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.
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|
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.
The unbeatable features and benefits of the POSB renovation loan include the following-
These, alongside robust customer support service and quick, transparent dealings ensures POSB’s continued popularity when it comes to renovation loans in Singapore.
In order to apply for the POSB renovation loan, the applicant must satisfy the following requirements-
Next, when applying for the loan, the bank in question will request for the following documents-
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.