Maybank Renovation Loan Monthly Rest

Apply now

Key Features

6.53%
Interest Rate (p.a.)
1.25% of loan amount or minimum S$150; whichever is higher
Processing Fee (approved loan)
0%
Admin Fee

Other Features

To be eligible for interest rates from 3.88%p.a., existing Home Loan customers must have their renovation loan application approved for a minimum loan quantum of S$15,000 and a minimum loan tenure of 3 years.
New customers can enjoy an attractive renovation loan interest rate from 6.53% p.a. (Renovation Loan Board Rate less 4.32% p.a.).
You can borrow up to 6 times your monthly income or S$30,000 (whichever is lower) for your renovation loan.
The loan tenure for your renovation loan can be up to 5 years.

Eligibility

Citizenship Status

Singaporean / PR

Age Requirement

21 – 55 years old

Employment Status

Salaried / Self Employed

Guarantor / Collateral

Minimum Annual Income

S$30,000

Fees and Charges

Disbursement Fee: S$5 per order (1st Free)
Processing Fee: 1.25% of loan amount or minimum S$150; whichever is higher
Cancellation Fee: 2% of undrawn or cancelled amount minimum S$100
Late Payment Fee: S$60 per month if account is in arrear
Partial Repayment Penalty: Each prepayment shall be made in multiples of S$1,000, with the prepaid amount not more than 50% on the original approved loan amount and the outstanding loan does not fall below S$5,000 after the prepayment.
Full Repayment Penalty: 2% of amount prepaid or redeemed minimum S$100. A minimum notice period of 1 month or payment of interest in lieu is required.

Review

By LOANPANDA

Maybank’s Renovation Loan offers competitive interest rates for both new and existing customers, with flexible loan tenures up to 5 years. Borrow up to 6 times your monthly income or S$30,000, and enjoy a low processing fee of 1.25% of loan amount or minimum S$150.

However, a minimum annual income of S$30,000 is required and late payment and cancellation fees apply. Overall, Maybank’s Renovation Loan is a great option for those seeking financing for their renovation needs.

FAQ

A credit card is a convenient tool for people to pay for purchases today, offering many perks and rewards that can add up to more savings for the cardholders.

While there are so many types of credit cards offering different features, you may wonder: How best to choose one that suits you?

Here’s a short guide LOANPANDA has compiled to help you understand the credit card requirements, interest rates and basic payment terms.