Compare the Best Renovation
Loan Rates in Singapore (July 2025)

5 Minutes Approval & Up to 1% Cashback*

$1,000

$200,000

3 Months

72 Months

Your monthly payment

337

Rate Disclaimer*

*Based on a $20,000 loan at 6.95% APR over 5 years, read more

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Updated July 11, 2025

Lowest Renovation Loans Interest Rates (July 2025)

*Loan Amount Example S$20,000 and Loan Tenure 5 years
Lender Annual Interest Rate Effective Interest Rate Processing Fee Monthly Payment
Standard Chartered 2.88% 5.43% $0 S$381
HSBC 2.92% 5.50% $0 S$382
Citibank 3.45% 6.50% $0 S$391
DBS 5.88% 6.95% 1% of Approved Loan Amount + 1% Insurance S$431
*Today's Renovation Loans Rates - 11 July 2025

Renovation Loan Total Interest Payment Overview ($10,000)

Types of Personal Loans

  • Renovation Loans Basics

  • Tips and Hints

  • FAQs

How Exactly Does a Renovation Loan Work?

A renovation loan is a personal loan designed to help you keep up with home renovation costs. Interest rates of renovation loans tend to be lower than typical personal loans. However, the tenure limits are between one and five years.

Renovation Loan Types

You can apply for a renovation loan to help with a multitude of different home renovation plans. You have the option of a flat rate or a monthly rest rate. Monthly rates remain the same for the duration of the loan tenure while monthly rest rates go up or down.

Forms of renovation that can be covered by a renovation loan:

  • • Electrical and Wiring Works
    • Basic Bathroom Fittings
    • Flooring
    • Tiling
    • Painting
    • Structure Changes
    • Built-In Furnishings
    • External Home Renovations

Lowest Renovation Loan Rates in Singapore (updated July 2025)

Renovation LoanPerks
POSB Renovation LoanComprehensive coverage and benefits
OCBC Renovation LoanFlexible repayment period
Maybank Renovation LoanLarge renovation loans
DBS Renovation LoanReasonable interest rates
CreditMaster Renovation LoanLow interest rate
How Do I Go About Applying for a Renovation Loan?

Follow these basic steps to prepare yourself for the application process:

  • • Determine if you are eligible for a renovation loan
    • Determine how much you can borrow based on your annual salary
    • Get a quote from your chosen contractor
    • Prepare the application document and other necessary documents
Am I Eligible for a Renovation Loan?

Check the following criteria to determine if you are eligible for a renovation loan:

  • • You are a citizen or permanent resident between the ages of 21 and 65
    • You or the main applicant are earning a minimum of $24,000 per year
    • All other applicants are employed and directly related to you
    • You or the main applicant must be the owner of the property you are renovating
Where can I Find the Best Renovation Loan in Singapore?

There is no singular best renovation loan. The best loan for you is determined by the type and cost of your renovation.

Each loan will come with a handling fee and a specific interest rate. Once you’ve determined the type of loan you need, choose the one with the lowest interest rate and extra fees.

Once you’ve compared all of these loaning companies and found the one with the best options for your specific situation, you will have found the best renovation loan in Singapore for you!

Keep Track of Your Budget

Renovation loans cover most home furnishing options. That being said, most renovation jobs cost quite a bit more than the renovation loan that you can acquire. Make sure to balance the spending of your loan with the amount of money you are making to pay off both the remaining renovation costs and your monthly repayments.

If necessary, limit your renovation plans to necessities and deal with your wants later.

Do Not Take Hiring Shortcuts

Hiring someone unprofessional and cheap to do home renovations is almost always a mistake. You’re better off taking things slowly with a professional to ensure that the job is successful. This may take longer but will significantly reduce your stress levels!

Research Before Applying

There’s more than one type of renovation loan. You need to determine which one applies to your situation before applying for anything. You should also research interest rates at various banks offering the type of loan that you need. These are the basic steps to take before applying for a renovation loan.

Consider How Long You Need the Tenure to Be

The longer you take to pay back your loan, the more it will cost. However, a longer tenure allows for smaller monthly repayments. You need to balance what you can afford to repay with the amount of time you can save.

If you try and pay it off quickly to save money, you may miss repayment dates, causing you to end up paying even more than if you just added an extra year. Try to leave some extra savings for emergency purposes whenever possible.

How Much Can I Borrow with a Renovation Loan?

The most you can loan at once is 6 times your annual salary to a maximum of $30,000. $30,000 is the limit, no matter how high your salary is.

What if I Can’t Borrow Enough?

If you’re renovating a house owned by you and others, you can each apply for a renovation loan. This means if there are four of you living together, you can borrow up to $120,000 altogether.

What Kind of Tenure Should I Expect?

Typically, tenures will range between one and five years. Some banks also offer free insurance against accidental death or permanent disability for the full loan tenure.

Should I Expect Any Other Fees?

There is a processing fee that will cover 1% or 2% of your loan.

What Documents Should I Prepare?
  • • Double-sided photocopy of Your NRIC
    • For paid employees, your latest e-statement or CPF contribution history from the past year.
    • For the self-employed, two years of Income Tax Notice of Assessment
    • Signed invoice from the contractor
    • Property’s proof of ownership
    • Completed application form
What’s The Lowest Renovation Loan Interest Rates?

The current market interest rates are between 2.8% to 6% per year.

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Review Personal Loans from All Major Banks & Moneylenders

Excellent! ROSHI has found 4 Loans that suit your criteria.

ROSHI Personal Loan

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1.88%Monthly Interest Rate

4 MonthsLoan Tenure (fixed)

$4000-$8000Loan Amount

5 Minutes Loan Approval

10 Minutes Cash Disbursement

Up to 1% Cashback*

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  • *Offer subject to approval by participating lenders.
Monthly Repayment $1,004 - $2,008
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DBS Renovation Loan

  • Minimum loan amount: $10,000
  • Maximum loan amount: $30,000 or 6x of monthly income (whichever is lower)

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

Citibank Quick Cash Loan

  • Enjoy $0 processing fee and borrow up to 4x your monthly salary, with minimum loan amount of $100 for 24 months to 60 months loan tenure period.
  • Min Income for Singaporeans/PRs: S$30,000 p.a.

on Citibank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

HSBC Personal Loan

  • Get 1-min in-principle approval on HSBC Personal Loan
  • Maximum loan amount of up to 4x your monthly income with an annual income from S$30,000 to S$120,000 and up to 8x with an annual income of S$120,000 or more, or up to S$200,000.

on HSBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

Standard Chartered CashOne Personal Loan

  • Enjoy flat interest rates from as low as 2.88% p.a. (EIR: 5.43% p.a.) and get instant approval and cash disbursement to your designated bank account when you apply via MyInfo.
  • Get a loan of up to 4x your monthly salary, capped at S$250,000.

on Standard Chartered's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old