Best Renovation Loans in Singapore in 2026
Updated: 24 Feb 2026
Loan | Monthly Repayment | SingSaver Reward | Annual Interest Rate | Total Cost of Loan | EIR | ||
|---|---|---|---|---|---|---|---|
 | Trust Bank Instant Loan | S$286 | S$240 | From 1.00 % | S$300 | From 2.28 % p.a. | |
 | Standard Chartered CashOne Personal Loan | S$285 | S$10,230 | From 0.90 % | S$270 | From 1.75 % p.a. | |
 | CIMB Personal Loan | S$286 | - | From 1.00 % | S$300 | From 1.94 % p.a. | |
 | HSBC Personal Loan | S$289 | - | From 1.30 % | S$390 | From 2.50 % p.a. | |
 | UOB Personal Loan | S$286 | S$10,230 | From 1.00 % | S$300 | From 1.93 % p.a. | |
 | Credible.sg Personal Loan | S$366 | - | 10.56 % | S$3,168 | 10.56 % p.a. | |
 | OCBC Renovation Loan | S$313 | - | 4.18 % | S$1,254 | 5.19 % p.a. | |
 | DBS Renovation Loan | S$313 | - | 4.18 % | S$1,254 | 4.91 % p.a. | |
 | DBS Eco-Aware Renovation Loan | S$317 | - | 4.68 % | S$1,404 | 5.41 % p.a. | |
 | Citi Quick Cash | S$316 | - | 4.55 % | S$1,365 | 8.50 % p.a. |
1. Download the Trust App and navigate to the Instant Loan section
2. Fill out an application and submit all required documents
3. Wait for approval of personal loan
- LOWEST Interest Rates in the Market from 1.56% p.a. (EIR 3.00%* p.a.) with no processing or hidden fees (until further notice)
- Flexible repayments. Choose your desired personal loan amount and tenure. Repay with fixed instalments over 3 to 60 months.
- Fast approval in 60 seconds.
- *EIR calculated based on loan amount of S$90,000 and tenure of 60 months from 1 Jan 2024. Maximum EIR may be up to 22.34% p.a. based on your personal credit profile.
- Deposit Insurance Scheme: SGD deposits of non-bank depositors are insured by the SDIC, for up to S$100,000 in aggregate per depositor per Scheme member by law.
- Min. age requirement: 21 years old
- Minimum annual income of S$30,000 for Singaporean citizen or PR or S$60,000 for foreigners with valid work pass
- Effective Interest Rate (EIR) is calculated based on a loan amount of S$20,000 and loan tenure of 60 months from 1 Jan 2026. Maximum EIR may be up to 25.03% p.a. based on your personal credit profile.
- We charge a 0.88% first year annual fee and this is illustrated in the EIR above. Subsequent annual fee may be applicable, please see our Instant Loan Key Facts Sheet for more details.
1. NRIC (Front & Back)
2. Salaried employees: Latest month’s computerised payslip or latest 6 months’ CPF contribution history statement
3. Self-employed individuals: Last 2 years’ Income Tax Notice of Assessment
4. Commission-based earners: Latest 3 months payslip or latest 6 months' CPF contribution history statement
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider's approval.
1. Go to Standard Chartered's website and click "Apply Now” button under Personal Loans
2. Fill out an application and submit all required documents
3. Wait for approval of personal loan from Standard Chartered
- Enjoy low interest rates from 0.90% p.a. (EIR ~1.75% p.a.) for longer tenures. Get instant loan approval and cash disbursement in as quick as 15 minutes to your designated bank account.
- Enjoy a 5-year annual fee waiver on your Standard Chartered Platinum Visa credit card
- Min. loan amount of S$1,000
- Max. loan amount of up to S$250,000
- Allow for change of loan tenure.
- Allow for flexible repayment without late fees.
- Waiver of S$50 annual fee (from 2nd year till expiry of loan) if all instalments for the year are paid on or before the due dateMax. loan amount of up to 4X monthly salary, capped at S$250,000
- Read our full review of the Standard Chartered CashOne Personal Loan
- EIR calculated is not yet inclusive of the first-year annual fee of S$199. Interest rate in your application will be based on your credit profile as determined by Standard Chartered.
