Best Renovation Loans in Singapore (2024)
Choose the best renovation loan in Singapore with Singsaver to finance your dream home makeover.Find loans with the best interest rates, repayment terms, customer service, and application process so you can get the best renovation loan to complete your home transformation. Apply for your ideal renovation loan on Singsaver so you can bring your dream home to life.
HSBC Personal Loan
Valid until
31 March 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
- One of the lowest interest rates from 3.6% p.a (EIR 6.5% p.a) for those earning min. S$30,000 annually. Rates provided are customised and might differ from what’s displayed here
- No processing fees
- 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
Gift Options
- Promotion is valid for new applicants of participating products only. See the full list here.
- Apply for participating products on SingSaver to receive X chances in the March Madness Grand Lucky Draw
- 1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
- March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
- Terms and Conditions apply
- SingSaver March Madness Frequently Asked Questions here
- Click here to check out our past Lucky Draw winners!
Gift Options
Loan Tenure From 3 years to 5 years + loan amount from S$100,000 and above
Loan TenureFrom 3 years to 5 years + loan amount from S$80,000 to S$99,999
Loan Tenure From 3 years to 5 years + loan amount from S$50,000 to S$79,999
Loan Tenure From 3 years to 5 years + loan amount from S$35,000 to S$49,999
Loan Tenure From 3 month(s) to 5 month(s) + loan amount from S$20,000 to S$34,999
Loan Tenure From 3 years to 5 years + loan amount from S$10,000 to S$19,999
- Promotion is valid for new and existing HSBC customers
- Submit an application for a personal loan with a min. value of S$10,000 and tenure of 3, 4, or 5 years to be eligible for rewards
- Choice of rewards varies depending on loan amount:
- (S$10,000 - S$19,999): S$50 Cash via PayNow
- (S$20,000 - S$34,999): Dyson V8 Slim Fluffy (worth S$509)
- (S$35,000 - S$49,999): Sony PlayStation® 5 (Digital Version) (worth S$669)
- (S$50,000 - S$79,999): Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30)
- (S$80,000 - S$99,999): Dyson 360 Vis Nav™ Robot Vacuum (worth S$1,649)
- (S$100,000 and above): Apple iPhone 15 Pro 256GB (worth S$1,825.75)
- Promotion is valid until 30 April 2024
- Terms and Conditions apply
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
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Early repayment fee: 2.5 %
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Late repayment fee: S$ 75
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
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
CIMB Personal Loan
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
31 May 2024
- Receive cash instantly upon approval
- Enjoy low interest rates from 2.80% p.a. (EIR 5.28% p.a.)
- Min. loan amount of S$2,000
- Min. income for Singaporeans/PRs: S$20,000 p.a.
- Early termination fee: 3% of outstanding loan amount or S$250, whichever is higher
- Late payment fee: S$100
Gift Options
- Promotion is valid for new applicants of participating products only. See the full list here.
- Apply for participating products on SingSaver to receive X chances in the March Madness Grand Lucky Draw
- 1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
- March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
- Terms and Conditions apply
- SingSaver March Madness Frequently Asked Questions here
- Click here to check out our past Lucky Draw winners!
Gift Options
Loan Tenure From 3 years to 5 years + loan amount from S$80,000 and above
Loan Tenure From 3 years to 5 years + loan amount from S$50,000 to S$79,999
Loan Tenure From 3 years to 5 years + loan amount from S$30,000 to S$49,999
Loan Tenure From 3 years to 5 years + loan amount from S$15,000 to S$29,999
Loan Tenure From 3 years to 5 years + loan amount from S$8,000 to S$14,999
- Promotion is valid for new CIMB customers only
- Submit an application for a personal loan with a min. value of S$8,000 and tenure of 3, 4, or 5 years to be eligible for rewards
- Choice of rewards varies depending on loan amount:
- (S$8,000 - S$14,999): S$50 Cash via PayNow
- (S$15,000 - S$29,999): Dyson AM07 Tower Fan (worth S$459) or S$280 Cash via PayNow
- (S$30,000 - S$49,999): Apple iPad 10th Gen 10.9" WiFi + 1x AirTag Bundle (worth S$737) or S$600 Cash via PayNow
- (S$50,000 - S$79,999): Dyson V12 Detect Slim Fluffy (worth S$969) or S$750 Cash via PayNow
- (S$80,000 and above): Apple iPhone 15 128GB (worth S$1,311) or S$1,200 Cash via PayNow
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
Gift Options
From 3 years to 5 years + loan amount from $30,000 above
- Promotion is valid for new CIMB personal loan customers only
- Apply for a CIMB Personal Loan with min. amount of S$30,000 and tenure of 3 to 5 years and receive approval by 30 May 2024 to be eligible for lowered interest rates
- Promotion is valid until 31 May 2024
- Terms and Conditions apply
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval. Terms and Conditions apply.
