Renovation Loans Singapore
Compare Home Renovation Loans with Lower Interest Rates
A renovation loan in Singapore is a purpose-specific unsecured loan designed to help homeowners finance renovation works at lower interest rates than standard personal loans. These loans are typically used for contractor-led home improvements and are subject to documentation and usage guidelines.
Most borrowers receive approval within a few working days, with funds disbursed either as a lump sum or in stages depending on the lender and renovation scope.
Renovation Loans – Key Facts at a Glance
| Key Factor | Typical Range |
|---|---|
| Loan Amount | $30,000 or 6x Monthly Income |
| Interest (EIR) | From ~3% – 8% p.a. (varies by lender & profile) |
| Tenure | 1 – 5 years |
| Approval Speed | Minutes to 5 working days |
| Minimum Income | Varies by lender |
How to Get a Renovation Loan in Singapore (Step-by-Step)
The standard process used by banks and renovation loan providers.
Submit Your Renovation Details
Borrowers provide:
Renovation quotation from a licensed contractor or interior designer
Property details (HDB / condo / landed)
Income and identification documents
This helps lenders assess affordability and loan eligibility.
Lenders Assess Eligibility & Renovation Scope
Renovation loan providers typically review:
Monthly income and existing unsecured debt
Credit profile and repayment history
Property type and ownership status
Renovation scope and quotation breakdown
You receive loan offers & proceed with verification
If approved, renovation loan providers provide a loan amount, interest rate, tenure, and total cost.
Depending on the lender:
Funds may be disbursed in a lump sum, or
Progressively, aligned with renovation milestones
When Should You Consider a Renovation Loan:
- You are planning contractor-led renovation works
- You want lower interest rates than personal loans
- You have a clear renovation quotation
- Your renovation costs are mostly fixed installations
- You have temporary cashflow shortfalls
When a Renovation Loan May Not Be Suitable
- Your renovation includes furniture or appliances
- You need funds before obtaining a quotation
- You want flexibility to use funds freely
In these cases, a personal loan or mixed financing approach may be more appropriate.
Renovation Loan vs Personal Loan
(Quick Comparison)
| Feature | Renovation Loan | Personal Loan |
|---|---|---|
| Usage | Renovation works only | Any purpose |
| Interest Rate (EIR) | ~3% – 8% p.a. | Typically higher |
| Documentation | Renovation quotation required | Minimal |
| Disbursement | Sometimes staged | Lump sum |
| Flexibility | Limited | High |
Choosing the wrong loan type can increase costs or lead to rejection.
Popular Renovation Loan Options in Singapore
We reviewed a wide range of renovations loan options available in Singapore and identified choices that stand out for approval speed, transparency, and borrower suitability.
These options are evaluated based on interest rates, fees, loan amounts, repayment flexibility, approval speed, and overall borrower experience helping you compare quickly and confidently.
PickMeALoan Emergency Loan Offers
1.88%
Monthly Interest Rate
24 Months
Loan Tenure (Up To)
$10,000
Loan Amount (Up To)
PickMeALoan offers renovations loans options with competitive rates ranging from 1.88% monthly, flexible loan tenures of up to 24 months, and loan amounts of up to $10,000 or more. Our system compares multiple renovation loan providers instantly to match you with the best available offer based on your income, MLCB usage and repayment profile.
With AI-powered matching, price-matching guarantees, and discreet processing, PickMeALoan simplifies the loan application process while ensuring borrowers receive the most affordable and suitable loan options available.
DBS Personal Loan
1.48%
Annual Interest Rate
$10,439
Total Repayment
$438
Monthly Repayment
DBS Personal Loan offers one of the most attractive bank rates in Singapore, with interest starting from 1.48% p.a. and an EIR from 2.84% p.a. Borrowers can choose flexible loan tenures ranging from 6 months to 5 years, with funds disbursed directly into their DBS/POSB account upon approval.
