Maybank Fact Sheet – Home Renovation Loan

Age  Minimum 21
(Years)  Maximum 55 upon loan maturity
Nationality Singaporean or SPR
Borrower’s
Eligibility Relationship
Parent, child, sibling or spouse

 Single application: Minimum S$30,000

Income Criteria
 Joint application: Combined income of S$30,000, with main application
(Per Annum)
earning minimum S$24,000

 From 5.38% p.a. (RBR* less 3.12% p.a.)

 For Home Loan customers, exclusive 2.88% p.a. (RBR* less 5.62% p.a.)
Interest Rates
(Monthly Rest) Please refer to maybank.sg/renoloan for promotion.
Loan
*RBR refers to Renovation Board Rate which is currently at 8.50% p.a.
Features  Minimum: S$5,000
Loan Amount  Maximum: S$30,000 per account OR up to 6X monthly income, whichever
is lower
Loan Tenure 1 to 5 years

Processing Fee 1% of approved loan amount. to be net-off from the approved loan amount
Fees and Cancellation Fee
1.00% of undrawn or cancelled amount (min S$100) before disbursement of
loan amount, i.e. before issuance of CO
Charges  First Cashier’s Order [CO] is free
Cashier’s Orders  Subsequent CO is chargeable at S$5 each and to be deducted from loan
proceeds

Information of
1) Front and back of NRIC
Applicant(s)
2) For salaried applicant:
 Computerized pay slip OR
5 Income Documents
 Income Tax Notice of Assessment OR
 CPF contribution history (minimum 6 months)
of Applicant(s)
Mandatory
For self-employed applicant:
Documents  Income Tax Notice of Assessment for past 2 years
Proof of
Required Relationship for 3) Marriage certificate OR Birth certificate
Applicants
4) Contractor’s quotation OR invoice

Other Documents 5) Proof of home ownership (please submit one of the following):
 CPF Statement of Withdrawal for residential property
 Sale & Purchase Agreement

Malayan Banking Berhad (incorporated in Malaysia) UEN S60FC1376L

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  HDB Renovation Permit
 HDB ownership confirmation letter
 Property Tax Bill
 Lawyer’s confirmation letter on completion of property
 Home Loan acceptance letter by Maybank and other banks
 Letter of approval from HDB
 Stamp duty payment receipt
 HDB 2nd appointment letter
 HDB Sales Order

Application Process

Step 1 Step 2 Step 3

Obtain your renovation quotation Apply for Home Renovation Loan Loan approval and disbursement
with the following documents:

1. Completed application form

2. NRIC (front and back)
3. Income documents
4. Signed and accepted 1. You will receive a letter from
renovation quotation us, upon loan approval
5. Proof of home ownership 2. Submit the loan
6. Proof of relationship for joint disbursement form
applicants 3. Cashier's Order(s) will be
issued in the name of your
renovation contractor

Visit maybank.sg/renoloan to apply online now!

Note:
 The above are subjected to changes. Terms and conditions apply. Please visit our website for more details.
 Effective as at 21 July 2017

Malayan Banking Berhad (incorporated in Malaysia) UEN S60FC1376L

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