OVERVIEW
Dreaming of remodelling your kitchen or enhancing your living space? Let us make your vision a reality.
- Eligibility Criteria
- Required Documents
- Fees & Charges
- Terms & Conditions
-
Eligibility CriteriaEligibility Criteria
- Brunei Citizen or Brunei Permanent Residents
- Minimum age is 21 years old
- Maximum age at the end of loan term is 70 years old1
- Full time employee of the Brunei Government, semi-Government organization or private company; OR
- Pensioner2 with monthly net income not less than BND1,000; OR
- Individuals receiving Brunei Government house rental3 income: BND2,000 and above
1 Applicant must be not more than 60 years of age at the end of the loan repayment period for SPK scheme.
2 Civil servants who are serving early retirement and receiving monthly pensions up to the max age of 70 at the end of the loan repayment period.
3 Loan tenor to be within the current rental tenancy agreement period.Above criteria is subject to Baiduri Bank’s internal credit policy assessment.
- Brunei Citizen or Brunei Permanent Residents
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Required DocumentsRequired Documents
- Valid Brunei identity card
- Latest salary slip
- Quotation of the renovation work
- Agreement letter between applicant and the contractor
- Progressive claim agreement with contractor
- Approval letter from ABCI (for structural renovation)
- Pictures of the area(s) to be renovated (for non-structural renovation)
- Latest Certificate of Balance and/or Clearance Letter (if salary account is with another bank)
Other Terms & conditions apply -
Fees & Charges
-
Terms & ConditionsTerms & Conditions
- Assignment of Income/Salary is required.
- Approval letter from the Authority for Building Control and Constructions Industry (ABCI) is required for STRUCTURAL home renovation.
- All Lending rates are quoted at Effective Interest Rate regardless of method of computation used.
- Effective Interest Rate is pegged to the Bank’s Prime Lending Rate. Any change in Prime Lending Rate will result in a change in the applicable interest rate.
- Appointed contractor must be registered with the Ministry of Development and funds must be disbursed to the contractor/builder/supplier against invoices in phases based on completion of work.
- For non-structural renovation, approval from ABCI is NOT required.
- Payment claims by contractor will be paid as per contract agreement.
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