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15 Best Renovation Loans in Singapore [2024]

Renovation Loan Singapore

Best Renovation Loan Singapore
Best Renovation Loan Singapore

Home renovations are an exciting yet substantial undertaking. Whether you’re looking to spruce up your living space, expand your kitchen, or give your bathroom a makeover, one thing is for certain: renovation projects often come with a hefty price tag.

The best banks for renovation loans in Singapore that are famous for their attractive interest rates and flexible repayment options, DBS, OCBC, and Maybank.

This is where renovation loans come into play, especially in a place like Singapore, where property values are high, and home improvement is a common endeavor. In this guide, we’ll delve into the world of renovation loans in Singapore and help you navigate the landscape to find the best option for your project.

Quick Summary

  • Best banks for renovation loans in Singapore that are famous for their attractive interest rates and flexible repayment options, DBS, OCBC, and Maybank.
  • When choosing a bank for a renovation loan in Singapore, consider factors such as the bank’s reputation, loan interest rates, repayment terms, and customer service.
  • Renovation loans in Singapore are a popular financing option, providing homeowners with an accessible means to transform their homes while managing the cost-effectively.

What is a Renovation Loan?

A renovation loan is a type of financing specifically designed for refurbishment projects. It provides homeowners with the necessary funds to cover renovation costs, enabling them to enhance their living spaces and increase property value.

Unlike a personal loan or a credit card, a renovation loan typically offers lower interest rates and flexible repayment terms, making it an economical choice for homeowners. In Singapore, many financial institutions offer renovation loans with varying terms and conditions, allowing homeowners to choose an option that best suits their budget and renovation needs.

Understanding Renovation Loans

  • How does it work? You apply for a renovation loan from a bank or financial institution. Once the loan is approved, the funds can be used to pay for the renovation work. The loan is then repaid through monthly installments over a predetermined loan tenure.
  • Eligibility Criteria: Generally, you need to be a homeowner (or a tenant with the owner’s consent) to apply for a renovation loan. Your eligibility might also depend on factors such as your credit score, income, and the estimated cost of the renovation.
  • Interest Rates: Renovation loans typically have lower interest rates than personal loans or credit cards, making them a more affordable option for financing home renovations. Remember that the exact rate can vary between different lenders.
  • Loan Amount: The amount you can borrow generally depends on the scope of your renovation project and your ability to repay the loan. Singaporean banks usually offer renovation loans up to six times your monthly income or SGD 30,000, whichever is lower.
  • Loan Tenure: Loan tenures for renovation loans in Singapore typically range from 1 to 5 years, allowing you to spread out your repayments over a time frame that suits your financial situation.
  • Processing Time: The processing time for a renovation loan can vary. However, most banks in Singapore will be able to give you a decision within a few working days.

Key Considerations

  • Interest Rates: Different loans come with varying interest rates. A lower interest rate means less money you’ll have to pay back over time, making it a critical factor in your decision.
  • Loan Tenure: The period over which you’ll repay the loan affects your monthly payments. A longer tenure might mean smaller monthly payments but more interest paid over time.
  • Loan Amount: Different loans offer different maximum amounts. Ensure the loan you choose can cover your renovation costs.
  • Eligibility Requirements: Some loans have specific eligibility requirements like income brackets or property type. Make sure you qualify for the loan you’re considering.
  • Repayment Terms: Consider whether the loan offers flexible repayment terms. Can you make early repayments without penalties? This could be important if you anticipate an increase in your income.
  • Processing Time: Check the lender’s processing time. If you need the funds quickly, opt for a lender that processes loans rapidly.
  • Additional Fees: Be aware of any additional charges like processing fees, late payment penalties, or early repayment fees that may apply.
  • Customer Service: Good customer service, including easy access to customer representatives and transparent communication, is essential. You want a lender who’ll be there to answer your queries promptly.

