What is a Renovation Loan in Singapore?
A renovation loan in Singapore is a specific type of unsecured personal loan designed to fund home improvement works. Unlike regular personal loans, renovation loans are earmarked for approved renovation activities and typically offer lower interest rates.
Maximum Loan Amount
Under MAS guidelines, renovation loans are capped at the lower of:
- S$30,000, or - 6 times your monthly income
For a couple applying jointly, the loan limit is based on the primary applicant's income or the combined income, depending on the bank.
What Renovation Loans Cover
Eligible works (direct payment to renovation contractor):
- Carpentry and built-in furniture (wardrobes, kitchen cabinets) - Flooring (tiles, vinyl, parquet) - Painting and wallpaper - Plumbing and bathroom fittings - Electrical works and wiring - False ceilings and partition walls - Windows and doors
Not covered: standalone furniture, appliances, air conditioners, curtains, and loose items.
Best Renovation Loan Rates 2026
Current renovation loan rates from major Singapore banks:
- DBS Renovation Loan: From 3.88% p.a. flat (EIR ~7.4%). Maximum S$30,000. - OCBC Renovation Loan: From 4.18% p.a. flat (EIR ~7.9%). Minimum S$5,000. - UOB Renovation Loan: From 3.68% p.a. flat (EIR ~7.0%). Up to 5-year tenure. - Maybank Renovation Loan: From 4.38% p.a. flat. Competitive for joint applicants.
Always compare using EIR, not the advertised flat rate. A 3.88% flat rate translates to approximately 7.4% EIR.
How to Apply for a Renovation Loan
1. Get your renovation quotation from a licensed contractor 2. Approach your bank (or use a mortgage broker for comparison) 3. Submit: NRIC, payslips (3 months), renovation contract/quotation, proof of property ownership 4. Approval is typically within 1–3 business days 5. Funds are disbursed directly to the contractor (for most banks) or into your account
Calculate Your Renovation Loan Repayment
Use our renovation loan calculator Singapore to see your exact monthly repayment for your planned renovation budget.