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 progressively as per agreement.
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