- First year annual fee: S$199
- Early repayment fee: S$150 or 3% of the outstanding principal, whichever is higher
- Change of tenure: S$50 per change
- Late payment fee: S$100
- Copy of Passport (with at least 6 months' validity), including the page with address displayed (where applicable)
- Copy of your Employment Pass
- Any ONE of the following documents:
- Latest utility bill, rates or tax bill
- Latest bank / credit card statement (e-Statements are accepted)
- Rental agreement showing your address
- Latest mobile phone statement or pay-TV statement
- Letter from employer stating current address
- Government-issued document stating current address (e.g. IRAS, CPF, ICA)
No documents required for Singaporeans / PRs applying via SingPass.
For foreigners applying via SingPass, please prepare the following:
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
- Click "Apply Now" on CIMB Personal Loan Listing
- Complete the application via Singpass Myinfo and submit the required documents
- Wait for approval for CIMB
- Receive cash instantly upon approval
- Enjoy attractive interest rates from as low as 1.00% p.a. and zero* processing fees (EIR from 1.94% p.a.) for 1-5 years
- Min. loan amount of S$2,000
- Min. income for Singaporeans/PRs: S$20,000 p.a.; Min. income for Malaysians (Non-PR): S$30,000
- Early redemption fee of 3% or S$250, whichever is higher.
- Late payment fee: S$100
- NRIC (Front & Back)
- Salaried Employees: Latest computerised payslip or latest CPF/NOA statements
- Self-Employed: Latest 2 years' NOA
- Commissioned/Variable Income Earners: Latest CPF/NOA statements
- Malaysian NRIC
- Passport (minimum 6 months validity
- latest 3 months pay slip
- Foreign Exchange Notice Declaration Form
For Malaysians, you will need to provide the following supporting documents in the application:
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider's approval.
1. Go to HSBC's website and click “Apply Now” under Personal Loans
2. Fill out an application and submit the required documents
3. Wait for approval from HSBC
- One of the lowest interest rates from 1.30% p.a (EIR 2.50% p.a) for those earning min. S$30,000 annually.
- No processing fees
- Instant disbursement upon approval to an HSBC bank account
- Get a 1-minute in-principle approval on your HSBC Personal Loan
- Max. loan amount equal to 90/95% of approved credit limit at time of application
- Min. loan amount of S$1,000
- Option to borrow at a slightly longer loan tenure of 7 years
- Early repayment fee: 2.5% of the repayment amount
- Overdue interest: 2.5% + prevailing interest on overdue amount
- Late payment fee: S$75 for each monthly repayment that is not received in full by the monthly due date
- High base minimum annual income requirement of S$65,000 (w.e.f. 1 October 2025) Learn more.
1. NRIC (Front & Back)
2. For salaried employees: Last 3 months’ computerised payslip, or latest Income Tax Notice of Assessment with latest 1 month’s computerised payslip, or latest 6 months’ CPF statement (for Singaporeans or PRs)
3. For self-employed persons: Last 2 years’ Income Tax Notice of Assessment
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
1. Click “Apply Now” on UOB's website
2. Fill out the application and upload all necessary documents
3. Wait for an offer from UOB
Note: Get instant approval and cash disbursed into your UOB accounts for applications submitted between 8am and 9pm
- Enjoy interest rates as low as 1.00% p.a (EIR from 1.93% p.a.)
- No processing fees
- Get instant approval and cash disbursed into your UOB accounts for applications submitted between 8am and 9pm
- Min. loan amount of S$1,000
- Min. income for Singaporeans/PRs: S$30,000 p.a.
- Read our full review of the UOB Personal Loan
- Foreigners are not eligible for UOB Personal Loan
- Cancellation fee: S$150 or 3% of outstanding approved loan amount, whichever is higher
- NRIC (Front & Back)
- For salaried employees: Last 3 months’ computerised payslip; or Latest Income Tax Notice of Assessment with latest 1 month’s computerised payslip; or latest 6 months’ CPF statement (for Singaporeans or PRs)
- For self-employed persons: Last 2 years’ Income Tax Notice of Assessment
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
- Financing options for customers who may not qualify with other lenders
- Loan offers starting from 16% APR
- Same day offer and disbursement
- No early repayment fees
- Convenient locations near to you
- Late interest is chargeable upon late repayment
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider's approval.
