• POSB Home Renovation Loan


    POSB Home Renovation Loan

    POSB Bank is one of leading choice when it comes to renovation loans in Singapore. After POSB was acquired by DBS Bank in November 1998, the bank’s influence on the local audience grew manifold and the brand itself grew to be a leading banking unit that offered the whole range of popular banking products. POSB has built a solid reputation as a people centric bank, keeping costs low for basic savings account and offering a multitude of perks for the different sections of the Singaporean society. When it comes to renovation loans, POSB has always been one of the most preferred options in Singapore.

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

    POSB Renovation Loan Minimum Age

    POSB Renovation Loan Minimum Age - 21 years

     POSB Renovation Loan Maximum Age

    POSB Renovation Loan Maximum Age - 65 years

    POSB Renovation Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    POSB Renovation Loan Minimum Income

    S$24,000 for single and/or joint applicants

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

    POSB Renovation Loan Minimum Salary

    POSB Bank Renovation Loan Min Salary - S$24,000

    POSB Renovation Loan EMI

    Existing Loan EMI - EMIs of other loans lower your eligibility

    Increase your eligible POSB Home Renovation Loan amount by these steps

    POSB Renovation Loan Add Spouse as Co-applicant

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

    POSB Home Renovation Loan Basic Details Updated on 20 Sep 2017

    POSB Home Renovation Loan Basic Details
    Min Loan Amount S$10,000
    Max Loan Amount S$30,000
    Max Loan Tenure up to 5 years
    Interest Rates 4.38%
    Monthly EMI Min. S$186

    Overview of POSB Renovation Loan

    As the name specifies, a renovation loan is subscribed to by the Singapore public to affect renovations, remodeling or up-gradation of their homes. The offering from POSB boasts of one of the lowest applicable interest rates in town, at just 2.31% per annum (provided your current mortgage is already with the POSB Bank). Alongside this, the ease of application, the transparent processing stage and a robust customer support initiative are highlights of this loan from POSB.

    Features of POSB Renovation Loan

    The unbeatable features and benefits of the POSB renovation loan include the following-

    1. One of the lowest interest rates currently available at just 2.31% per annum.
    2. Immensely flexible repayment tenure ranging from 1-5 years.
    3. Maximum renovation loan amount capping at S$30,000.
    4. Added advantage of life and total permanent disability insurance to protect against unforeseen events.

    These, alongside robust customer support service and quick, transparent dealings ensures POSB’s continued popularity when it comes to renovation loans in Singapore.

    POSB Renovation Loan Eligibility and Documentation

    In order to apply for the POSB renovation loan, the applicant must satisfy the following requirements-

    1. He/she must be a citizen of Singapore or permanent resident.
    2. The applicant must not be younger than 21 years and older than 65 years at date of application.
    3. He/she must be the verified owner of the property that requires renovation.
    4. The applicant must earn more than S$24,000 per annum.
    5. The applicant may sign on co-applicants (close family members) in a joint application for a loan amount that is capped collectively at S$30,000. Herein, the co-applicants must individually earn atleast S$12,000 per annum.

    Next, when applying for the loan, the bank in question will request for the following documents-

    1. Completed and duly signed renovation loan application form.
    2. Photocopy of National Registration Identity Card (NRIC).
    3. Income proof documents as listed below-
      • For Salaried Applicants- Latest payslips, CPF statement for last 6 months, latest income tax assessment notice.
      • For Self-Employed Applicants- Latest income tax notice of assessment.
    4. Proof showing applicant’s ownership of the property that needs renovation.

    Kindly note that this is a very basic list, banks may in their individual capacity demand for more documents and proof.

    Other Products Offered by POSB

    In Conclusion- A POSB renovation loan could be used for a number of varied applications, primarily involving the remodeling and renovation of your cherished abode. These fundamental and/or major changes and updates could include electrical and wiring works, flooring and tiling, basic bathroom fittings, painting and other beautification procedures, works that address the exterior of the house, structural alterations and other such activities. With POSB renovation loan, accomplish all this, and more, with minimum expenditure of time and patience. A win-win situation all around.

    Explore Other Banks Offering Renovation Loan:

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