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Early repayment fee: S$ 250
-
Late repayment fee: S$ 100
- Click "Apply Now" on CIMB Personal Loan Listing
- Complete the application via Singpass Myinfo and submit the required documents
- Wait for approval for CIMB
- 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
Standard Chartered CashOne Personal Loan
Valid until
31 March 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
- Enjoy interest rates from as low as 2.88% p.a. (EIR: 5.84% 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 4X monthly salary, capped at S$250,000
- 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 date
- Read our full review of the Standard Chartered CashOne Personal Loan
- 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
Gift Options
- Promotion is valid for new applicants of participating products only. See the full list here.
- Apply for participating products on SingSaver to receive X chances in the March Madness Grand Lucky Draw
- 1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
- March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
- Terms and Conditions apply
- SingSaver March Madness Frequently Asked Questions here
- Click here to check out our past Lucky Draw winners!
Gift Options
Loan Tenure From 3 years to 5 years + loan amount from S$80,000 and above
Loan Tenure From 3 years to 5 years + loan amount from $50,000 to $79,999
Loan Tenure From 3 years to 5 years + loan amount from $30,000 to $49,999
Loan Tenure From 3 years to 5 years + loan amount from S$20,000 to S$29,999
Loan Tenure From 3 years to 5 years + loan amount from $15,000 to $19,999
Loan Tenure From 3 years to 5 years + loan amount from S$50,000 to S$49,999
Loan Tenure From 3 years to 5 years + loan amount from $10,000 to $14,999
Loan Tenure From 3 years to 5 years + loan amount from $8,000 to $9,999
- Promotion is valid for new and existing SCB customers
- Apply and get approved for a loan with a min. value of S$8,000 and tenure of 3, 4, or 5 years to be eligible for rewards
- Choice of rewards varies depending on loan amount and whether applicant is a new or existing SCB customer:
- (S$8,000 – S$9,999): New customers will receive S$50 Cash via PayNow
- (S$10,000 – S$14,999): New customers will receive S$100 Cash via PayNow. Existing customers will receive S$50 Cash via PayNow.
- (S$15,000 – S$19,999): New customers will receive 1x Nintendo Switch Gen 2 (worth S$399) or S$240 Cash via PayNow. Existing customers will receive S$100 Cash via PayNow.
- (S$20,000 – S$29,999): New customers will receive 1x Ergotune Joobie (worth S$599) or S$300 Cash via PayNow. Existing customers will receive S$200 Cash via PayNow.
- (S$30,000 - S$49,999): New customers will receive 1x Apple iPad 10th Gen 10.9" WiFi 64GB (worth S$691.60) or S$540 Cash via PayNow. Existing customers will receive S$320 Cash via PayNow.
- (S$50,000 – S$79,999): New customers will receive 1x Airwheel SE3T Luggage (worth S$1,167) or S$740 Cash via PayNow. Existing customers will receive S$420 Cash via PayNow.
- (S$80,000 and above): New customers will receive 1x Apple iPhone 15 128GB (worth S$1,311) or S$1,040 Cash via PayNow. Existing customers will receive S$520 Cash via PayNow.
- Eligible applicants will only receive 1 reward
- Promotion is valid until 30 April 2024
- Terms and Conditions apply
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
-
Early repayment fee: S$ 150
-
Late repayment fee: S$ 100
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
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
OCBC Renovation Loan
- Min. loan amount: $5,000
- Max. loan amount: $30,000 or 6 times of monthly income (whichever is lower)
- Only bank to accept third party applicants (where applicant is not the home owner)
- Processing fee: 0.5% of Approved Loan Amount
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Early repayment fee: 2 %
-
Late repayment fee: S$ 80
1. Find out how much you need
2. Submit your application
3. Fill in the required documents
4. Accept loan offer once approved
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)
DBS Renovation Loan
- 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 $200)
- Full Repayment Fee: 1% on the outstanding loan amount
- Partial Prepayment Fee is not allowed
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Early repayment fee: 1 %
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Late repayment fee: S$ 35
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.