Best Renovation Loans in Singapore

1. DBS Renovation Loan

DBS - Renovation Loan Singapore (Credit: DBS)
DBS
Key ServicesCredit Card, Bank loans, Online banking
AddressAng Mo Kio Central Branch
Blk 712A Ang Mo Kio Avenue 6 #01-4066
Bishan Branch
9 Bishan Place #01-14 Junction 8 Shopping Centre
Singapore 579837
Websitedbs.com.sg
Phone+6518001111111
Operating HoursMonday to Friday: 10AM to 5:30PM
Saturday: 10AM to 2PM

DBS offers competitive interest rates and high loan amounts for your renovation needs. The loan tenure ranges from 1-5 years, offering flexibility based on your financial circumstance.

Key Differentiator

  • Competitive Interest Rates
  • High Loan Amounts
  • Flexible Loan Tenure
  • Robust Customer Service
  • Quick Processing Time

2. OCBC Renovation Loan

OCBC - Renovation Loan Singapore (Credit: OCBC)
OCBC
Key ServicesCredit Card, Bank loans, Online banking
AddressTiong Bahru Plaza
302 Tiong Bahru Rd, #01-125/126 Tiong Bahru Plaza, Singapore 168732
Branch
90 Hougang Ave 10, #01-01 to 05 Hougang Mall, Singapore 538766
Websiteocbc.com
Phone+6518003633333
Operating HoursMonday to Friday: 11AM to 6PM
Saturday to Sunday : 11AM to 4:30PM

Known for its speedy approval process, OCBC offers renovation loans with a maximum tenure of 5 years. They also have a handy online calculator for you to estimate your monthly repayments.

Key Differentiators

  • Speedy Approval Process
  • Maximum Tenure of 5 Years
  • Online Calculator for Monthly Repayments
  • Competitive Interest Rates
  • Excellent Customer Service

3. CIMB Renovation-i Financing

CIMB - Renovation Loan Singapore (Credit: CIMB)
CIMB
Key ServicesCredit Card, Bank loans, Online banking
AddressCIMB Plaza
30 Raffles Pl, Singapore 048622
Websitehttps://www.cimb.com.sg/
Phone+6518003633333
Operating HoursMonday to Friday: 9AM to 4:30PM
Saturday: 9AM to 1PM

CIMB uniquely offers a Shariah-compliant renovation loan product, giving Muslim homeowners a compatible financing option. They also provide competitive rates and high loan amounts.

Key Differentiators

  • Shariah-Compliant Renovation Loan
  • Competitive Interest Rates
  • High Loan Amounts
  • Flexible Loan Tenure
  • Reliable Customer Service

4. Maybank Renovation Loan

Maybank - Renovation Loan Singapore (Credit: Maybank)
Maybank
Key ServicesCredit Card, Bank loans, Online banking
AddressMaybank Chinatown
101 Upper Cross St, #01-22, Singapore 058357
Maybank AMK
Block 710A Ang Mo Kio Ave 8, #01-2627, Singapore 561710
Websitemaybank2u.com.sg
Phone1800-629 2265
Operating HoursMonday to Friday: 9:15AM to 4:45PM
Saturday: 9AM to 2:15PM

Maybank offers renovation loans with flexible repayment terms and competitive interest rates. They provide friendly customer service and a straightforward application process.

Key Differentiators

  • Attractive Interest Rates
  • Extended Loan Tenure up to 7 Years
  • High Loan Amounts
  • Flexible Repayment Terms
  • Excellent Customer Service

5. HSBC Home Instalment Loan

HSBC - Renovation Loan Singapore (Credit: HSBC)
HSBC
Key ServicesCredit Card, Bank loans, Online banking
AddressHSBC
68 Orchard Road, 01-60, Plaza Singapura, 68 Orchard Rd, #01-60, Plaza, Singapore 2388393
HSBC Claymore
6 Claymore Hill, Singapore 229571
Websitehsbc.com.sg
Phone+6518004722669
Operating HoursMonday to Friday: 9:30AM to 5PM
Saturday: 9:30AM to 12PM

Apart from attractive interest rates, HSBC’s loan product stands out for its extended loan tenure of up to 7 years, the longest in the market.