OCBC Renovation Loan
1. Find out how much you need
2. Submit your application
3. Fill in the required documents
4. Accept loan offer once approved
- Min. loan amount: $5,000
- Max. loan amount: $30,000 or 6 times of monthly income (whichever is lower)
- Only bank to accept third party applicants (where applicant is not the home owner)
- Processing fee: 0.5% of Approved Loan Amount
1. Income document(s)
2. Image of NRIC (front and back)
3. Contractor’s quotation signed by you and contractor
4. Original telco bill or bank statement reflecting your name and the NRIC address in this loan application (for non-OCBC account customers)
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
DBS Renovation Loan
1. Download and fill up the editable PDF form for Single Applicants.
2. Check that all required documents in the checklist are in order.
3. Submit your application online seamlessly and fully assisted by the DBS digibot.
- Min. loan amount: $10,000
- Max. loan amount: $30,000 or 6x of monthly income (whichever is lower)
- Processing Fee: 1% of Approved Loan Amount + 1% Insurance
- Cancellation Fee: 1% on the undrawn loan amount cancelled (maximum $200)
- Full Repayment Fee: 1% on the outstanding loan amount
- Partial Prepayment Fee is not allowed
1. Completed Application Form
2. Scanned / Digital invoice or quotation signed by contractor and applicant(s)
3. Income Document(s)
4. Copy of front & back of NRIC (only required for mail-in or branch applications)
5. Proof of Ownership (for non DBS/POSB home loan customers)
6. HDB or MCST Renovation Permit (where applicable)
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
DBS Eco-Aware Renovation Loan
1. Download and fill up the editable PDF application form.
2. Under the “Green Renovation Checklist” section, select the items that are applicable to you.
3. Check that all required documents in the checklist are in order.
4. Submit your application online seamlessly and fully assisted by our digibot.
- Lower Effective Interest Rate
- Customers who qualify for a Eco-Aware Renovation Loan can enjoy interest rates as low as 4.68% p.a
- Comprehensive insurance coverage
- Min. loan amount: S$5,000
- Max. loan amount: S$30,000 or 6 times of monthly income (whichever is lower)
- Processing fee: 1% of Approved Loan Amount
- 1% insurance premium fee
1. Completed Application Form
2. Scanned / Digital invoice or quotation signed by contractor and applicant(s)
3. Income Document(s)
4. Copy of front & back of NRIC (only required for mail-in or branch applications)
5. Proof of Ownership (for non DBS/POSB home loan customers)
6. HDB or MCST Renovation Permit (where applicable)
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
Citi Quick Cash
1. Head to Citibank's website and click “Apply Now” under Existing Customers
2. Fill out the loan application
3. Get instant processing within 60 seconds upon verification of loan application
- Instant processing within 60 seconds upon verification of loan application
- No processing fees
- Borrow up to 4x your monthly salary at S$0 processing fee, for a min. loan amount of S$1,000
- Convert unutilised credit limit to cash deposited in your Citi deposits account in under a minute
- Min. income for Singaporeans/PRs: S$30,000 p.a. Min. income for foreigners: S$42,000 p.a.
- Read our full review of the Citibank Quick Cash Loan
- Instant loan disbursement available only for Citi deposit accounts displayed in the 'funds disbursement option' field
- Cancellation fee: 3% of outstanding unbilled principal amount or S$100, whichever is higher
- If min. payment amount is overdue for two consecutive months, the loan will be terminated and the total outstanding amount will be billed
1. NRIC (Front & Back)
2. Salaried employees: Past 12 months CPF statement (Singaporean/PR)
3. Income Tax Notice of Assessment and latest original computerised payslip
4. Self-employed individuals: Latest Income Tax Notice of Assessment and latest original computerised payslip
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
Although looking at quick approval times for personal loans may fill you with relief, it’s important to note that approval does not equate to funding. We’ll discuss each step of the loan approval process later on.
What is a home renovation loan?
A reno loan (also called a renovation loan) is a type of unsecured loan made specifically for home improvement works. With a Singapore renovation loan, you’ll typically receive a lump sum and repay it in fixed monthly instalments over a set tenure—without needing collateral.
Compared to a general personal loan, renovation loans Singapore are meant strictly for renovation-related expenses, and some banks may offer more favourable terms. To find the best renovation loan, it’s worth comparing rates, fees, and eligibility across providers—especially if you’re aiming for the best renovation loan Singapore for your budget.
