Play around with our handy renovation loan calculator

Planning on carrying out some renovations and making your house a home?

Compare renovation loans from up to 4 lenders and see if there’s one that’s right for you.

Finally obtain the keys to your new flat you applied through Build To Order years ago, just purchased a resale flat from Housing and Development Board (HDB), or a private condominium in Singapore?

What’s next? Planning to renovate your flat and making your house looks stylish, beautiful or even luxurious? Renovation loans are here to finance you in making your house your dream home.

There are many options out there, how to choose the right one? You wonder. ROSHI has a dedicated comparison tools to help you in figuring out the best options that fits your renovation needs.

Keep reading and you will have a good overview of theoptions in Singapore. Our platform show you a detailed list of information such as loan details and features. Do note that there are minimum income requirements that need to be met before applying.

More Info

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Compare the Best Renovation
Loan Rates in Singapore (December 2023)

Today's renovation loans interest rate trends in Singapore - As of Monday, December 4th, 2023, the lowest renovation loans interest rate stands at 3.45% with an effective interest rate of 6.50%. Rates are not guaranteed and are based on each applicant's own credit risk. Renovations in Singapore don't come cheap, with costs often exceeding $100,000. The lump-sum loan amount gets disbursed directly to the borrower after loan approval. The funds can then be used to engage contractors, purchase materials, and complete the desired renovation works.

Some banks may conduct post-disbursement site visits to ensure the borrower uses the loan for its intended renovation purposes. But there is typically no need to submit receipts or invoices during the loan application process.

For homeowners considering extensive renovation works, from hacking walls to installing new kitchens or bathrooms, a renovation loan can provide an affordable financing solution. The lower interest rates, compared to other consumer loans, make it easier to fund substantial home upgrades.

ROSHI provides a comprehensive overview of current renovation loan rates offered by all major banks in Singapore. In addition, ROSHI's renovation loan calculator gives borrowers an estimate of potential total repayment amounts based on their loan tenure, interest rate and loan amount. This helps provide a general indication of the repayment obligations associated with different loan amount and tenure scenarios.

By consolidating and presenting current market rates as well as estimated repayment costs, ROSHI aims to equip borrowers with the information they need to make an informed financing decision. Our goal is to help borrowers compare renovation loan options and identify the most suitable and competitively-priced loan product for their specific renovation needs and budget. Show More

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By Dawn Chew

Updated December 4, 2023

Singapore’s 1st
Loan Marketplace

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Lowest Renovation Loans Interest Rates (December 2023)

*Loan Amount Example S$20,000 and Loan Tenure 5 years

Lender	Annual Interest Rate	Effective Interest Rate	Processing Fee	Monthly Payment
Citibank	3.45%	6.50%	$0	S$391
Standard Chartered	3.48%	6.95%	$0	S$391
DBS	3.88%	4.62%	1% of Approved Loan Amount + 1% Insurance	S$398
HSBC	4.00%	7.50%	$0	S$400
OCBC Bank	5.08%	5.70%	0.5% on loan amount	S$418

*Today's Renovation Loans Rates - 04 December 2023

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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 December 2023)

Renovation Loan	Perks
POSB Renovation Loan	Comprehensive coverage and benefits
OCBC Renovation Loan	Flexible repayment period
Maybank Renovation Loan	Large renovation loans
DBS Renovation Loan	Reasonable interest rates
CreditMaster Renovation Loan	Low 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.