Best Renovation Loan Interest Rates 2024

With a renovation loan, you can finance everything from remodelling your home or giving it a complete makeover. Find out how renovation loans compares against other banks and apply instantly here. Read More
20,000 personal loan Paid over 3 years
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HSBC Renovation Loan

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Best Renovation Loans In Singapore

With the ever-increasing demand for public and private residential properties in Singapore, we can expect more renovations for new homes to come and picking the best renovation loans for homes in Singapore becomes crucial for cost-effective and efficient home improvement.

If you're planning for a renovation for your new BTO/resale HDB flat or condominium or private property soon, you'll have to consider competitive interest rates, flexible repayment terms, and swift approval processes for your home renovation loan. In this guide, we'll be exploring some insightful tips that will come in handy when you select the most suitable renovation loan.

What Is A Renovation Loan & How Does It Work?

In Singapore, a renovation loan is typically designed to aid prospective home buyers or existing homeowners in financing renovations aimed at improving or enhancing their HDB/BTO flats or private residential properties. These loans are usually offered by banks and financial institutions in Singapore, with the purpose of covering the costs associated with upgrading, refurbishing, or elevating one's home.

Here is a summary of how a renovation loan typically functions in Singapore:

Loan application

To apply for a renovation loan, you need to contact a bank or financial institution that offers such loans. You will need to provide documentation related to your renovation project, including quotations from contractors, a breakdown of the renovation costs, and other relevant details.

Eligibility criteria

Each lender sets its own eligibility criteria, but common requirements include being a Singaporean Citizen or Singapore Permanent Resident (SPR), having a stable source of income, and meeting the bank’s or lender's credit assessment criteria. The eligibility criteria may differ slightly between HDB (public housing) and private housing.

Loan amount

The maximum loan amount you can borrow typically depends on your income and creditworthiness. For HDB renovation loans, the maximum loan amount is usually capped at a certain limit or a multiple of your monthly income. Private housing renovation loans may offer higher loan amounts.

Loan tenure

Renovation loan tenures in Singapore can vary from 1 year to 5 years or more, depending on the lender's policies and the loan amount. You can choose a tenure that aligns with your repayment capacity.

Interest rates

Renovation loan interest rates can be either fixed or variable and vary among lenders. Interest rates for HDB renovation loans are generally lower compared to those for private housing renovation loans.

Loan usage

Renovation loans can be used to cover a wide range of renovation-related expenses, including contractor fees, materials, fixtures, labour costs, and even furnishings. Lenders typically require you to provide invoices or receipts for the expenses incurred.


You'll need to make regular monthly repayments The repayment amount remains consistent throughout the loan tenure if you opt for a fixed-rate loan.on your renovation loan, including both the principal amount borrowed and the interest accrued.

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Key Renovation Loan Aspects To Consider - Public vs. Private Housing

Left Column HeaderPublic HousingRight Column Header
Eligibility criteria You must be a Singapore Citizen (SC) or Singapore Permanent Resident (PR) owning a flat from the Housing and Development Board (HDB). The flat must be at least 5 years old, and you cannot have outstanding renovation loans with HDB.Generally open to SCs, PRs, and foreigners with valid work passes and sufficient income. Some lenders may have additional specific requirements, like minimum property value or income level.
Loan quantum and tenureUp to S$30,000 or 6 times your monthly income, whichever is lower. Loan tenures of 1 to 5 years.Varies, depending on the bank or MAS-authorised lender and your profile. Loan amount options are often more than the typical range when compared to loan amounts for public housing, and most loan tenures for private property renovations range from 1 to 5 years.
Interest rates

Usually lower than most renovation loans and personal loans, typically from 2.5% to 5% per annum. Interest rates are fixed for the loan tenure.

Varies, depending on the bank or MAS-authorised lender, loan amount, and tenure. Generally higher than HDB rates, starting around 3.45% with effective interest rates of up to 6.5%. May be fixed or floating rates.
Loan usage

Usually valid for:

  • Electrical and wiring works
  • Built-in cabinets and carpentry
  • Painting and wallpapering
  • Hacking and structural alterations (subject to HDB’s approval)
  • Flooring and tiling works
  • Sanitary fittings

Usually valid for:

  • Installation of solar panels
  • Other external works i.e. landscaping, etc. within the house compound (subject to Singapore Land Authority’s approval)
  • Built-in cabinets and carpentry
  • Painting and wallpapering
  • Hacking and structural alterations (subject to Singapore Land Authority’s approval)
  • Flooring and tiling works
  • Electrical and wiring works
  • Sanitary fittings
Loan exclusionsUsually do not cover air-conditioning, built-in electrical appliances like ovens or home furniture that you have. Some banks like RHB do offer a separate furnishing loan if you need financial help with your furniture purchase.Usually do not cover air-conditioning, built-in electrical appliances like ovens or home furniture that you have. Some banks like RHB do offer a separate furnishing loan if you need financial help with your furniture purchase.
Prepayment fees

No prepayment fees for HDB renovation loans.

Varies, depending on the bank or MAS-authorised lender. Some banks or lenders may charge fees for early loan repayments.
Processing feesHDB charges an administrative fee of S$25.Varies, on the bank or MAS-authorised lender. May range from 1% to 2% of the loan amount.
Late payment feesHDB charges late payment fees, as defined by the Moneylenders Act.Varies, depending on the bank or MAS-authorised lender. Typically involve late interest charges and additional fees.

*The above data was last updated on 18 January 2024 and accurate at the time of writing, based on the information provided via HDB and respective banks’ (DBS, OCBC, Maybank, Standard Chartered, HSBC, CIMB, RHB) and some of the MAS-authorised lenders’ websites.