Key Differentiators

  • Flexible Repayment Period
  • Loan Amount up to 6x Monthly Income or SGD 30,000
  • Competitive Interest Rates
  • Fast Processing Time
  • Excellent Customer Service

6. Standard Chartered CashOne Renovation Loan

Standard Chartered CashOne - Renovation Loan Singapore (Credit: Standard Chartered CashOne)
Standard Chartered CashOne
Key ServicesBank loans
AddressBukit Timah Rd, 795-797, Singapore 269766
Websitehttps://www.sc.com/
Phone+6567477000
Operating HoursMonday to Friday: 10AM to 4PM
Saturday: 10AM to 1PM

Standard Chartered offers a flexible repayment period and allows borrowers to receive up to 6x their monthly income or SGD 30,000, whichever is lower.

Key Differentiators

  • High Maximum Loan Amount
  • Flexible Repayment Period
  • Insurance Coverage for Loan
  • Competitive Interest Rates
  • Excellent Customer Service
  • Fast Processing Time

7. UOB Home Renovation Loan

UOB - Renovation Loan Singapore (Credit: UOB)
UOB
Key ServicesBank loans
Address 8 Sixth Ave, Singapore 276473
Branch
148 Upper Bukit Timah Rd, #01-01 UOB Centre, Singapore 588178
Websitehttps://www.uob.com.sg/
Phone+6518002222121
Operating HoursMonday to Friday: 9:30AM to 4:30PM
Saturday: 9:30AM to 12:30PM

UOB offers a high maximum loan amount with a flexible repayment period. They also provide insurance coverage for your renovation loan at a nominal fee.

Key Differentiators

  • Competitive Interest Rates
  • Flexible Loan Tenure
  • Instant Cash Disbursement for Online Applicants
  • High Loan Amounts
  • Robust Customer Service
  • Quick Processing Time

8. POSB Renovation Loan

POSB - Renovation Loan Singapore (Credit: POSB)
POSB
Key ServicesBank loans
AddressBank Branch
153 Bukit Batok West Street 11, #01-290/292, Singapore 650153
Websitehttps://www.posb.com.sg/
Phone+6518002222200
Operating HoursMonday to Friday: 8:30AM to 4:30PM
Saturday: 8:30AM to 1PM

An affiliate of DBS, POSB offers similar competitive interest rates and loan tenures. They also offer instant cash disbursement for online applicants.

Key Differentiators

  • Competitive Interest Rates
  • Flexible Loan Tenure
  • Instant Cash Disbursement for Online Applicants
  • High Loan Amounts
  • Robust Customer Service
  • Quick Processing Time

9. Citibank Quick Cash Loan

Citibank - Renovation Loan Singapore (Credit: Citibank)
Citibank
Key ServicesCredit Card, Bank loans, Online Banking
Address Jurong East Branch
CPF Jurong Building, 21 Jurong Gateway Rd, #01-02, Singapore 608546
Websitehttps://www.citibank.com.sg/
Phone+6562255225
Operating HoursMonday to Friday: 9:30AM to 3:30PM
Saturday: 9:30AM to 12PM

While not specifically a renovation loan, this flexible personal loan from Citibank can be used for renovations. They offer attractive interest rates and quick cash disbursement.

Key Differentiators

  • Flexibility in Use
  • Attractive Interest Rates
  • Quick Cash Disbursement
  • Reliable Customer Service
  • Easy Application Process

10. RHB Renovation Loan

RHB Renovation Loan
Key ServicesCredit Card, Bank loans, Online Banking
AddressJurong East Branch
131 Jurong Gateway Rd, #01-257, Singapore 600131
Cecil Branch
90 Cecil St, Singapore 069531
Websitehttps://www.rhbgroup.com.sg/
Phone+6518003230100
Operating HoursMonday to Friday: 9AM to 4PM
Saturday: 9AM to 12PM

RHB offers renovation loans with attractive interest rates, high loan amounts, and flexible repayment periods. They also have a straightforward application process.

