Best Renovation Loans in Singapore (2020)

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Citibank Quick Cash Loan

Citibank Quick Cash Loan

PopularFeatured
Citibank Quick Cash Loan
3.99%
Annual Interest RateEIR 7.5% p.a.
S$0
Processing Fees
S$933
Monthly Repayment
DBS Renovation Loan

DBS Renovation Loan

DBS Renovation Loan
3.88%
Annual Interest Rate
S$600
Processing Fees
S$884
Monthly Repayment
OCBC Renovation Loan

OCBC Renovation Loan

OCBC Renovation Loan
4.18%
Annual Interest RateEIR 5.19% p.a.
S$450
Processing Fees
S$888
Monthly Repayment
CIMB Renovation-i Financing

CIMB Renovation-i Financing

CIMB Renovation-i Financing
4.33%
Annual Interest RateEIR 5% p.a.
S$300
Processing Fees
S$890
Monthly Repayment
Standard Chartered CashOne Personal Loan

Standard Chartered CashOne Personal Loan

Popular
Standard Chartered CashOne Personal Loan
3.48%
Annual Interest RateEIR 7.99% p.a.
S$0
Processing Fees
S$920
Monthly Repayment
HSBC Personal Loan

HSBC Personal Loan

Popular
HSBC Personal Loan
3.7%
Annual Interest RateEIR 7% p.a.
S$0
Processing Fees
S$926
Monthly Repayment
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

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 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.

Need some help?

No worries, we've got you covered!

What is a renovation loan and how does it work?

What can renovation loans be used to pay for?

What cannot be paid for with a renovation loan?

How much renovation loan can I get?

Can I pay renovation loans with CPF?

Who is eligible to apply for a renovation loan?

What happens if my renovation costs exceed my budget?

Can I apply for 2 renovation loans?

Can I use a personal loan for home renovation?

Why does the monthly repayment for renovation loans reduce with time compared to personal loans?

What are the fees involved in renovation loans?

What are the documents required to apply for a renovation loan?

Where can I get a renovation loan?

How do I choose a renovation loan?

How to apply for a renovation loan?

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants

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