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)
DBS Eco-Aware Renovation Loan
- 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$30,000 or 6 times of monthly income (whichever is lower)
- Processing fee: 1% of Approved Loan Amount
- 1% insurance premium fee
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Early repayment fee: 1 %
-
Late repayment fee: S$ 35
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.
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)
Citi Quick Cash - New Loan Customers
- SingSaver Exclusive: Apply for a min. loan tenure of 3 years and enjoy an interest rate from as low as 3.45% p.a. (EIR 6.5% p.a.)
- Min. income for Singaporeans/PRs: S$30,000 p.a. Min. income for foreigners: S$42,000 p.a.
- You are required to have a Citibank credit card or Citibank Ready Credit account in order to apply for a Citi Quick Cash loan as it draws down from the available credit of a Citibank credit card or Citibank Ready Credit account
- Enjoy a quicker application process when you sign up via Singpass Myinfo
- 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$100, whichever is higher
- If min. payment amount is overdue for two consecutive months, the loan will be terminated and the total outstanding amount will be billed.
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Early repayment fee: S$ 100
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Late repayment fee: If payment is overdue by 2 months, the loan will be terminated and any of the outstanding loan amount will be charged
1. Apply for the Citi Quick Cash loan on Citibank's website by clicking “Apply Now" under New Customers
2. Fill out a loan application and submit the required documents
3. Wait for approval from Citibank
1. NRIC (Front & Back)
2. Salaried employees: Past 12 months CPF statement (Singaporean/PR)
3. Income Tax Notice of Assessment and latest original computerized payslip
4. Self-employed: Latest Income Tax Notice of Assessment and latest original computerized payslip
Citi Quick Cash - Existing Loan Customers
- 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
-
Late repayment fee: If payment is overdue by 2 months, the loan will be terminated and any of the outstanding loan amount will be charged
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
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
How much do home renovations cost?
Home renovations can cost anything from S$20,000 to S$70,000. The cost of your home renovation depends on factors such as the size of your home, extent of work required, materials and choice of contractor.
Read this article to find out how much you should pay for a home renovation in Singapore.
What should you look out for in a renovation loan?
When choosing a renovation loan, look out for the following:
- Interest rate
- Processing fees
- Ongoing promotions
- Additional fees (e.g. late payment, early repayment or cancellation fee)
Must you get a renovation loan for your home renovation?
In an ideal scenario, you should have enough savings to pay for your home renovation. Taking a renovation loan, which is a type of personal loan, comes with 3% to 7% interest cost. However, there are scenarios where renovation loans are necessary, an example being those who want to move into their house on short notice but are lacking the funds to carry out the renovation.
Do keep in mind that renovation loans do not cover expenses outside of the renovation, such as your furniture and fittings.
What are the tenures and maximum APR for each loan?
Renovation Loan | Min. Repayment | Max. Repayment | Max. APR | Total Loan (Based on S$10k across 1 year) |
Citi Quick Cash - New Citi Customer | 1 year | 5 years | 4% | S$10,350 |
DBS Renovation Loan | 1 year | 5 years | 3.27% | S$10,588 |
OCBC Renovation Loan | 1 year | 5 years | 4.61% | S$10,568 |
CIMB Renovation-i Financing | 1 year | 5 years | 4.41% | S$10,347 |
HSBC Personal Loan | 1 year | 7 years | 8% | S$10,356 |
Standard Chartered CashOne Personal Loan | 1 year | 5 years | 3.80% | S$10,388 |
Latest Renovation Loan News
Read the latest news about Renovation Loan in Singapore and the best money saving tips.Need some help?
No worries, we've got you covered!
What is a renovation loan and how does it work?
A renovation loan is a loan that can be taken when you require capital for your renovation. Renovation loans tend to have lower interest rates than personal loans and have loan tenures of between 1 and 5 years. You make monthly repayments to pay off the loan by the end of the loan tenure.
When your application for a renovation loan is approved, the approved loan amount will be disbursed directly to the contractors in the form of a cashier’s order. Site visits may be conducted post-disbursement, to ensure that the loan is being used for the stated renovation works listed in the quotation.
What can renovation loans be used to pay for?