Key Differentiators

  • Attractive Interest Rates
  • High Loan Amounts
  • Flexible Repayment Periods
  • Straightforward Application Process
  • Reliable Customer Service

11. Hong Leong Finance Renovation Loan

Hong Leong Finance - Renovation Loan Singapore (Credit: Hong Leong Finance)
Hong Leong Finance
Key ServicesCredit Card, Bank loans, Online Banking
AddressBlk 520 Lor 6 Toa Payoh, #02-54 HDB Hub, Singapore 310520
Websitehttps://www.hlf.com.sg/
Phone+6562534821
Operating HoursMonday to Friday: 9AM to 4:30PM
Saturday: 9AM to 12PM

Hong Leong stands out for its fast approval process and flexible loan tenures. They also offer a high maximum loan amount.

Key Differentiators

  • Fast Approval Process
  • Flexible Loan Tenures
  • High Maximum Loan Amount
  • Competitive Interest Rates
  • Reliable Customer Service

12. Singapura Finance Renovation Loan

Singapura Finance - Renovation Loan Singapore (Credit: Singapura Finance)
Singapura Finance
Key ServicesCredit Card, Bank loans, Online Banking
Address Branch
150 Cecil St, Singapore 069543
Branch
133 Middle Rd, #03-01 BOC Plaza, Singapore 188974
Websitehttps://www.singapurafinance.com.sg/
Phone+6563488262
Operating HoursMonday to Friday: 9AM to 4:30PM
Saturday: 9AM to 12PM

This loan offers high borrowing limits and low-interest rates. Singapura Finance also provides flexible repayment periods.

Key Differentiators

  • High Borrowing Limits
  • Low-Interest Rates
  • Flexible Repayment Periods
  • Excellent Customer Service

13. Bank of China Home Refurbishment Loan

Bank of China - Renovation Loan Singapore (Credit: Bank of China)
Bank of China
Key ServicesCredit Card, Bank loans, Online Banking
AddressMain Branch
4 Battery Rd, Bank of China Building, Singapore 049908
Branch
133 Middle Rd, #03-01 BOC Plaza, Singapore 188974
Websitehttps://www.bankofchina.com/sg/
Phone+6518006695566
Operating Hours Monday to Friday: 9AM to 4PM
Saturday: 9AM to 12PM

This loan offers a high borrowing limit and competitive interest rates. Bank of China also provides excellent customer service.

Key Differentiators

  • High Borrowing Limit
  • Competitive Interest Rates
  • Excellent Customer Service

14. ICBC Home Renovation Loan

ICBC - Renovation Loan Singapore (Credit: ICBC)
ICBC
Key ServicesCredit Card, Bank loans, Online Banking
Address Chinatown Branch
133 New Bridge Rd, #01-10 Chinatown Point, Singapore 059413
Jurong Branch
130 Jurong Gateway Rd, #01-213 215/217, Singapore 600130
Websitehttps://www.icbc.com.sg/
Phone+6563695588
Operating HoursMonday to Friday: 10AM to 6PM
Saturday: 11AM to 4:30PM

ICBC offers renovation loans with attractive interest rates, and applicants have praised their straightforward application process.

Key Differentiators

  • Attractive Interest Rates
  • Straightforward Application Process
  • High Loan Amounts
  • Reliable Customer Service
  • Fast Processing Time

15. SBI Home Renovation Loan

SBI - Renovation Loan Singapore (Credit: SBI)
SBI
Key ServicesBank loans
AddressBranch
80 Robinson Road #27-01 & #28-01, Singapore 068898
Branch
677 Rangoon Road #01-02 Opposite Farrer Park, MRT Exit A, Singapore 210677
Branch
710A Ang Mo Kio Ave 8, #01- 2633, Singapore 561710
Website https://sg.statebank/
Phone+6562281116
+6565064211
Operating HoursMonday to Friday: 10AM to 5PM
Saturday: 9:30AM to 12:30PM

State Bank of India offers home renovation loans with competitive interest rates and flexible repayment tenures. They have a straightforward application process and offer high loan amounts, making it a worthy consideration for your renovation financing needs.

