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. |
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Loan quantum and tenure | Up 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. |
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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. |
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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
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Loan exclusions | 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. | 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. |
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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. |
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Processing fees | HDB 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. |
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Late payment fees | HDB 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. |
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| *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. | |
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