Top Renovation Loan Providers in Singapore

What is a renovation loan

Renovation loans are sums of money you can borrow from a financial institution to settle your renovation needs. It can be used to fund that high end stereo system you have been eyeing or when there are emergency home repairs required. Unlike secured loans, it does not require any form of collateral so you do not have to worry about putting your assets at risk. This could be an economically feasible option that can help ease some financial burden, especially when you require the money urgently for impromptu renovation works.

Top renovation loan providers in Singapore

There is a range of renovation loans offered by various banks and moneylenders in Singapore. Check out this list to find out more:

Loan providers	OCBC Bank
Speciality	Fast and simple secured digital loan approval process 0% processing fee for approved loans Allows third party borrower for applicants who meet requirements Enjoy promotional rates under eco-care renovation loan if home meets standards of energy efficiency
Pricing	Contact for quotation
Website	https://www.ocbc.com/personal-banking/loans/home-renovation-loan
Address	Check for location here
Telephone	6363 3333
Operating Hours	Check for operating hours here

 

---

Loan providers	Maybank
Speciality	Competitive interest rates available catering to different loan tenures Option to borrow up to 6 times of monthly income or $30,000 Attractive promotional interest rates offered
Pricing	Contact for quotation
Website	https://www.maybank2u.com.sg/en/personal/loans/personal-credit/renovation-loan.page?
Address	Check for location here
Telephone	1800 629 2265
Operating Hours	Check for operating hours here

 

---

Loan providers	DBS
Speciality	Promotional interest rates available for existing home loan customers and competitive rates offered for new customers Enjoy lower interest rates for longer repayment periods up to 5 years Hassel free online application process Loan eligibility up to 65 years of age
Pricing	Contact for quotation
Website	https://www.dbs.com.sg/personal/loans/homeloans/renovation-loan
Address	Check for location here
Telephone	1800 111 1111
Operating Hours	Check for operating hours here

 

---

Loan providers	CIMB
Speciality	Lower rates available for longer repayment period 0% admin fee and low processing fee Quick in-principle approval on applications within a day Shariah-compliant financing product
Pricing	Contact for quotation
Website	https://www.cimb.com.sg/en/personal/banking-with-us/loans-financing/personal-loans-financing/cimb-renovation-i-financing.html
Address	Check for location here
Telephone	6333 7777
Operating Hours	Check for operating hours here

 

---

Loan providers	RHB Group
Speciality	Flat interest rate package available 0% admin fee and low processing fee Free 1st cashier order to contractor
Pricing	Contact for quotation
Website	https://rhbgroup.com.sg/rhb/personal/home-and-property
Address	Check for location here
Telephone	1800 323 0100
Operating Hours	Check for operating hours here

 

---

Loan providers	Golden Credit (S) Pte Ltd
Speciality	Simple and quick application and loan approval process Loan eligibility up to 65 years of age IPTO licensed firm offering range of loans catering to different needs
Pricing	Contact for quotation
Website	https://www.goldencredit.com.sg/renovation-loans/
Address	101 Upper Cross Street, People’s Park Centre #01-05F, Singapore 058357
Telephone	6224 1300
Operating Hours	Weekdays 11AM – 8PM Saturdays 11AM – 6PM Closed on Sundays

 

---

Loan providers	QV Credit
Speciality	Licensed and legal moneylender offering affordable and competitive loan interest rates Quick and easy instant in-principle approval if documents and requirements are met Transparent regarding terms and conditions
Pricing	Contact for quotation
Website	https://qvcredit.sg/renovation-loan-singapore/
Address	175A Bencoolen Street #11-08 Burlington Square Singapore 189650
Telephone	6835 7666
Operating Hours	Weekdays 11AM – 8PM Saturdays 11AM -4PM Closed on Sundays

 

---

 

Loan providers	S G Credit Pte. Ltd
Speciality	Quick and simple online application process Loan eligibility up to 65 years of age Affordable repayment plans with loan tenure of up to 36 months
Pricing	Contact for quotation
Website	https://loansgcredit.sg/services/housing-renovation-loan/?gclid=EAIaIQobChMI47W68-z17wIVsoNLBR0VHgWxEAAYAiAAEgIjU_D_BwE
Address	33D Benoi Road, #03-00 Pioneer Lot, Singapore 627788
Telephone	6978 8414
Operating Hours	Weekdays 10AM – 9PM Weekends 10AM – 5PM

 

---

Loan providers	Friday Finance
Speciality	Simple and quick online application process Offers various types of loans including wedding banquet loan, business expansion loan, loans for freelancers and more No early repayment charges
Pricing	Contact for quotation
Website	https://www.fridayfinance.sg/loan-types-features
Address	10 Eunos Rd 8, #09-04 Singapore Post Centre, Singapore 408600
Telephone	6303 0306
Operating Hours	Weekdays 10AM – 6PM Closed on Weekends

