• RHB Home Renovation Loan


    RHB Home Renovation Loan

    For most of us who own a home that is pretty old or outdated in terms of design and needs a facelift, the thought of renovation triggers an adrenaline rush. Be it a minor cosmetic revival or a major renovation, it ought to bring excitement to your doorstep. There will be some major hurdles in this process, the most predominant one being the monetary requirement. Personal savings may not really fund the corpus required to trigger the renovation dream.

    One of the best solutions to the problem above will be to finance the amount by means of a Renovation Loan. A debt instrument exclusively designed to fulfill home renovation needs, this loan provides extensive monetary support for a wide range of restoration needs which includes construction of additional floors.

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

    RHB Renovation Loan Minimum Age

    RHB Renovation Loan Minimum Age - 21 years

     RHB Renovation Loan Maximum Age

    RHB Renovation Loan Maximum Age - 50 years

    RHB Renovation Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    RHB Renovation Loan Minimum Income

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

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

    RHB Renovation Loan Minimum Salary

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

    RHB Renovation Loan EMI

    Existing Loan EMI - EMIs of other loans lower your eligibility

    Increase your eligible RHB Home Renovation Loan amount by these steps

    RHB Renovation Loan Add Spouse as Co-applicant

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

    RHB Home Renovation Loan Basic Details Updated on 22 Sep 2017

    RHB 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 5.37%
    Monthly EMI S$379

    RHB Bank Renovation Loan

    The bank provides simple and affordable loan facility for all your home renovation and furnishing needs. This all inclusive loan covers needs of various requirements that covers minor facelifts to major renovations. The loan plans are of two types.

    Renovation Loan

    Designed for home renovation needs such as painting, restructuring, construction etc. Gives you immediate access to funds at interest rates beginning at just 3.68% p.a.

    Furnishing Loan

    A loan package exclusively for RHB Renovation Loan customers that lets you fulfill all your home furnishing dreams at appealing rates and terms.

    RHB Bank Renovation Loan Features and Benefits

    • The maximum loan amount provided under this scheme is up to 6 times your monthly salary or S$30,000, whichever is lower. This large offering should cover all the vital renovation requirements.
    • The loan can be repaid in Equated Monthly Installments(EMI’s) starting at one year and can be stretched upto 5 years. This kind of bandwidth provides you enough space to repay the loan amount as per your financial convenience.
    • The primary borrower is eligible for a free accident insurance on this loan scheme.
    • A processing fee of 1% of the approved loan amount is billed by the bank towards handling documentation and other paperwork.

    Furnishing Loan

    A scheme that is exclusive to RHB Renovation loan customers comes with the same features and benefits as above. The loan amount can go up S$120,000 or upto 6 times your monthly salary, whichever is lower.

    RHB Renovation Loan Interest Rates

    Renovation Loan - Flat Rate Package

    Tenure of the loan Loan Amount – below S$15,000 Loan Amount – $15,000 to $30,000 Estimated Monthly Repayment Amount / Approved Loan Amount
    Interest Rate (p.a) Effective Interest Rate (p.a) Interest Rate (p.a) Effective Interest Rate (p.a) $10,000 $15,000 $20,000 $25,000 $30,000
    1 year 3.68% 8.60% 2.98% 7.32% $864 $1,288 $1,716 $2,145 $2,575
    2 years 3.68% 7.90% 2.98% 6.60% $447 $662 $883 $1,104 $1,325
    3 years 3.68% 7.60% 2.98% 6.31% $308 $454 $605 $757 $908
    4 years 3.68% 7.41% 2.98% 6.14% $239 $350 $466 $583 $700
    5 years 3.68% 7.27% 2.98% 6.02% $197 $287 $383 $479 $575

    Renovation Loan - Monthly Rest Package

    Tenure of the loan Interest Rate (per annum) Effective Interest Rate (per annum) Estimated Monthly Repayment Amount
    Approved Loan Amount
    $10,000 $15,000 $20,000 $25,000 $30,000
    1 year 5.80% per annum 7.61% $860 $1,290 $1,720 $2,150 $2,580
    2 years 6.72% $443 $664 $885 $1,106 $1,327
    3 years 6.41% $304 $455 $607 $759 $910
    4 years 6.25% $234 $351 $468 $585 $702
    5 years 6.16% $193 $289 $385 $481 $578

    Furnishing Loan - Monthly Rest Package

    Tenure of the loan Interest Rate (per annum) Effective Interest Rate (per annum) Estimated Monthly Repayment Amount
    Approved Loan Amount
    $10,000 $15,000 $20,000 $25,000 $30,000
    1 year 8.80% per annum 10.59% $874 $1,311 $1,748 $2,184 $2,621
    2 years 9.71% $456 $684 $912 $1,140 $1,368
    3 years 9.40% $317 $476 $635 $793 $952
    4 years 9.24% $248 $372 $496 $620 $744
    5 years 9.14% $207 $310 $414 $517 $620

    At present the prime lending rate is 5.70% per annum.

    A processing interest fee of 1% is included in the effective interest rate.

    Known to be a customer oriented bank, RHB extends flexibility in interest rates by offering two different rates plans as elaborated below.

    Flat Rate Package

    In this plan, the prevailing interest rates are applied on the original loan amount and broken down into Equated Monthly Installments.

    Monthly Rest Package

    Here, the interest rates are computed and charged on the outstanding balance on a monthly basis.

    Various slabs of interest rate packages are available for both Renovation and Furnishing loans on basis of the tenor chosen. Do inquire with the nearest branch for periodic offers and promotional rates.

    About RHB Bank

    This Malaysian bank began its banking journey in Singapore in 1961 as UMBC. Since then a number of significant mergers redefined the path of RHB, making it one of the leading banks in the country. The bank provides a full range of banking and financial services to individuals as well as corporate customers. RHB is strongly networked by 7 branches and 17 Bureaus de Change in Singapore.

    RHB Bank Berhad in the island nation is grouped in the divisions below.

    • Consumer Banking
    • Business Banking
    • Corporate Banking
    • Treasury and Investment Banking

    RHB in Singapore provides feature rich financing products for home renovation needs.

    Loan Eligibility

    • The applicant should be aged between 21 to 55 years.
    • Should be a Singaporean or a permanent resident of the country.
    • The primary or joint applicant should be the legal owner of the property to be renovated.
    • The main applicant should have earnings of at least S$24,000 per annum.
    • Parents, spouse, siblings or children who are employed with regular income are welcome to join as co applicants to enhance the loan application.

    Payable Fees & Charges

    Processing fees: A fee of 1% is billed as processing fee which is charged towards handling documentation and stamp paperwork.

    Disbursement fee: This fee is charged for handling Cashier’s Order to your contractor appointed for renovation work. No fee is levied on the first order. Subsequent orders are charged S$10 per disbursement.

    Penalty Charges

    Late payment fee: For late EMI receipts, a fee at the rate of 5% plus PLR(Prime Lending Rate) of the overdue installment amount.

    Early repayment fee: 2% of the outstanding loan amount applicable on both full and partial repayments.

    Explore Other Banks Offering Renovation Loan:

    Other Products Offered by RHB

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