POSB is one of the most popular Singaporean banks that was acquired by DBS in the late 1800s. The bank is known for its affordable interest pricing and the wide range of products it offers. Among the various credit products offered by the bank, renovation loans are one of them. Let’s look at the important features, notable benefits and other details including interest rates, how to apply for the loan and frequently posed questions on the bank’s renovation loan product.
POSB Renovation Loan Minimum Age - 21 years
POSB Renovation Loan Maximum Age - 65 years
Salaried / Self-employed with regular income
S$24,000 for single and/or joint applicants
POSB Bank Renovation Loan Min Salary - S$24,000
Existing Loan EMI - EMIs of other loans lower your eligibility
Make your immediate family member a co-applicant, and his income will add to your eligibility
|Min Loan Amount||S$10,000|
|Max Loan Amount||S$30,000|
|Max Loan Tenure||up to 5 years|
|Monthly EMI||Min. S$186|
POSB offers renovation loans to help you give your home the ideal facelift that it deserves. In case you have a home loan with POSB or DBS, you’ll get a lower interest rate on your renovation loan.
You can get the following kinds of home loans through POSB in Singapore:
|Year||Effective Rate of Interest (p.a.)|
|Insurance Premium||1% of the approved loan amount|
|Handing Fee||1% of the loan amount|
|Cashier Order||S$5 for each Cashier order (first cashier order is free, a maximum of 3 orders will be issued)|
|Cancellation Fee/Pre-payment charge||1% of the cancelled/prepayment amount|
You can apply for a renovation loan with POSB by visiting the official POSB website and filling out the online renovation loan application form. The bank also gives you the provision of uploading your documents online, following which a representative from the bank will get in touch with you and help you fill-out the remainder of your application. Your application will then be processed and reviewed by the bank.
Repayments towards your POSB Renovation Loan can be made through internet banking. Log in with your internet baking banking credentials, select the beneficiary POSB account and transfer the monthly repayment amount to the bank. You can also pay through the POSB mobile application if you have an account with POSB.
Q. Are only licensed contractors eligible to perform renovation in HDB flats?
Q. Is there a choice in interest rate package?
Q. What is the impact of my credit score on my loan application?
Q. Will I have to purchase insurance separately?
Q. What is the interest rate if i already have a home loan with POSB?