    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.

    Types of Maybank Home Loans

    Here are the different type of home loans offered by Maybank:

    • HDB Home Loan
    • Private Residential Home Loan
    • Commercial and Industrial Property Financing
    • Overseas Property Loan
    • Home Renovation Loan

    Features and benefits of Maybank Home Renovation Loan

    • Apply for the home renovation loan from Maybank and enjoy the following interest rate packages:
      • New customers of Maybank will enjoy interest rates as low as 4.33% p.a.
      • Existing home loan customers of Maybank will enjoy interest rates as low as 2.88% p.a.
      • The renovation board rate is currently 8.50% p.a.
    • Flexible tenures start from 1 year and extend up to 5 years.
    • You can get renovation loan amount up to 6 times your monthly income or S$30,000 depending on whichever of the two is lower.
    • The minimum loan amount for the Maybank Home Renovation Loan is S$5,000.

    Maybank Home Renovation Loan promotions

    The following promotion is applicable to new customers of Maybank only:

    • Enjoy 25% discount on processing fees when you apply for this loan online on the bank’s website.
    • This is an ongoing promotion that is valid until 31 October 2017.

    Maybank Home Renovation Loan fees and charges

    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.

    Maybank Home Renovation Loan for foreigners

    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.

    Maybank Home Renovation Loan eligibility criteria

    You must meet certain eligibility criteria if you wish to apply for this home loan with Maybank that include:

    • Nationality criterion – Singapore citizens and Permanent Residents only are eligible to apply for this loan.
    • Age criteria:
      • Minimum age – 21 years.
      • Maximum age – 55 years (at the time of loan maturity).
    • Single or joint applications are permitted. In case of joint applications, the second borrower must be related to the main applicant in the form of a parent, sibling, child or spouse.
    • Income criteria:
      • Single applications – The minimum income required is S$24,000 p.a.
      • Joint applications – The combined annual income should be S$30,000 wherein the main applicant earns a minimum of S$24,000 p.a.
    • Salaried and self-employed individuals can apply for this loan.

    Documents required for the Maybank Home Renovation Loan

    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:

    • Copy of NRIC (front and back).
    • Income documents to be submitted by salaried employees:
      • Computerized payslip or
      • Last 6 months’ CPF Contribution History or
      • Income Tax NOA (Notice of Assessment).
    • Income documents to be submitted by self-employed applicants:
      • Last 2 years’ Income Tax NOA (Notice of Assessment).
    • Proof of relationship document in case of joint applications includes a marriage certificate or a birth certificate.
    • Invoice or quotation issued by your contractor.
    • One of the following documents must be submitted as proof of home ownership:
      • Sales & Purchase Agreement.
      • CPF withdrawal statement for your residential property.
      • Property tax bill.
      • HDB ownership confirmation letter.
      • HDB Renovation Permit.
      • HDB Sales Order.
      • HDB 2nd appointment letter.
      • HDB approval letter.
      • Home loan acceptance letter issued by Maybank or any other bank.
      • A confirmation letter from your lawyer regarding the completion of your property.
      • Payment receipt of stamp duty.

    How to Apply for Maybank Home Renovation Loan

    There are four ways to apply for this housing loan with Maybank:

    • Online application – Visit the bank’s website and navigate to the Home Renovation Loan webpage. Click on the “Apply Now” option available under “Online Application”. You will be directed to the application form that will take you approximately 15 minutes to complete.
    • SMS – Send a message to Maybank on the number 79898 in this format: “Reno <Name> <Contact Number>” to start your application process.
    • Enquiry form – The renovation loan enquiry form is available on the Home Renovation Loan webpage. Click on the “Contact Me” option available under “Enquiry Form” which will redirect you to the renovation loan enquiry form. Provide your name, contact number and cost of renovation depending on your contractor’s quotation to start your renovation loan application process.
    • Apply directly – You can visit your closest Maybank branch and apply for this housing loan, directly in person.

    Maybank Home Renovation Loan repayment

    • Tenures available – 1 to 5 years.
    • Modes of repayment – Cash, cheque, direct debit from account, etc. may be applicable.
    • Prepayment – A written notice should be provided to the bank 1 month in advance. Prepayment charges may be applicable.
    • Possibility of part payment – Partial prepayment of this Maybank loan is not permitted.

    Maybank Home Renovation Loan FAQs

    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.

    News About Maybank Home Loan

    • Projected Growth in Home Sales Likely in 2016

      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

    • Half-Year Net Profit of Maybank Rises By 3.4 Percent

      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

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