Key Differentiators

  • Competitive Interest Rates
  • Flexible Repayment Tenures
  • High Loan Amounts
  • Straightforward Application Process
  • Robust Customer Service

How to Apply for a Renovation Loan in Singapore

  • Decide on your renovation budget: Before you apply for a loan, you should have an idea of how much your renovation will cost. This includes labour and material costs, as well as a buffer for any unexpected expenses.
  • Determine your loan amount: Based on your renovation budget, decide how much you’ll need to borrow. Remember, it’s always better to borrow only what you need.
  • Check your eligibility: Refer to the eligibility criteria of the loan you are interested in. This might include income requirements, property type, and credit score.
  • Gather your documents: Prepare all necessary documents needed for the application. This usually includes your ID, proof of income, and details about your renovation project.
  • Submit your application: Depending on your lender, you may be able to apply online, over the phone, or in person. Ensure you fill out all the required information accurately.
  • Wait for approval: Once you’ve submitted your application, the lender will review your details and make a decision. This could take anywhere from a few hours to a few days, depending on the lender.
  • Accept the loan offer: If your application is approved, the lender will provide a loan offer. Review the terms carefully before accepting. If you’re unsure about any details, don’t hesitate to ask.
  • Begin your renovation: Once the loan is disbursed, you can start your renovation project. Keep track of all your expenses and make sure you stick to your budget. Don’t forget to make your loan repayments on time.

Renovation Loan Singapore

Embarking on a home renovation project in Singapore can be a rewarding experience when you have the right financing in place. Renovation loans provide the financial support needed to transform your living space into a place you’re proud to call home.

By considering factors like interest rates, loan tenure, and eligibility criteria, you can make an informed decision when choosing the best renovation loan for your specific needs. Take the time to explore the renovation loans highlighted in this guide and start your home improvement journey with confidence.

Remember that careful planning and budgeting are key to the success of your renovation project, so make sure to stay informed and make choices that align with your goals and preferences.

Looking for more articles about interior design and renovation? Check out our other articles below:

Frequently Asked Questions

If you have any questions about Renovation Loan Singapore, you can refer to the frequently asked questions (FAQ) about the best Renovation Loan in Singapore below:

How much renovation loan can I get in Singapore?

After knowing the cost of your home renovation, you can ask yourself “how much renovation loan can I get?” The maximum renovation loan for a HDB that you can get in Singapore is $30,000 or six times your monthly salary, whichever is lower.

How does renovation loan work in Singapore?

The money borrowed for renovation is given to the borrower after the lender ascertains the need and disburses the money to the contractor or interior designer. You can get a loan of up to six times your monthly income with a maximum loan tenure of five years.

Can renovations be loans?

As the name suggests, a renovation loan is a loan facility created solely for the purpose of renovating one’s home, including but not limited to remodelling, repair, new furniture or fixtures, new lighting, etc. They cost money and sometimes, a lot of it.

How much do Singaporeans spend on renovation?

Light***Moderate
Cost of renovating a living room $700 – $6,800 $6,800 – $12,500
Cost of renovating a bedroom $500 – $7,500 $7,500 – $12,700
Cost of renovating a bathroom $550 – $6,550 $2,600 – $8,600
Cost of renovating a kitchen $800 – $2600 $6,550 – $11,950

What is the maximum approved loan amount I can get for a renovation loan?

The maximum approved loan amount varies from lender to lender. Each financial institution has its own criteria for determining the loan amount, which often includes factors like income, credit score, and property value.

How long does it take for an approved loan to be disbursed?

Upon approval, the time it takes for the loan to be disbursed varies between institutions. Some may transfer the funds within a few hours, while others may take a couple of business days.

Does the HSBC personal loan cover home renovations?

Yes, an HSBC personal loan can be used to cover the cost of home renovations. However, it’s important to note that the interest rates, terms, and conditions may differ from a dedicated renovation loan.

What factors influence my monthly repayment for a renovation loan?

Your monthly repayment for a renovation loan is influenced by several factors, including the loan amount, the interest rate, and the loan tenure. Higher loan amounts and interest rates result in higher monthly repayments, while longer tenures result in lower monthly repayments.

Are there any processing fees for renovation loans?

Most banks and financial institutions do charge a processing fee for renovation loans. This fee is usually a small percentage of the total loan amount and is used to cover the cost of processing your loan application. It’s important to factor this fee into your overall renovation budget.

Additional Useful Articles

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