 

---

Loan providers	Galaxy Credit Investment
Speciality	Customised loan plan tailored based on credit profile and affordability Fast online application and approval process within 1 week No processing fee, deposit, guarantor or collateral required
Pricing	Contact for quotation
Website	https://galaxycreditinvestment-sg.com/renovation-loan/?gclid=EAIaIQobChMI8um3yvP17wIVAX8rCh0VAQz-EAAYASAAEgJvOPD_BwE
Address	709 Ang Mo Kio Avenue 8 #01-2595 Singapore 560709
Telephone	6865 9500
Operating Hours	Mondays – Saturdays 11AM – 8PM Closed on Sundays

 

---

Loan providers	TCC Credit Co-operative
Speciality	Flexible and affordable renovation loans available Loan eligibility criteria for applicant up to 60 years old Discounts and rebates available for members
Pricing	Contact for quotation
Website	https://www.tcc.org.sg/renovation-loan
Address	95 Killiney Road Singapore 239537
Telephone	6319 3700
Operating Hours	Weekdays 8.45AM – 6PM Saturdays 9AM – 1PM Closed on Sundays

 

---

Loan providers	Art Credit Pte Ltd
Speciality	Minimum annual interest rates from 2% per month Borrowers can loan up to 10 times of income Minimum repayment period available from 1 month to 5 years
Pricing	Contact for quotation
Website	https://art-credits-sg.com/services/housing-loan/?gclid=EAIaIQobChMIi9uCrfX17wIVxw0rCh3AmgcTEAMYAyAAEgIjofD_BwE
Address	238A, Serangoon Road Singapore 218085
Telephone	6978 8411
Operating Hours	Daily 11.30AM – 8.30PM

 

---

Loan providers	UK Credit
Speciality	Loan officers available to assist In person and online application process available to suit different needs Range of loans available including wedding loan, fast cash loan, medical loan and many more
Pricing	Contact for quotation
Website	https://ukcredit.sg/renovation-loan/
Address	Blk 210 New Upper Changi Road (Bedok North Central) #01-723 Singapore 460210
Telephone	6448 7448
Operating Hours	Mondays – Saturdays 11.30AM – 8PM Sundays 10.30AM – 6PM

 

---

 

Loan providers	MWA Capital Pte Ltd
Speciality	Work pass holders eligible for loan application Minimum repayment period from 2 months to maximum of 60 months Administrative fee capped below 10% of loan principal
Pricing	Contact for quotation
Website	https://mwacapital.sg/loan-plans/renovation-loan/
Address	3 Philip Street, #13-01 Royal Group Building Singapore 048693
Telephone	6978 5890

 

---

Loan providers	Lending Bee
Speciality	Fast and simple online application form Foreigner with valid work permit eligible for home renovation loan No charges for early loan repayments Multiple branches available around Singapore
Pricing	Contact for quotation
Website	https://www.lendingbee.com.sg/borrow/home-renovation-loan/
Address	Check for location here
Telephone	6219 1611
Operating Hours	Check for opening hours here

 

---

Loan providers	Credit Enterprise
Speciality	Quick and simple online application Singaporeans and PRs with minimum salary of $1,000 eligible Foreigners that meet minimum salary eligible for loan
Pricing	Contact for quotation
Website	https://creditenterprisesg.com/renovation-loan/?gclid=EAIaIQobChMIkpyM84T57wIV0SMrCh38IQSGEAAYAiAAEgJnMvD_BwE
Address	1 Park Road, #01-16 People’s Park Complex Singapore 059108
Telephone	6978 5896
Operating Hours	Daily 10AM – 8PM

 

---

Loan providers	BST Credit
Speciality	Fast and easy online application process Offers loan packages at low interest rates Existing home loan not required to qualify for renovation loan
Pricing	Contact for quotation
Website	https://www.bstcredit.com.sg/apply-renovation-loan/
Address	Blk 131 Jurong Gateway Road, #01-251 Singapore 600131
Telephone	6299 1782
Operating Hours	Mondays – Saturdays 11AM – 8PM Closed on Sundays

 

---

Loan providers	SSBEC
Speciality	Low processing fees at a flat rate of 2.5% Applicant eligibility for loan available up to 65 years old Attractive interest rates for loans available for members
Pricing	Contact for quotation
Website	https://www.ssbec.coop/home/loan/renovation_loan
Address	11 Cantonment Road, (near Cantonment Police Complex) Singapore 089736
Telephone	6344 8627
Operating Hours	Weekdays 9AM – 6PM Saturdays 9AM – 1PM

 

