Get The Best Renovation Loan Interest Rates for 2015 Now!

Get a little help renovating your home into a beautiful living space with an affordable Renovation Loan. Compare and choose from competitive Renovation Loans available in Singapore and find out more or apply online.

Some of the Participating Banks

Renovation Loan Singapore
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Renovation Loan FAQs


What types of home renovation loans are available?

With a renovation loan, you can finance everything from creating a larger kitchen to giving your home a complete makeover. You can choose from a flat rate or Monthly Rest option. Flat rates are fixed throughout the loan tenure whereas Monthly Rest varies from month to month but generally tend to be lower. Renovation loans do not cover furniture and appliances.


Do you qualify for a renovation loan?

Here are some qualifying criteria you must fulfill:

  • You need to be a Singaporean/PR aged 21-65
  • Main applicant must be earning at least $24,000 per annum
  • Joint applicant must be employed and a spouse, child, parent or sibling of the main applicant.
  • Either main or joint applicant must be the owner of the property to be renovated.

How much can you borrow with a renovation loan?

Many banks in Singapore have the following borrowing limits

  • The minimum loan amount is $5,000
  • The maximum loan amount is 6X your monthly income, up to a maximum of $30,000

Worried about not being able to borrow enough?

Relax. Because of a growing number of dual income households, it’s possible to apply for renovation loans individually – giving you enough borrowing power to complete even large-scale renovations.


What are renovation loan tenures like?

The tenures for renovation loans range from 1 to 5 years. Depending on the bank, you can also get free insurance with your loan offering coverage for accidental death or permanent disability for the duration of the loan repayment period.


Are there additional bank fees with renovation loans?

Yes. You’ll need to pay a processing fee of about 1%-2% on the loan amount that’s payable upon the signing the letter of offer.


What documents are needed to apply for a renovation loan?

These are the usual documents you will need to submit

  • Photocopy of your NRIC (both sides)
  • If you are a salaried employee, you’ll need your latest e-statement, or your CPF contribution history statement for the last 12 months, or your latest Income Tax Notice of Assessment
  • If you are self employed, you’ll need your latest 2 years of Income Tax Notice of Assessment
  • The Contractor’s quotation or invoice signed by you and the contractor
  • Proof of ownership of the property to be renovated, such as your HDB flat information or your CPF Property Withdrawal Statement
  • Completed application form signed by the applicant(s)

What is the lowest renovation loan interest rate you can get?

Banks revise their renovation loan rates from time to time. Renovation Loan rates usually range from 3%-6% per annum. Check MoneySmart.sg for the latest renovation loan interest rates across all banks offering renovation loans.

Have a question about renovation loans? Ask us anything!

MoneySmart Renovation Loan

Renovation Loan Rates

Updated as of May 2015

Results are sorted by Monthly Instalments

Showing results out of a total of 11 renovation loans

Bank/Product
Rate
Loan
Tenure
Processing
Fee
Monthly
Instalments
CIMB Renovation Loan (Monthly Rest)
5.37%
Monthly Rest
5 Years
Tenure
1% of approved loan 30000
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 50 years old
• Minimum Salary Requirement: Minimum annual income of S$24,000 for single and/or joint applicantsJoint Applicant (if any) must be a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $30,000
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
RHB Renovation Loan (Monthly Rest: $10k - $30k)
5.38%
Monthly Rest
5 Years
Tenure
1% of approved loan 30000
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 22 to 55 years old
• Minimum Salary Requirement: Main Applicant must be earning at least S$24,000 per annum. Joint Applicant (if any) must be gainfully employed and a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $30,000
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
RHB Renovation Loan (Monthly Rest: <$10k)
5.80%
Monthly Rest
5 Years
Tenure
1% of approved loan 9999
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 55 years old
• Minimum Salary Requirement: Main Applicant must be earning at least S$24,000 per annum. Joint Applicant (if any) must be gainfully employed and a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $9,999
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
RHB Renovation Loan (Flat Rate: $5k-$15k)
3.68%
Flat Rate
5 Years
Tenure
1% of approved loan 14999
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 55 years old
• Minimum Salary Requirement: Main Applicant must be earning at least S$24,000 per annum. Joint Applicant (if any) must be gainfully employed and a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $14,999
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
RHB Renovation Loan (Flat Rate: $15k-$30k)
2.98%
Flat Rate
5 Years
Tenure
1% of approved loan 30000
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 55 years old
• Minimum Salary Requirement: Main Applicant must be earning at least S$24,000 per annum. Joint Applicant (if any) must be gainfully employed and a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $30,000
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
Maybank Renovation Loan (Flat Rate: $5k - $15k)
3.68%
Flat Rate
5 Years
Tenure
1% of approved loan 14999
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 60 years old
• Minimum Salary Requirement: Sole Applicant must be earning at least S$30,000 per annum. Joint Applicants _ S$24,000 p.a. (for Main Applicant only). Joint Applicant must be gainfully employed and must be a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $14,999
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
Maybank Renovation Loan (Monthly Rest: $5k - $15k)
5.98%
Monthly Rest
5 Years
Tenure
1% of approved loan 14999
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 60 years old
• Minimum Salary Requirement: Sole Applicant must be earning at least S$30,000 per annum. Joint Applicants _ S$24,000 p.a. (for Main Applicant only). Joint Applicant must be gainfully employed and must be a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $14,999
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
Maybank Renovation Loan (Flat Rate: $15k - $30k)
2.98%
Flat Rate
5 Years
Tenure
1% of approved loan 30000
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 60 years old
• Minimum Salary Requirement: Sole Applicant must be earning at least S$30,000 per annum. Joint Applicants _ S$24,000 p.a. (for Main Applicant only). Joint Applicant must be gainfully employed and must be a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $30,000
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
DBS Renovation Loan (Monthly Rest)
4.88%
Monthly Rest
5 Years
Tenure
1% of approved loan + 1% Insurance 30000
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 65 years old
• Minimum Salary Requirement: Sole Applicant must be earning at least S$24,000 per annum. Joint Applicant must be gainfully employed(Minimum S$12,000 per annum) and must be a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $30,000
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan + 1% Insurance
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details
Maybank Renovation Loan (Monthly Rest: $15k - $30k)
5.38%
Monthly Rest
5 Years
Tenure
1% of approved loan 30000
per month
Enquire now
Loan Details
• Citizenship: Singaporean or Singapore PR
• Age Requirement: 21 to 60 years old
• Minimum Salary Requirement: Sole Applicant must be earning at least S$30,000 per annum. Joint Applicants _ S$24,000 p.a. (for Main Applicant only). Joint Applicant must be gainfully employed and must be a spouse, parent, sibling, or child of the Main Applicant.
• Max Loan Amount: $30,000
• Max Loan Tenure: 5 Years
• Processing Fee: 1% of approved loan
View Full Details
Repayment Summary
Principle Loan Amount 12,000
Monthly Instalment 12,000
Interest Rate (per annum) 12,000
Loan Tenure 12,000
Total Amount Payable 12,000
Total Interest Payable 12,000
more details

What Others Say About Our Service

"A time-saving and hassle-free way to get the best renovation loan in town. Now my contractor can get to work right away!"

Angie Seow
Dance Instructor

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