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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$30000 to be repaid in 3 years
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S$ 50,000
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Low Interest Rate Instant Loan Disbursement No Processing Fee Low Income Requirement

Standard Chartered CashOne Personal Loan

Standard Chartered CashOne Personal Loan
Monthly repayment S$
Annual Interest Rate
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Processing Fee
S$

2 Offers Available

SingSaver Exclusive Offer
Apple iPhone 15 128GB (worth S$1,311) or S$1,020 eCapitaVoucher
Apple iPhone 15 128GB (worth S$1,311) or S$1,020 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson Purifier Cool™ TP07 (worth S$909) or S$740 eCapitaVoucher
Dyson Purifier Cool™ TP07 (worth S$909) or S$740 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen WiFi 64GB (worth S$529) or S$540 eCapitaVoucher
Apple iPad 10th Gen WiFi 64GB (worth S$529) or S$540 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Nintendo Switch (Generation 2) (worth S$399) or S$240 eCapitaVoucher
Nintendo Switch (Generation 2) (worth S$399) or S$240 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
S$100 eCapitaVoucher
S$100 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
S$50 eCapitaVoucher
S$50 eCapitaVoucher

Valid until

30 June 2024

Welcome Offer
Up to S$4,100 Cashback
Up to S$4,100 Cashback

Valid until

30 September 2024

Instant Loan Disbursement No Processing Fee S$20,000 Min Annual Income Up to 5-Year Loan Tenure

CIMB Personal Loan

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

Offer Available

SingSaver Exclusive Offer
Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$1,200 Cash via PayNow
Up to Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$1,200 Cash via PayNow

Valid until

19 June 2024

SingSaver Exclusive Offer
Dyson V12s Detect Slim Submarine™ (Complete) (worth S$1,449) or S$750 Cash via PayNow
Dyson V12s Detect Slim Submarine™ (Complete) (worth S$1,449) or S$750 Cash via PayNow

Valid until

19 June 2024

SingSaver Exclusive Offer
Sony PlayStation® 5 Slim Disc Edition (worth S$799) or S$600 Cash via PayNow
Sony PlayStation® 5 Slim Disc Edition (worth S$799) or S$600 Cash via PayNow

Valid until

19 June 2024

SingSaver Exclusive Offer
Dyson AM07 Tower Fan (worth S$459) or S$280 Cash via PayNow
Dyson AM07 Tower Fan (worth S$459) or S$280 Cash via PayNow

Valid until

19 June 2024

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

Valid until

19 June 2024

S$1,000 Min Loan Instant Approval Up To 7-Year Tenure Instant Loan Disbursement

HSBC Personal Loan

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

Offer Available

SingSaver Exclusive Offer
Apple iPhone 15 Pro 256GB (worth S$1,825.75) or S$700 eCapitaVoucher
Apple iPhone 15 Pro 256GB (worth S$1,825.75) or S$700 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$600 eCapitaVoucher
Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$600 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30) or S$500 eCapitaVoucher
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30) or S$500 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$400 eCapitaVoucher
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$400 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
S$50 eCapitaVoucher
S$50 eCapitaVoucher

Valid until

30 June 2024

Instant Approval No Processing Fee S$1,000 Min Loan Lowest Interest Rate
UOB Personal Loan

UOB Personal Loan

Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Offer Available

SingSaver Exclusive Offer
Apple iPhone 15 128GB (worth S$1,311) or S$1,220 eCapitaVoucher
Apple iPhone 15 128GB (worth S$1,311) or S$1,220 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen WiFi 64GB (worth S$878) or S$800 eCapitaVoucher
Apple iPad 10th Gen WiFi 64GB (worth S$878) or S$800 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$620 eCapitaVoucher
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$620 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Dyson Purifier Cool™ TP10 (worth S$599) or S$400 eCapitaVoucher
Dyson Purifier Cool™ TP10 (worth S$599) or S$400 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Apple Watch SE 2nd Gen (worth S$382.50) or S$300 eCapitaVoucher
Apple Watch SE 2nd Gen (worth S$382.50) or S$300 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
S$180 eCapitaVoucher
S$180 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
S$100 eCapitaVoucher
S$100 eCapitaVoucher

Valid until

09 July 2024

OCBC Renovation Loan

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

DBS Renovation Loan

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

DBS Eco-Aware Renovation Loan

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

Citi Quick Cash - New Loan Customers

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

Citi Quick Cash - Existing Loan Customers

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

What is a renovation loan?

