How Much Renovation Loan Can I Get In Singapore?

Personal Finance

How Much Renovation Loan Can I Get In Singapore?

January 31, 2023

You’ve just bought your new HDB flat or condo, but would love to change some fixtures and its interior. Or maybe you’ve outgrown the way your home looks and want to freshen it up. 

But you need more finances, and you are not sure of how much renovation loan can I get. But we’ve got you covered. 

This article will cover everything you need to know about home renovation loans in Singapore, including how they work, what they can be used for, and what to look out for when applying for one. 

We’ll also discuss the cost of home renovations and the best renovation loans Singapore. By the end of this article, you’ll know exactly how much renovation loan can I get and how to get started on your home renovation journey. 

How Do Renovation Loans Work In Singapore?

Renovation loans can be obtained from banks, financial institutions, or licensed money lenders to change your home’s layout or appearance. You cannot use the renovation loan for anything outside home renovation.

If you’re wondering how much renovation loan can I get, the home renovation loan amount you can get can be six times your monthly salary or up to $30,000. 

After getting your reno loan, you’ll repay the loan monthly to your bank or lender, depending on the terms and conditions. 

The monthly interest rates of home renovation loans are usually calculated on the outstanding loan for that month. Since you repay monthly and the principal loan amount reduces over time, the interest you pay also reduces.

Once a bank approves your home reno loan application, it disburses the money to the contractor you are working with. Licensed money lenders usually disburse the funds to you. 

Bank officials may also visit your home occasionally to ascertain if you used the loan for the right purpose.

Home renovation loans have a loan tenure of up to five years. You can select a repayment period that suits your monthly salary and other financial obligations.

What Can Renovation Loans Be Used To Pay For?

Home reno loans can only be used to pay for remodelling your home’s interior and exterior. Here are the most common expenditures you can pay for with reno loans.

  • Flooring and tiling
  • Buying and fixing bathroom fixtures
  • Fixing cabinets and closets in your bedroom or kitchen
  • Wiring and electrical work
  • Painting
  • Interior décor 
  • Structural alterations
  • Redoing the exteriors of your flat, like the balcony 

What Should You Look Out For In A Renovation Loan?

While getting a home renovation loan is reasonable if you want to make your home more visually appealing, avoid jumping right into it. 

First, ask yourself these questions: What are the factors that affect my loan viability? How will it affect my finances? How much renovation loan can I get? 

Here are the most crucial factors to consider when shopping around for a reno loan.

Interest Rates

Home loans have lower interest rates than personal loans. However, home reno loan providers have varying effective interest rates. 

Choose a renovation loan with a favourable interest rate that won’t drain your finances during repayment. 

Maximum Loan Amount 

As mentioned, reno loans can be six times of your monthly salary, up to $30,000, whichever is lower. 

While you can get as much as possible, consider the exact loan amount you’ll need to renovate your home fully. If the amount awarded is less, get extra money from your savings, or take another reno loan with a different bank or a personal loan. 

Only borrow an amount that you are sure you can repay. 


It’s not enough to only consider the interest rate only. Fees significantly affect your loan amount, so consider them before taking a reno loan. Examples include:

  • Processing fees
  • Early repayment fees
  • Late payment fees
  • Cancellation fees

Check on these fees and ask your bank about them before applying for the loan. High underlying fees raise your loan amount and monthly repayment, hurting your finances in the long run.

Your Reno Loan Provider 

Banks and licensed money lenders provide renovation home loans. So before taking a reno home loan, check out these providers and choose one that suits your situation.

How Much Do Home Renovations Cost?

When considering a home renovation without enough finances, one of the first questions many homeowners ask is how much renovation loan can I get? 

There’s no definite cost for home renovations. The total cost depends on several factors such as:

Size Of The Property

If you have a bigger home with many rooms, you’ll need more money to renovate it than you would with a smaller property, with other factors kept constant. 

Extent Of Work Required 

You might want several modifications done during your home renovation. For example, you might want the walls repainted, new closets built, the floors and tiles redone, and new bathroom fixtures installed. 

The more areas you need to redo, the higher the renovation cost. Besides, the type of work required – such as masonry, plumbing, or carpentry – has different costs, affecting the final renovation cost.

Type Of Materials Used

If you go for high-end materials such as heavy wooden doors or expensive marble countertops, you’ll end up spending more on renovation. 

However, it doesn’t mean you should choose low-quality products to cut costs. 

Renovation Fees Charged By Your Contractor Or Designer

Whether you’re working with an individual interior designer or a company, their costs vary even for the same work. 

So when planning for a home renovation, it’s vital to consider not only the cost of the renovation itself, but also the cost of financing the renovation through a loan. 

Many homeowners may find themselves wondering how much renovation loan can I get in order to plan for their home renovation project.


How Much Renovation Loan Can I Get?

You can get up to six times your monthly salary or a $30,000 renovation loan in Singapore. Your loan provider will award the best amount that fits your application, depending on the details you filled in.

How much renovation loan can I get is an important question to consider when planning a home renovation. It’s important to research and compare different loan options to find the best fit for your needs and budget.

Best Renovation Loans In Singapore

Here is a summary table showing the best renovation loans* Singapore, their effective interest rates, and loan tenures.

Name Of LoanEffective Interest Rate (EIR) In % Per AnnumLoan Tenure
DBS Renovation Loan4.91One to five years
OCBC Renovation Loan4.80One to five years
Eco-Care Renovation Loan4.60One to five years
CIMB Renovation i-Financing Loan4.29One to five years
DBS Green Renovation Loan4.62One to five years

*Information correct at time of publication 

Get Your Home Renovation Loan Today

When it comes to the best renovation loans Singapore, it’s hard to go wrong with Credit Thirty3. 

Our flexible loan plans and competitive interest rates make us a top choice for homeowners who are looking to renovate their homes and wondering how much renovation loan can I get. 

Contact us today or apply for a loan on our website to get the best reno loan.