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Renovation Loan
Renovating your home is an exciting and rewarding process. Whether you’re looking at a minor facelift or transforming your entire home into the dream of your lifetime, it can be simpler and more affordable than you imagine. Let RHB Renovation Loan and Furnishing Loan complete your vision of a perfect home.

Benefits
Renovation Loan¹
•   Loan amount up to 6 times² your monthly salary or S$30,000 whichever is the lower
•   Flexible repayment period of up to 5 years
•   Free personal accident insurance³ coverage for the main borrower
•   A processing fee of 1% applies
 
Furnishing Loan¹

•   Exclusively for RHB Renovation Loan customers

•   Loan amount up to 6 times* your monthly salary or S$120,000 whichever is the lower

•   Flexible repayment period of up to 5 years

•   A processing fee of 1% applies

Attractive Interest Rates Packages
• 
  Choice of Flat Rate or Monthly Rest packages on your Renovation Loan

RENOVATION LOAN - FLAT RATE PACKAGE


Loan Tenure

Loan Amount
below $15,000

Loan Amount
$15,000 to $30,000

Estimated Monthly Repayment^

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


Loan Tenure

Interest
Rate
(p.a.)

Effective
Interest
Rate#
(p.a.)

Estimated Monthly Repayment#

Approved Loan Amount

$10,000

$15,000

$20,000

$25,000

$30,000

1 year

5.80% p.a.
(RBR-2.45%)

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

RBR is Renovation Board Rate currently at 8.25% p.a. Rate is subject to change.

•   Low interest rate from 8.8% p.a. on monthly rest basis for Furnishing Loan

FURNISHING LOAN - MONTHLY REST PACKAGE


Loan Tenure

Interest
Rate
(p.a.)

Effective
Interest
Rate
(p.a.)#

Estimated Monthly Repayment^

Approved Loan Amount

$10,000

$15,000

$20,000

$25,000

$30,000

1 year

8.8% p.a.
(PLR+3.10%)

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

PLR is Prime Lending Rate currently at 5.70% p.a. Rate is subject to change.

#Effective interest rate is inclusive of 1% processing fee

^The calculation is for illustrative purposes only. The figures (round off to the nearest dollar) are computed based on the interest rates quoted and are subject to change when the interest rates change


Eligibility

• Singaporean or Singapore Permanent Resident
• 21 to 55 years old
• Main Applicant must be earning at least S$24,000 per annum
• Joint Applicant (if any) must be gainfully employed and a spouse, parent, sibling, or child of the Main  
  Applicant
• Either the Main or the Joint Applicant must be the owner of the property to be renovated

Documents Required

     a) A copy of your contractor’s quotation/Invoice duly signed by Applicant(s) and Contractor(s)
     b) Photocopy of NRIC (both sides)
     c) Proof of Income:
          •   Salaried Employee: 
              1)    Latest Computerized Payslip OR 
              2)    CPF Contribution Statement for past 12 months OR 
              3)    Latest Income Tax Notice of Assessment (NOA)
          •   Variable Income/Commission Based Earner: 
              1)    Latest 6 months Computerized Payslip OR 
              2)    CPF Contribution Statement for past 12 months OR 
              3)    Latest Income Tax Notice of Assessment (NOA)
          •   Self-Employed:
              1)    Income Tax Notices of Assessment (NOA) for past 2 years      
     d) Proof of ownership on property to be renovated e.g. HDB Letter of Approval/Flat Information, CPF
          Property Withdrawal  Statement, Certificate of Title (for private property), Sales and Purchase
          Agreement, property tax bill, etc.
     e) For joint application: Proof of relationship for joint application e.g. marriage/birth certificates
     f) For Furnishing Loan : Copy of receipt/invoice of fittings purchased under the Main Applicant’s Name for
         disbursement  of loan

 Important Information
Fees and Charges
http://www.rhbbank.com.sg/images/home/spacer.gifProcessing Fee 1% of the approved loan amount
Disbursement Fee   Free 1st Cashier’s Order for disbursement to your contractor
  Subsequent  Cashier’s Orders are chargeable at $10 each
  A maximum of 3 Cashier’s  Orders allowed
Late Payment Fee 5% above Prime Lending Rate (currently at 5.70%) on any overdue instalment
Cancellation Fee  1% on the undrawn loan amount cancelled (maximum $200)
Full Repayment Fee 2% on the outstanding loan amount
Partial Prepayment Fee 2% on the prepaid amount


For more information, call 9821 0100, email us or visit our branches.


Terms and conditions apply.

¹ Interest rates and product features are subject to change without prior notice.

² Minimum annual income of $24,000 is required. The total loan amount for your RHB Renovation Loan will be capped up to six times your monthly income as indicated in the income documents, subject to a maximum of $30,000 or amount RHB Bank may in its absolute discretion determine.

³ Insurance coverage is underwritten by NTUC Income, or such other insurer as may be appointed by RHB Bank from time to time.

* For RHB Furnishing Loan: For annual income of $20,000 to $29,999, loan amount will be up to 2 times your monthly income. For annual income of $30,000 to $119,999, loan amount will be up to 4 times your monthly income. For annual income of $120,000 and above, loan amount will be up to 6 times your monthly income.

# Effective interest rate is inclusive of 1% processing fee

^ The calculation is for illustrative purposes only. The figures (round off to the nearest dollar) are computed based on the interest rates quoted and are subject to change.

 

 
   
   
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