Renovation Loan Calculator Singapore
Calculate your renovation loan monthly repayments. Singapore renovation loans are capped at S$30,000 with maximum 5-year tenure.
· Free · No sign-up required
How to use:① Enter your loan amount using the slider or type directly② Adjust the interest rate to match your bank's offer③ View your monthly repayment and full schedule instantly
Loan Details
Renovation Loan Amount
S$
S$5,000S$30,000
Interest Rate (Flat p.a.)
%
1%8%
Loan Tenure5 yrs
1 yr5 yrs
Your Estimate
Monthly Repayment
S$299.75
5 years · 60 monthly payments
Principal
S$15,000
Interest
S$2,985
Total RepaymentS$17,985.00
Total InterestS$2,985.00
Loan AmountS$15,000
Flat Rate3.98% p.a.
Effective Rate (EIR)7.64% p.a.
💡 Banks advertise flat rates. EIR is the true cost — always compare EIR across lenders.
💡
A 4.0% flat rate = 7.6% EIR. This is your true annual cost. Always compare EIR — not flat rate.
📋
Show this estimate to your bank or mortgage broker. Actual rates may vary based on your credit profile.
✅
Monthly repayment S$299.75 must be within 55% TDSR limit of your gross income (MAS rule).
About Renovation Loan Calculator Singapore
Renovation loans in Singapore are unsecured personal loans specifically for home renovations. Most banks cap renovation loans at S$30,000 (or 6x monthly salary, whichever is lower) with a maximum 5-year tenure. They typically offer lower rates than regular personal loans.
Before you apply: Check your TDSR → and your max budget →
Renovation Loan Calculator Singapore — Full Guide
Why the advertised rate is not the rate you pay
Renovation loans in Singapore are quoted as flat rates, which means interest is charged on the full original amount for the whole tenure — it does not fall as you repay. A 3.98% flat rate over five years is closer to 7.4% in effective terms. That is not a trick; it is simply how the product is quoted, and MAS requires lenders to publish the Effective Interest Rate alongside it.
The calculator above shows both. When you compare offers, compare the EIR figures against each other and ignore the flat rates entirely — a lender quoting 3.5% flat over five years is more expensive than one quoting 3.8% flat over three, and the flat numbers alone will tell you the opposite.
What the S$30,000 cap really means
Most Singapore banks cap a renovation loan at S$30,000 or six times your monthly income, whichever is lower. The six-times rule is the one that usually binds: on a S$4,000 monthly income your ceiling is S$24,000, not S$30,000.
If your renovation budget exceeds the cap, applying jointly with a spouse raises the income base and therefore the ceiling. Beyond that, the overflow generally has to come from cash or from a standard personal loan, which will cost you more.
What a renovation loan will and will not pay for
Because the rate is subsidised relative to a general personal loan, banks restrict what the money can be spent on and will ask for your contractor's quotation as proof.
| Covered | Not covered |
|---|---|
| Carpentry and built-in fittings | Loose furniture |
| Flooring, tiling, false ceilings | Refrigerators, washing machines |
| Electrical rewiring and lighting | Air conditioners (usually) |
| Plumbing and sanitary works | Curtains, blinds, soft furnishings |
| Painting and interior design fees | Home appliances and electronics |
"HDB renovation loan" — a common misunderstanding
HDB does not lend for renovations. When people search for an HDB renovation loan they mean an ordinary bank renovation loan taken by an HDB flat owner, and the terms are the same as for a condo owner: the S$30,000 cap, the five-year maximum, the flat-rate quoting.
What is genuinely HDB-specific is the renovation permit. Structural works, hacking and certain electrical changes need HDB approval before they start, and your contractor must be on HDB's registered list. A bank will happily lend against a quotation for works HDB will not approve, so clear the permit first.
How This Renovation Loan Calculator Singapore Works
Singapore banks quote renovation loan on a flat rate basis. Interest is charged on the full original amount for the entire tenure — it does not fall as you repay. That makes the advertised number look far cheaper than what you actually pay, which is why MAS requires lenders to also publish the Effective Interest Rate (EIR).
Flat-rate formula
Total interest = P × r × N
Monthly instalment = (P + Total interest) ÷ (N × 12)
P = amount borrowed · r = flat rate per year · N = tenure in years
Worked example
On a S$15,000 renovation loan at 3.98% p.a. over 5 years, this calculator returns a monthly instalment of S$300. Across the full tenure you repay S$17,985 in total, of which S$2,985 is interest — 19.9% on top of what you borrowed. That 3.98% flat rate works out to an effective interest rate of roughly 7.6% p.a. — the figure to use when comparing offers between banks.
Change any input above and the schedule recalculates instantly. The result is an estimate based on the rate you enter — it excludes legal fees, valuation fees, fire insurance and any lock-in penalties, and it is not a loan offer or a statement of what you will be approved for.
Sources & Last Reviewed
Regulatory limits and indicative bank rates on this page were last reviewed on . Bank rates are indicative and change frequently — always confirm the current rate directly with the lender before committing. This calculator is an estimate, not a loan offer.
Renovation Loan Calculator Singapore — Frequently Asked Questions
Common questions about renovation loan calculator singapore in Singapore.