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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.

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Renovation Loans Repayment S$30000 to be repaid in 3 years
S$
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S$ 10,000
S$ 50,000
yrs
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1 yrs
3 yrs
5 yrs
S$1,000 Min Loan Instant Approval Up To 7-Year Tenure S$30,000 Min Annual Income

HSBC Personal Loan

HSBC Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

2 Offers Available

March Madness Grand Lucky Draw
1x chance to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
1x chance to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)

Valid until

31 March 2024

SingSaver Exclusive Offer
Apple iPhone 15 Pro 256GB (worth S$1,825.75)
Apple iPhone 15 Pro 256GB (worth S$1,825.75)

Valid until

30 April 2024

SingSaver Exclusive Offer
Dyson 360 Vis Nav™ Robot Vacuum (worth S$1,649)
Dyson 360 Vis Nav™ Robot Vacuum (worth S$1,649)

Valid until

30 April 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30)
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30)

Valid until

30 April 2024

SingSaver Exclusive Offer
Sony PlayStation® 5 Digital Edition (worth S$669)
Sony PlayStation® 5 Digital Edition (worth S$669)

Valid until

30 April 2024

SingSaver Exclusive Offer
Dyson V8 Slim Fluffy (worth S$509)
Dyson V8 Slim Fluffy (worth S$509)

Valid until

30 April 2024

SingSaver Exclusive Offer
S$50 Cash via PayNow
S$50 Cash via PayNow

Valid until

30 April 2024

Lowest Interest Rate Instant Disbursement No Processing Fee S$20,000 Min Annual Income

CIMB Personal Loan

CIMB Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

3 Offers Available

March Madness Grand Lucky Draw
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)

Valid until

31 March 2024

SingSaver Exclusive Offer
Apple iPhone 15 128GB (worth S$1,311)
Apple iPhone 15 128GB (worth S$1,311)

Valid until

31 March 2024

SingSaver Exclusive Offer
Dyson V12 Detect Slim Fluffy (worth S$969)
Dyson V12 Detect Slim Fluffy (worth S$969)

Valid until

31 March 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen 10.9
Apple iPad 10th Gen 10.9" WiFi 64GB + 1x AirTag Bundle (worth S$737)

Valid until

31 March 2024

SingSaver Exclusive Offer
Dyson AM07 Tower Fan (worth S$459)
Dyson AM07 Tower Fan (worth S$459)

Valid until

31 March 2024

SingSaver Exclusive Offer
S$1,200 Cash via PayNow
S$1,200 Cash via PayNow

Valid until

31 March 2024

SingSaver Exclusive Offer
S$750 Cash via PayNow
S$750 Cash via PayNow

Valid until

31 March 2024

SingSaver Exclusive Offer
S$600 Cash via PayNow
S$600 Cash via PayNow

Valid until

31 March 2024

SingSaver Exclusive Offer
S$280 cash via PayNow
S$280 cash via PayNow

Valid until

31 March 2024

SingSaver Exclusive Offer
S$50 Cash via PayNow
S$50 Cash via PayNow

Valid until

31 March 2024

Welcome Offer
Enjoy 2.80% p.a. flat interest rate (EIR from 5.28% p.a.)
Enjoy 2.80% p.a. flat interest rate (EIR from 5.28% p.a.)

Valid until

31 May 2024

Up to 4x Monthly Income S$1,000 Min Loan No Processing Fee

Standard Chartered CashOne Personal Loan

Standard Chartered CashOne Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

2 Offers Available

March Madness Grand Lucky Draw
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)

Valid until

31 March 2024

SingSaver Exclusive Offer
Apple iPhone 15 128GB (worth S$1,311)
Apple iPhone 15 128GB (worth S$1,311)

Valid until

30 April 2024

SingSaver Exclusive Offer
Airwheel SE3T Luggage (worth S$1,167)
Airwheel SE3T Luggage (worth S$1,167)

Valid until

30 April 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen WiFi 64GB (worth S$691.60)
Apple iPad 10th Gen WiFi 64GB (worth S$691.60)

Valid until

30 April 2024

SingSaver Exclusive Offer
Ergotune Joobie (worth $599)
Ergotune Joobie (worth $599)

Valid until

30 April 2024

SingSaver Exclusive Offer
Nintendo Switch (Generation 2) (worth S$399)
Nintendo Switch (Generation 2) (worth S$399)

Valid until

30 April 2024

SingSaver Exclusive Offer
S$1,040 Cash via PayNow
S$1,040 Cash via PayNow

Valid until

30 April 2024

SingSaver Exclusive Offer
S$740 Cash via PayNow
S$740 Cash via PayNow

Valid until

30 April 2024

SingSaver Exclusive Offer
S$540 Cash via PayNow
S$540 Cash via PayNow

Valid until

30 April 2024

SingSaver Exclusive Offer
S$300 cash via PayNow
S$300 cash via PayNow

Valid until

30 April 2024

SingSaver Exclusive Offer
S$240 Cash via PayNow
S$240 Cash via PayNow

Valid until

30 April 2024

SingSaver Exclusive Offer
S$100 Cash via PayNow
S$100 Cash via PayNow

Valid until

30 April 2024

SingSaver Exclusive Offer
S$50 Cash via PayNow
S$50 Cash via PayNow

Valid until

30 April 2024

OCBC Renovation Loan

OCBC Renovation Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

DBS Renovation Loan

DBS Renovation Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

DBS Eco-Aware Renovation Loan

DBS Eco-Aware Renovation Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Citi Quick Cash - New Loan Customers

Citi Quick Cash - New Loan Customers
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Citi Quick Cash - Existing Loan Customers

Citi Quick Cash - Existing Loan Customers
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

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:

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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.

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What are the tenures and maximum APR for each loan?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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