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Compare the Best Renovation Loans
in Singapore (2022)

Apply online & settle faster!

Updated November 18, 2022

Singapore’s 1st
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options in one unified dashboard

Once your renovation loan application is live, all of your offers will be displayed on your dashboard and once you like the look of one, you can discuss the details with one of your loan specialists. Your application stays on the platform and you get to watch offers fly in as it happens.

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of our borrowers get approved
at the standard lender interest rate

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ROSHI enables borrowers to receive personalised loan options in real-time directly on our platform, avoiding the hassle of calling, visiting or applying with multiple money lenders or banks.

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Bespoke Renovation Loans via dashboard

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What our customers say...

Junquan Yeo
8 months ago

A big thanks for an easy & comfortable experience for arranging my home loan right from my application they kept me updated the whole way, highly recommended.

Charo _
8 months ago

Excellent service. The loan specialist was very patient and explored all options with me to find the best one. They also took care of a very complicated process very easy. We couldn't be happier with the service and would not hesitate to recommend.

Victoria
8 months ago

Great service from start to finish. Rather than pushing to done the first available loan offer, the team gave me advice as though they were the ones applying for my mortgage themselves. Thanks

How ROSHI works?

1

Tell us about you

Provide details about your loan requirements and financial situation.

2

We shortlist the best options

Our smart tech compares hundreds of loans from all lenders to match your needs.

3

Upload all your docs

Easily upload all required docs online. This means less paperwork!

4

Settle your loan

Once you submit your application our team will keep you regularly updated on its progress.

Renovation Loans in 2022

As the name suggests a renovation loan gives borrowers the cash flow they need to make desirable changes to their homes such as renovation works to newly purchased homes, hybrid-work arrangements or designing a room for the kids. These loans are attractive as the interest rates of renovation loans are usually lower than common financing options such as personal installment loans or credit cards and repayments.

Renovating doesn't come cheap and sums exceeding $100,000 is often the norm. Once loan applications are approved amounts are usually disbursed directly to the applicant. In some cases site visits are conducted post-disbursement, to ensure that the loan is being used as intended.

Personal Loan Total Interest Payments Overview ($10,000)

Personal Loan Total Interest Payments Overview Singapore

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Review Personal Loans from All Major Banks & Moneylenders

Excellent! ROSHI has found 6 Loans that suit your criteria.

OCBC Renovation Loan

3.5Good to Excellent
  • Only bank to accept third party applicants (where applicant is not the home owner)
  • Processing Fee: 1% of Approved Loan Amount +$200
Apply Now

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 59 years old

CIMB Renovation-i Financing

3.8Good to Excellent
  • Get an approval in-principle within 1 day when you submit the completed application and documents by 4pm on a working day.
  • Interest rates starting from 4.20% p.a (EIR 4.61% p.a) for one year loan tenure onwards
Apply Now

on CIMB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 55 years old

DBS Renovation Loan

4.0Good to Excellent
  • Minimum loan amount: $10,000
  • Maximum loan amount: $30,000 or 6x of monthly income (whichever is lower)
Apply Now

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

3.6Good to Excellent
  • 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.
Apply Now

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

3.2Good to Excellent
  • 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.
Apply Now

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

4.0Good to Excellent
  • Enjoy flat interest rates from as low as 3.88% p.a. (EIR: 7.67% 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.
Apply Now

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

  • Renovation Loans Basics

  • Tips and Hints

  • FAQs

  • Blog

  • Ask Away

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 November 2022)

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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2 Responses

    1. Hi Shidah, unfortunately, the DCP excludes certain kinds of unsecured loans and renovation loans is one of them. So as of now, there’s no bank that would approve renovation loan application with DCP.