A renovation loan is a particular kind of personal loan intended to pay for home improvement and renovation expenses. Several banks and financial organizations in Singapore provide these loans to homeowners as a way to help them pay for renovations without having to liquidate their investments or spend all of their cash.

How does a renovation loan work?

Renovation loans are typically used for specific purposes related to home improvements or repairs. This can include projects like remodeling a kitchen, adding a new bathroom, or upgrading your home's energy efficiency. Some lenders may require collateral, such as your property, to secure the loan.

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 eligibility requirements for a renovation loan in Singapore?

In Singapore, you usually have to fulfill specific qualifying standards established by the lending banks or financial organizations in order to be eligible for a renovation loan. Although these specifications can differ significantly amongst lenders, they usually consist of the following standards.

Citizenship

You must be a Singapore citizen or Permanent Resident (PR).

Employment

Lenders usually require you to have a stable source of income. This could mean being a salaried employee, self-employed, or having a consistent income stream if you are a freelancer or contract worker.

Age

You must be between 21 and 65 years old. Some lenders may have a slightly different upper age limit.

Income

Minimum annual income requirement, which varies by lender. Commonly, it is around SGD 24,000 to SGD 30,000.

Property Ownership

You must be the owner or co-owner of the property that is to be renovated. Proof of ownership, such as a property title deed or sales and purchase agreement, is typically required.

Credit History

A good credit score and credit history are often required. Lenders will assess your creditworthiness to determine your ability to repay the loan.

How to apply for a renovation loan?

There are several steps to applying for a renovation loan in Singapore. Here's a guide to help you through the process.

Gather necessary documents

Get the necessary documents together, such as your renovation contractor's full quote and proof of identification (NRIC), proof of income (such recent payslips, CPF contribution history, and income tax statements), and proof of house ownership (like a sales and purchase agreement or property title deed). Additional proof, like as bank statements or employment verification, might be required by certain lenders.

Submit your application

Once you've decided on a lender, complete their application form which can be done online or in person and ensure that all the required documents are attached with your application.

Wait for approval

Your lender will then assess your application, including your credit history and financial stability, upon submission.

Review and accept loan agreement

The lender will inform you if your application is accepted and send you a loan agreement with all the terms and restrictions. Examine the loan agreement carefully, taking note of all the terms and conditions, including interest rates, fees, and terms for repayment. Sign the loan agreement and send it back to the lender if you accept the terms. 

Disbursement of funds

The lender will then disburse the loan funds directly to your contractor or renovation company, ensuring the money is used for its intended purpose. With the funds disbursed, your contractor can begin the renovation project as planned.

Repayment

After that, you will have to begin making monthly repayments in accordance with the agreed schedule. Paying on time is essential to avoiding late fines and penalties.


Can I use a personal loan to pay for my renovations?

In Singapore, you usually have to fulfill specific qualifying standards established by the lending banks or financial organizations in order to be eligible for a renovation loan. Although these specifications can differ significantly amongst lenders, they usually consist of the following standards.

What's the maximum renovation loan amount I can take?

The maximum loan amount varies depending on a number of factors such as your income, creditworthiness, the choice of lender and the value of the property being renovated. Typically the maximum borrowing limit ranges from SGD 30,000 to SGD 200,000 - of which the amount varies between lenders.

What are the renovation loan fees and charges to take note of?

Some of the more common fees and charges you need to take note of when applying for a renovation loan in Singapore includes:
  • Processing Fee: This fee covers the administrative cost of processing your loan application. This amount is usually calculated as a percentage of the loan amount which can range from 1% to 2%, or a flat fee.
  • Interest Rate: The interest rate is the cost of borrowing the money and is charged on the outstanding loan amount. This can be a fixed rate which remains constant throughout the loan tenure, or a variable rate that may change based on market conditions.
  • Late Payment Fee: If you are unable to make your monthly payment on time you will be charged a late payment fee which is typically a percentage of the overdue amount or a flat fee.
  • Early Repayment Fee: If you choose to repay your loans before the end of the loan tenure, some lenders might charge you an early repayment fee to compensate for the loss in income from interests.
  • Disbursement Fee: This fee covers the cost of disbursing the loan funds to your renovation contractor or vendors which is usually a flat fee.

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.

Latest Renovation Loan News

Read the latest news about Renovation Loan in Singapore and the best money saving tips.

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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.

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.

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.