Renovation loans can be used to pay for parts of your renovation, including:
- Flooring and tiling
- Painting and redecorating works
- Built-in cabinets, carpentry works
- Electrical and wiring works
- Basic bathroom fittings
- External works within the compounds of your house, such as the balcony, roof etc.
Why does the monthly repayment for renovation loans reduce with time compared to personal loans?
Renovation loans have interest rates that are calculated based on the outstanding balance of the loan. As you repay your outstanding loan amount every month, the repayment amount and interest paid also reduces over time.
Personal loans, on the other hand, use flat rate calculation. Interest payments are calculated based on the original loan amount. This means that the monthly interest stays the same throughout the entire loan tenure, even though your outstanding loan amount reduces over time.
What cannot be paid for with a renovation loan?
A renovation loan cannot be used for purposes outside of a renovation. This means that it cannot be used to pay for furniture, fittings, and other decorative accessories such as sofas, tables, curtains, mattresses, household appliances and more.
What are the fees involved in renovation loans?
Besides paying the interest rate incurred on the loan amount, other fees involved include:
- Processing/Handling Fee: 1% of approved loan amount
- Late payment fee: S$80
- Early repayment fee: Usually 1-2% of outstanding loan balance
- Cancellation fee: 1% on the loan amount cancelled
How much renovation loan can I get?
The maximum amount you can borrow for a renovation loan is 6 times your monthly salary, or S$30,000, whichever is lower. You should try to determine the renovation costs before taking a renovation loan, to ensure that you do not borrow more than you need.
What are the documents required to apply for a renovation loan?
When applying for a renovation loan, documents you will require include:
- NRIC
- Latest IRAS Notice of Assessment
- Latest payslips for last 3 months; or last 12 months CPF contribution history statement
- Original quotation from contractor, duly signed by applicant(s) and contractor
- Proof of ownership of property to be renovated
- Proof of relationship between Principal and Joint applicant (for joint applications)
Can I pay renovation loans with CPF?
No, you cannot pay for a renovation loan with CPF. However, if you opt for the Optional Component Scheme (OCS) when applying for your Build-To-Order (BTO) HDB flat, you can use your CPF to cover the cost of the OCS.
Where can I get a renovation loan?
You can get a renovation loan from any bank that offers it. Alternatively, you can use a comparison site like SingSaver to compare different renovation loans from different providers. On SingSaver, you can compare based on the interest rate, processing fee, monthly repayment, loan amount, repayment period or by specific providers.
Who is eligible to apply for a renovation loan?
To apply for a renovation loan, you have to be:
- A Singapore Citizen or Singapore Permanent Resident
- Between 21 - 65 years old (maximum age limit differs across banks)
- Earning a minimum annual salary of S$24,000 (for joint applications, at least 1 applicant needs to earn this amount)
- The property owner, or a related family member who has the owner's consent (joint applicants must be related)
If you do not qualify for a renovation loan, you can consider applying for a personal loan instead. However, keep in mind that personal loans tend to have higher interest rates.
What happens if my renovation costs exceed my budget?
If you have used up the amount borrowed from your renovation loan, you can opt to take a personal loan to cover the additional costs incurred.
Can I apply for 2 renovation loans?
Most renovation loans allow you to borrow up to S$30,000. If you require more than S$30,000 for your renovation, it is possible to submit two different applications to two different banks. However, this would also mean having to commit to two different loan repayments every month. Alternatively, you can consider applying for a personal loan that has a higher borrowing limit.
Before you take on multiple loans, check how much your debt obligation will add up to each month. The Total Debt Servicing Ratio (TDSR) limits the amount of monthly debt obligations you can take up, based on your gross monthly income. With the current TDSR at 60%, your total monthly debt obligations cannot exceed 60% of your monthly income. This debt obligation includes not just your renovation loan, but also your home loan, car loan and other secured or unsecured loans.
How do I choose a renovation loan?
You can choose a renovation loan based on factors such as:
- Interest rate
- Maximum loan amount
- Fees involved
- Provider
- Current promotions (if any)
You can also read this article on the best renovation loans in Singapore 2020.
How to apply for a renovation loan?
You can follow these steps to apply for a renovation loan:
Step 1: Check if you qualify for a renovation loan
Step 2: Get a quotation from your contractor
Step 3: Choose your preferred loan
Step 4: Prepare the necessary documents
Step 5: Apply for the loan on the bank’s website or through SingSaver