Singapore Renovation Loans Comparison

2 min read

The BTO quarterly launch has just passed in May last month. Following that comes money worries like whether you have enough money to hold a wedding if you plan on taking up mortgage loans, HDB loans or Bank loans, and even renovation loans. By now we should all know that planning to buy a house isn’t that simple.

Previously on our Facebook Live about getting your first property in Singapore, we talked to Johaan from Qanvast about the importance of interior design and he said that it is an important investment since it determines your resale value and your quality of living. If you skimp on it at the start, you may end up spending more on repainting your house and redoing your flooring.

Estimated Renovation Costs

Housing TypeEstimated Renovation Cost
BTO$30,000 to $60,000
Resale Flat$30,000 to $100,000
Executive Condominium (EC) $10,000 and up

Renovation costs include:

  • Electrical works and wiring
  • Built-in cabinets
  • Painting and redecorating
  • Structural alterations
  • External works within the compounds of the house
  • Flooring and tiling
  • Basic bathroom fittings

Why do you need to get a renovation loan instead of a personal loan? Well, renovation loans usually charge you lower interest rates and lower processing fees.

Renovation Loans Comparison 2018

LoanEffective Interest Rates
(Existing Home Loan Customer)
Effective Interest Rates
(New Customer)
Max. Loan Amount
DBS/POSB Renovation Loan4.38% p.a.4.88% p.a.$30,000
CIMB Renovation Loan4.85% p.a.4.85% p.a.$30,000
Maybank Renovation Loan2.88% p.a.4.33% p.a.$30,000
OCBC Renovation Loan5.39% p.a.6.08% p.a.$30,000
RHB Renovation Loan-6.02% p.a. Flat Rate (Loan amount $15-$30k)
7.27% p.a. Flat Rate (Loan amount below $15k)
6.16% (Monthly Rest Package)

*For all the above loans, you can loan up to 6X your salary and all loans have a 1-5 years tenure.


DBS/POSB Renovation Loan


  • Flat rate: 2.31% p.a


  • Handling Fee: 1% of approved loan amount
  • Insurance Premium: 1% of approved loan amount. In the event of death or total permanent disability, Manulife will pay off your outstanding renovation loan balance


  • Main applicant: Minimum income of $24,000 per annum
  • Joint application: Minimum income of $12,000 per annum


Maybank Renovation Loan


  • EIR: 4.33% p.a.


  • 1% processing fee (deducted upon loan disbursement)

Annual Income

  • Main applicant minimum income of $24,000


OCBC Renovation Loan


  • Flat rate: 2.63% p.a.


  • 1% admin fee applies for OCBC Home Loan customers
  • $200 processing fee and 1% admin fee applies for non-OCBC Home Loan customers.


  • Single Application: Minimum income of S$24,000 per year
  • Joint Application: At least 1 applicant must earn a minimum income of S$24,000 per year


CIMB Renovation Loan


  • Flat rate: 2.98% p.a.


  • 1% of the approved loan amount (deducted upon loan disbursement)


  • Annual income of S$24,000 for single and/or joint applicants

*Up to three (3) complimentary Cashier’s Orders


RHB Renovation Loan

Loan Type 1: Flat Rate

  • 2.98% p.a. for loans between $15,000 and $30,000
  • 3.68% p.a. for loans below $15,000

Loan Type 2: Monthly Rest Package

  • 5.80% p.a.
  • At least 6.18% EIR


  • 1% of the approved loan amount (deducted upon loan disbursement)


  • Main applicant must earn at least $30,000 per annum
  • Joint applicant must earn a minimum income of at least S$30,000


Best Suited Renovation Loans For You

  • Lowest Interest Rate (Updated 13 June): Maybank Renovation Loan
  • Lower minimum income: CIMB, OCBC, DBS/POSB


Further Reading: BTO Loans, Bank Loans, Personal Loans

Buying a house can be broken down into these few costs and these are the loans you should keep in mind.

1) HDB Loans and Bank Loans

  • Perks of HDB Loan: Can use CPF, higher maximum loan
  • Perks of Bank Loan: Lower interest rates

2) Personal Loans

Personal loans should be used to finance your short-term expenditure or emergency expenditure.

This can be used to help you buy furniture, household appliances and bascially every other thing that does not involve what your HDB loan or renovation loan can cover.

Of course, you should always review your spending habits and exercise prudence on your spendings. To repay your loans, you can practice the debt snowball method or debt avalanche method to clear your debts more effectively


After reading this article, you can ask any questions on taking loans and more at Seedly’s Forum to get professional answers from our finance-savvy community!

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