Most renovation loan packages can be used for:
-
Flooring (tiling, parquet)
-
Carpentry (wardrobes, kitchen cabinets)
-
Electrical works (rewiring, lighting)
-
Plumbing (pipes, bathroom fittings)
-
Painting
-
Kitchen and bathroom remodelling
-
Room partitioning or hacking works
-
Air-conditioning installation
-
Door and window replacement
-
Outdoor improvements (where applicable)
How do home improvement loans work?
Renovation loans in Singapore typically offer loan amounts up to 6 times your monthly income, often capped at S$30,000 or S$50,000, depending on the bank and your creditworthiness. The loan tenure, or repayment period, usually ranges from 1 to 5 years, allowing you to spread out your repayments over a manageable timeframe.
Interest rates for renovation loans vary depending on the lender, loan amount, tenure, and your credit profile. It's crucial to compare interest rates and repayment terms from different banks and financial institutions to secure the most competitive offer. SingSaver’s loan comparison table makes this process easy, providing a convenient overview of available renovation loans in Singapore.
To be eligible for most renovation loans, you'll generally need to meet certain requirements, such as:
-
Minimum age (usually 21 years old)
-
Singapore Citizen or Permanent Resident (PR) status
-
Minimum monthly income (varies depending on the bank)
-
Good credit history
>>MORE: How home renovation loans work
Factors that can affect your renovation loan interest rate
Bank promotions and offers
Banks and financial institutions frequently offer promotions on their renovation loans. These can include discounts on interest rates, processing fee waivers, or even cashback rewards. Keeping an eye out for these special deals can help you secure a more attractive interest rate and potentially save money on your loan. You can often find information about current promotions on the banks' websites or through our comparison tool.
Loan tenure
The loan tenure, or repayment period, you choose can also affect your interest rate. Shorter tenures sometimes mean lower interest rates, as lenders perceive less risk over a shorter repayment period. This is because there's less time for your financial circumstances to change or for unforeseen events to occur that could affect your ability to repay. However, a shorter tenure also means higher monthly repayments.
Creditworthiness
Your creditworthiness, reflected in your credit score, is a key factor in determining your interest rate. A good credit score demonstrates responsible financial behaviour and often unlocks better interest rates. Lenders use your credit history to assess your ability to repay the loan. A higher credit score indicates a lower risk of default, making you eligible for more favourable terms.
Loan amount
The amount you borrow can also play a role in the interest rate offered. Larger loans may sometimes have different rate structures. This is because larger loans represent a greater risk for the lender.
Debt-to-income ratio
Lenders consider your existing debt load compared to your income. A lower debt-to-income ratio usually helps you secure better rates, as it indicates you have more disposable income and are less of a credit risk. Lenders want to ensure you can comfortably manage the loan repayments alongside your other financial obligations.
Your options: Renovation loans vs. equity financing vs. personal loans
Besides renovation loans, homeowners in Singapore can also consider home equity financing options like home equity loans or cash-out refinancing to fund their renovations.
Renovation loans
Renovation loans are unsecured personal loans specifically for home improvements. They offer a lump sum upfront, repaid in fixed monthly installments.
Pros: Renovation loans offer faster approval with no risk to your property. This makes them a good choice if you want quick access to funds and prefer not to use your home as collateral.
Cons: They have higher interest rates compared to secured loans because they are unsecured, lenders perceive them as a riskier type of loan. They might also only be available in lower loan amounts and might not be enough for very large projects.
Home equity financing
Home equity financing lets you borrow against the value you've built up in your home. This can be done through a home equity loan (where you receive a lump sum) or cash-out refinancing (where you take out a new, larger mortgage and pocket the difference).
Pros: Using your home as collateral typically results in lower interest rates. You can also potentially borrow a larger sum compared to a renovation loan.
Cons: Your home acts as collateral, so there's a risk of foreclosure if you default. The application process can be more complex and time-consuming. You also need to have built up sufficient equity in your home to qualify.
Saver-savvy tip
Choosing between a renovation loan and home equity financing depends on your individual circumstances. If you prefer a faster, unsecured loan and don't want to risk your property, a renovation loan might be suitable. If you have significant equity in your home and are comfortable with a longer process, home equity financing could be a more cost-effective option.
Personal loans
Thinking of sprucing up your HDB flat with a fresh coat of paint or finally adding that dream kitchen island? Using a personal loan for home improvements is a popular option, but let’s weigh the pros and cons to help you make an informed decision.
