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Get The Best Renovation Loan Interest Rates for 2016 Now!

Get the latest Renovation Loan interest rates for Singapore on MoneySmart.sg. See how renovation loans compares against other banks and apply instantly online.

Renovation Loan Rates

Updated As Of December 2016
years
Displaying all Renovation Loans from
Showing 7 matching Renovation Loans
We Have Found 7 Renovation Loans For You
DBS Renovation Loan
4.88%Monthly rest
1% of approved loan + 1% Insurance
$376Per Month
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CIMB Renovation Loan
5.37%Monthly rest
1% of approved loan
$381Per Month
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Maybank Renovation Loan
5.38%Monthly rest
1% of approved loan
$381Per Month
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RHB  Renovation Loan
2.98%Flat rate
1% of approved loan
$383Per Month
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Maybank Renovation Loan
2.98%Flat rate
1% of approved loan
$383Per Month
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RHB Renovation Loan
5.8%Monthly rest
1% of approved loan
$385Per Month
Compare

Renovation Loan Frequently Asked Questions

Frequently Asked Questions

If you can't find an answer to your question below, you may MoneySmart Forum.

Frequently Asked Questions

If you can't find an answer to your question below, you may MoneySmart Forum.

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.

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Have a question about Renovation Loans? Ask us anything!

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Have a question about Renovation Loans? Ask us anything!

MoneySmart Forum is a community driven question and answer platform. Once you have asked your question and signed in, you will be redirected to MoneySmart Forum

Satisfied MoneySmart.sg customers agree!

Buying a house was stressful enough, but there was added pressure having to think about the renovation costs. MoneySmart's renovation loans comparison page educated me on what to look out for, and also made it really easy to apply for one

Serena Guo
Air Stewardess

Renovating my home was really easy with MoneySmart's Renovation Loan rates. Their great tools made it easy for me to choose the right loan with the lowest interest rate and get the contractors working on the project in minimal time.

Lydia Lin
Sales Executive

Finding the Best Renovation Loan is Easy with MoneySmart.sg

Whether you are planning to redecorate your kitchen or give your home a complete makeover, we’ll help you find the best renovation loan to get it done.

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