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House Renovation Loan Comparison

This table shows some of the loans you can get from leading banks along with the interest rate they charge and monthly repayment you will have to make based on a renovation loan amount of S$30,000 with a repayment period of 3 years (monthly rest interest rate)

Based on $30,000 loan
RHB Renovation Loan
Interest Rate (p.a.)
Based on $30,000 loan
OCBC Renovation Loan
Interest Rate (p.a.)
Based on $30,000 loan
CIMB Renovation-i Financing
Interest Rate (p.a.)
Based on $30,000 loan
May Bank Renovation Loan
Interest Rate (p.a.)
Interest rate(p.a.)
Monthly Repayment (Based on
$30,000 loan)
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...RHB Renovation Loan
4.18% p.a.
...OCBC Renovation Loan
4.18% p.a.
...CIMB Renovation-i Financing
4.33% p.a.
...May Bank Renovation Loan
4.10% p.a.

What can you use the home renovation loan for?

You can use the home renovation loan for:

  • Building new cabinets across your flat or home
  • Painting and designing new interiors
  • Fixing the electrical works or adding new wiring
  • Making structural changes in your home
  • To redo the flooring and doing tiling work
  • Installing new solar panels
  • Renovating the exterior compound of your house
  • Renovating the exterior compound of your house

Have any other changes to make? Well, you can talk to our experts for free to consult for free about
loans for home renovation.

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Home Renovation Loan vs
Personal Loan

Home Renovation Loan

  • You can use a home renovation loan only for the purpose it is intended–which is–renovating your home. That is, you cannot divert its funds for any other use.
  • To take a home renovation loan, you need to show proof of the ownership of the house or give consent to a related family member to renovate the house
  • Generally, the loan amount is lower and can be anywhere up to $50,000 SGD
  • Loan rates can start around 2% per annum

Personal Loan

  • You can use a personal loan for any purpose. Of course, you can take a personal loan for even renovating your own home.
  • Here’s the best part: if you can’t show proof of ownership, you can still take a personal loan and use it for home renovation.
  • The loan amount you can apply under personal loan can be way higher and even beyond hundred thousand dollars
  • Loan rates can start around 3% per annum

Confused which one to use? Talk to our
home loan experts.

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Who can apply for a home renovation loan?

The eligibility criteria for home renovation loan can vary from one bank to another. However, some of the common criteria may look like following:

Citizenship:Anyone who’s a singapore Citizen or a permanent resident in Singapore

Age:Usually it is between 21-65 years

The property ownerhimself or any related family member including only a parent, a spouse, a child or a sibling and also has the consent of the property owner.

You can also apply as a single owner or a joint owner

To know more about the loan and check your eligibility, click the button below.

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How long does it take to get a home renovation loan approved and disbursed?

Usually the loan amount disbursed varies from bank to bank–and depends a lot on the
bank’s approval process and borrower’s circumstances:

  • What’s the annual income of the borrower
  • What the borrower is going to renovate in the home using loan

Some banks also charge a percentage of the loan (usually 1%) as a handling fee.

Here are all the banks we work with to give you the best home renovation loan option

We Have Helped Over 524 Singaporeans Choose The Best Home Renovation Loan Option

CITI logoDBS logoHSBC logoPOSB logoMB logoSCB logoCIMB logoBOC logoRHB logoSBI logoICBC logoHLF logoSIF logoSF logo

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