Pros
-
Fixed monthly payments: Personal loans come with fixed monthly payments, making it easier to budget and plan your finances. You'll know exactly how much you need to set aside each month, giving you peace of mind and financial stability.
-
Fast funding: Need to get your renovation project started quickly? Personal loans offer fast approval and funding, often within a day or two. This can be a major advantage compared to other financing options that may take weeks to process.
-
No collateral required: Unlike home equity loans or lines of credit, personal loans are unsecured. This means you don't need to put up your property as collateral, reducing the risk for homeowners.
Cons:
-
Potentially higher interest rates: Because personal loans are unsecured, they may come with higher interest rates compared to secured loans. This means you might end up paying more in interest over the loan tenure.
-
No tax benefits: Unfortunately, you can't claim tax deductions on the interest paid on home improvement loans in Singapore. This is a significant difference compared to mortgage interest, which may be tax-deductible.
Ultimately, the decision of whether to use a personal loan for home improvement depends on your individual circumstances and financial situation. If you need fast funding and prefer fixed monthly payments, a personal loan could be a viable option. However, be sure to compare interest rates and loan terms from different providers to ensure you get the best deal.
Find loans from reputable providers online
Compare interest rates and flexible loan amounts from lenders you can trust, from the convenience of your home.
How to get a home renovation loan in Singapore
1. Get a firm cost estimate
Before diving into loan applications, get a clear picture of your renovation costs. Obtain detailed quotes from contractors and suppliers to determine the total budget for your project. Knowing the exact cost will help you determine the loan amount you need and choose the most suitable financing option.
2. Compare loan options
Don't settle for the first loan offer you come across. Compare personal loans from different banks and online lenders in Singapore. Look for competitive interest rates, flexible repayment terms, and any associated fees. Consider using a personal loan comparison tool on SingSaver to simplify the process.
3. Check your potential interest rates and monthly payments
Many lenders allow you to pre-qualify for a personal loan without affecting your credit score. This involves a soft credit check that gives you an idea of the interest rates and loan terms you might qualify for. Pre-qualifying can help you narrow down your options and choose a loan that fits your budget.
4. Prepare the necessary documents
Once you've chosen a lender, gather the required documents for your loan application. This typically includes:
-
NRIC (for Singaporeans and PRs) or Passport (for foreigners)
-
Proof of income (e.g., latest payslips, income tax statements)
-
Proof of address (e.g., recent utility bills)
5. Apply for the loan
You can usually apply for a personal loan online or in person at a bank branch. Online applications offer convenience and faster processing times. Once your application is approved, the funds will typically be disbursed to your bank account within a few days.
By following these steps, you can smoothly secure a home improvement loan and turn your renovation dreams into reality. Remember to compare your options carefully and choose a loan that aligns with your financial situation and project needs.
Frequently asked questions about renovation loans
Yes, many banks and financial institutions in Singapore offer renovation loans specifically designed for home improvement projects.
The ‘best’ bank depends on your individual needs and circumstances. It's crucial to compare offers from multiple banks to find the most competitive interest rates, fees, and terms. Use our comparison tool to see the latest offers.
While both are unsecured loans, renovation loans are specifically for home improvements, while personal loans can be used for various purposes. Renovation loans typically offer lower interest rates and better terms than personal loans, making them a more suitable choice for significant home projects. Check out our personal loans guide to find out more about interest rates, personal loan application requirements and more.
When a renovation loan, consider the interest rate, loan tenure, processing fees, and any special promotions. Ensure the loan aligns with your budget and offers comfortable repayment terms. It's also worth checking if the bank provides value-added services or partnerships with renovation companies.
The approval process typically involves submitting an application with supporting documents (e.g., income proof, NRIC). Banks will review your credit score, income, and other financial factors. Approval times can vary, but many banks, especially for online applications, offer decisions within a few working days.
Yes, you can usually get a renovation loan for a newly purchased property, but some banks might have specific requirements or restrictions.
While it may be tougher to get a renovation loan with bad credit, it is not impossible. Banks may have stricter requirements, so consider alternative lenders if needed. You can also boost your chances and get better rates by improving your credit score before applying. A strong renovation loan application with proof of stable income and a detailed renovation plan can also help. Don't give up – explore your options and compare offers to find the right solution for your renovation needs!
The maximum loan amount is usually up to 6 times your monthly income, often capped at S$30,000 or S$50,000, depending on the bank.
