• Maybank Home Renovation Loan

    Home Loan BYTES FROM OUR KITCHEN

    Maybank Home Renovation Loan

    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.

    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 remodelling the kitchen, constructing additional rooms and so on. A Maybank Renovation Loan can help people to take care of their home renovation expenses.


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

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    Maybank Renovation Loan Minimum Age

    Maybank Renovation Loan Minimum Age - 21 years

     Maybank Renovation Loan Maximum Age

    Maybank Renovation Loan Maximum Age - 60 years

    Maybank Renovation Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    Maybank Renovation Loan Minimum Income

    S$30,000 for single and/or joint applicants


    Your Maybank Home Renovation Loan amount eligibility is based on these factors

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    Maybank Renovation Loan Minimum Salary

    MAYBANK Bank Renovation Loan Min Salary - S$30,000

    Maybank Renovation Loan EMI

    Existing Loan EMI - EMIs of other loans lower your eligibility


    Increase your eligible Maybank Home Renovation Loan amount by these steps

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    Maybank Renovation Loan Add Spouse as Co-applicant

    Make your immediate family member a co-applicant, and his income will add to your eligibility


    Maybank Home Renovation Loan Basic Details Updated on 28 Jun 2017

    Maybank Home Renovation Loan Basic Details
    Min Loan Amount S$15,000
    Max Loan Amount S$30,000
    Max Loan Tenure up to 5 years
    Interest Rates 5.38%
    Monthly EMI S$379

    About Maybank

    Maybank, the largest Malaysian financial group, has been operational in Singapore since December 1960. In Singapore, the bank offers services across different sectors such as Personal Banking, Wholesale Banking, Islamic Banking, SME Banking etc. The bank has 22 branches and around 35 ATMs spread across the suburban areas and business districts of Singapore.

    Maybank is one of the premier lenders in Singapore that offers personal loans, home loans education loans and home renovation loans.

    Features and benefits of a Maybank Renovation Loan

    Maybank Renovation Loans offer a host of customer-friendly features that make them very popular with homeowners in Singapore. Listed below are some of the features and benefits of a Maybank Renovation loan:

    • Enjoy loans at flat rates with interest rates as low as 2.88% per annum.
    • Enjoy the flexibility of choosing from flat rate and monthly rest packages.
    • Get access to loan amount of 6 times your monthly salary, up to an amount of S$30,000 and renovate your home without any difficulty.
    • Enjoy exclusive loan package for home renovation if you have an existing home loan from Maybank.
    • Enjoy up to 5 years of loan tenure and payoff the loan at your own convenience.

    Documents Required for Maybank Renovation loans

    • Income proof of all the applicant(s)
    • NRIC of all the applicant(s)
    • For salaried individuals
      • Latest computerised copy of payslip, or
      • Income Tax Notice of Assessment, or
      • CPF Statement of Account for the last 6 months
    • For self-employed individuals/commission-based earners
      • Income Tax Notice of Assessment for the last 2 years
    • Original Invoice or Renovation Quotation signed by the contractor and customer
    • Relationship proof to establish the relationship between the applicants (for joint applications)
    • Property ownership proof (of the property that needs renovation)
    • For refinancing an existing home renovation loan, the following documents has to be provided:
      • NRIC of the applicant(s)
      • Original Approval letter/Offer letter of the existing loan
      • Latest original Loan Account Statement for the existing loan

    Promotions

    Maybank usually runs attractive promotions for its personal loan customers. The card has an online promotion wherein, the applicant can enjoy 50% off on the processing fee (capped at S$150 per approved loan application) if they apply for the loan online.

    Maybank Renovation Loan Interest rates

    Maybank offers an attractive interest rate starting from 5.18% per annum.

    Eligibility criteria for a Maybank Renovation Loan

    The applicant needs to fulfil the following loan eligibility criteria in order to get approved for the loan:

    • The applicant should be between the age of 21 and 55.
    • The applicant should be a Singaporean citizen or a permanent resident.
    • The main applicant should earn a minimum income of S$24,000.
    • You can also go for Joint application.
    • The applicant should be a citizen of Singapore or a permanent resident of Singapore.

    Explore Other Banks Offering Renovation Loan:

    Other Products Offered by Maybank

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