---

Loan providers	POSB
Speciality	Hassle free online application process assisted by digibot Promotional discounted interest rates available for existing DBS home loan customers Loan eligibility available for up to age 65 years of age
Pricing	Contact for quotation
Website	https://www.posb.com.sg/personal/loans/homeloans/renovation-loan
Address	Check for location here
Telephone	1800 339 6666
Operating Hours	Check for opening hours here

 

---

Loan providers	Horison Credit
Speciality	Flexible loan term up to 3 years Fast and easy online loan application Foreigners with passport and employment pass eligible to apply for loan
Pricing	Contact for quotation
Website	https://www.horisonmoneylender.com.sg/blog/apply-for-home-renovation-loan/
Address	1 Park Road, #01-15 People’s Park Complex Singapore 059108
Telephone	6844 2902
Operating Hours	Mondays – Saturdays 11AM – 8PM Closed on Sundays

---

When to apply for a renovation loan

Often renovations are costly expenses. It can put a strain on your finances to tap into your savings or when you may not have sufficient time to save up the sum. Instead of paying a large sum upfront, renovation loans provide that flexibility to split the sum and spread it out into multiple installments over a period of time. 

Financial institutions often offer lower interest rates compared to personal loans. However, this also means that the loan amount offered is often lesser and capped at a certain limit. If you require financing for your renovation works and the amount required meets the maximum loan amount, you can consider applying for a renovation loan. 

What types of activities can you use your renovation loan on

The renovation loan amount can be used to finance a wide range of renovation activities. Depending on the financial institution, this includes renovation works such as flooring, electrical works, structural alterations and more. These loans are specifically tailored to finance your home renovation. Hence it is important to note that the renovation loan cannot be used on home furnishings or for any other purposes not related to renovation works.

Types of renovation loan interest rates

It is important to note that the true cost of your loan may be higher due to the way the interest is calculated. There are two main types of renovation loan interest rates – monthly rest and flat rate. The interest rate calculated for monthly rest is based on the outstanding balance of the loan, reducing the interest over time. Whereas the flat interest rate is calculated based on the initial principal amount. This means that the interest paid remains the same even as your outstanding loan reduces.

What to take note of before applying for a renovation loan

It is common to take up a renovation loan to finance your home renovation. Financial institutions typically have a list of criteria you have to meet before your application gets approved. Sometimes there are also offers available for existing customers. It is important to research beforehand to ensure that you qualify for the loan and not miss out on any cost savings.

Here are some of the common requirements to take note of before applying for a renovation loan:

Existing credit score

Your existing credit score can affect your loan application outcome or the amount of loan you can borrow. Banks usually offer low interest rates but are often extremely stringent with the approval process. If you have a bad credit score, it might be difficult to get a loan from a bank. 

Alternatively, you may choose to apply from a licensed money lender. The application process is usually faster and your credit history may not be scrutinised as much. However, the trade off is that interest rates are generally higher. 

Eligibility to apply for renovation loan

Financial institutions will often indicate the eligibility requirements for the renovation loan. The common requirements include being the owner of the property to be renovated, be at least 21 years of age and to meet the minimum annual income. Some renovation loan providers offer joint loan applications. This allows you and a related family member to apply for the loan as long as either one meets the annual income required.

Singapore banks usually offer the renovation loan to Singapore citizens and Singapore permanent residents only. Licensed money lenders is another option to consider as they usually offer loans to both Singaporeans and foreigners. However, foreigners may find that the income requirements are typically much higher.

Documents required to apply for loan

There are a handful of documents you need to obtain beforehand for the loan application process. Hence it is important to run through the checklist provided to prevent any delays. This may include personal documents such as your identification card, proof of income, proof of ownership, renovation permit. You are also required to provide a copy of the contractor’s invoice or quotation which states the costs, renovation address, issue date and more.

Loan tenure of renovation loan

Also known as the repayment period, loan tenure is the agreed period of time you have to pay the borrowed amount including interest to the renovation loan provider. This can usually range between 1 month up to 5 years. 

To lower your monthly fixed cost, there are financial institutions that offer lower interest rates for longer loan tenures. However, it is important to note that some providers may charge an early repayment fee. This is either a fixed cost, a percentage of the amount prepaid or on the outstanding loan balance.

Additional fees and hidden costs

Some financial institutions may charge additional fees on top of the loan amount and interest rates. This includes processing, handling or administration fees which are charged at a percentage of the loan amount. If you miss any payment period, you will also be charged a late payment fee. To avoid incurring extra charges, it is crucial to take note of these additional costs and ensure payment is met on time.

Do also note that the renovation loan amount will be paid directly to the renovation vendor via a cashier’s order. You can choose to issue multiple vendors or submit the orders in stages. Often you will be charged a fee after the first cashier’s order.

---

Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.