Applications are open to Singapore Citizens and Permanent Residents aged 21 and above, with a minimum annual income of $20,000. DBS accepts salaried workers, variable income earners, and the self-employed, making it a suitable option for a wide range of borrowers. Using Singpass MyInfo speeds up verification and helps applicants secure faster approval.
Borrowers can receive up to 4× their monthly salary if they earn below $120,000 annually, or up to 10× if they earn more. This makes DBS an excellent option for those needing higher financing limits.
Do note that DBS charges an annual processing fee of $199, which is deducted upfront from the approved loan amount. Early or late repayment fees may also apply, so it’s important to review all terms before committing.
Trust Bank Instant Loan
1.56%
Annual Interest Rate
$10,505
Total Repayment
$291.81
Monthly Repayment
Trust Bank Instant Loan is one of the fastest personal loan options in Singapore, offering approvals and disbursement in as little as 60 seconds. With interest rates starting from 1.56% p.a. and an EIR from 3.00% p.a., it is one of the most affordable digital loan products currently available. There are no processing fees and borrowers can choose repayment terms from 3 to 60 months.
The loan is open to Singapore Citizens and Permanent Residents aged 21 and above, with a minimum annual income of $30,000. Trust accepts salaried and commission-based workers, self-employed individuals, and variable-income earners. Applications are done fully through the Trust mobile app, allowing borrowers to apply, verify income, and receive funds quickly.
Because Trust does not charge processing fees, the overall cost of borrowing is lower compared to many traditional bank loans. However, interest rates may vary depending on your credit profile and income stability, so your actual approved rate may differ from the advertised benchmark.
Trust Bank is part of the SDIC Deposit Insurance Scheme, meaning eligible deposits are insured up to $100,000 per depositor per bank.
How to Compare Renovation Loans in Singapore
Comparing renovation loans isn’t just about finding the fastest approvals. In Singapore, factors like EIR, fees, tenure, loan limits and approval likelihood dramatically affect what you’ll actually pay. Here’s what to check before choosing a renovation loan provider and how PickMeALoan simplifies it instantly.
Check the Effective Interest Rate (EIR), Not Just the Monthly Rate
The monthly interest rate doesn’t show the true cost of your loan. EIR includes fees and compounding giving you the real cost comparison across emergency loan providers.
Include All Processing & Admin Fees
A loan with a low advertised rate may still cost more once fees are included. Always compare total cost, not just the interest. Our platform calculates this for you.
Confirm What the Loan Can Be Used For
Renovation loans are typically restricted to contractor-installed works. Items such as furniture, appliances, DIY works, or reimbursed expenses are usually not covered, and including them may lead to rejection or delays.
Understand Disbursement Structure
Some renovation loans are disbursed in stages based on renovation progress rather than as a full lump sum. This affects cashflow planning, especially when contractors require upfront payments.
Consider Approval Likelihood for Your Profile
Banks, renovation loan providers, and alternatives assess income, credit history, pass type, and existing debt differently. PickMeALoan ranks renovation loan providers by your actual approval probability.
Don't Overlook Speed of Disbursement
Some emeregency loan providers take days; others approve within hours. If you need funds urgently, sorting by fastest approval can matter more than a 0.1% rate difference.
How to Apply for a Renovation Loan with PickMeALoan (Fast & Simple)
Tell us what you need
Securely connect with Singpass or answer three quick questions about your loan request.
Our AI system analyses your profile privately to understand your eligibility.
Instant Loan Matches
Our AI-managed system instantly identifies the best fast cash provider for your profile.
lowest eligible interest rate
longest possible tenure
highest realistic loan amount
Review & Proceed Privately
We’ll send your personalised offers directly via WhatsApp.
Choose the option that suits you best — no pressure, no calls, no judgement.
We coordinate the final steps, and many providers offer same-day disbursement once verification is complete.
No need to return to the site — everything continues seamlessly through WhatsApp.
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Testimonials from our satisfied clients.
Types of Personal Loans
Frequently Asked Questions
Clear answers to help you secure the best renovation loan offers in Singapore.
Can renovation loans be used for furniture?
No. Renovation loans are typically restricted to fixed, contractor-installed works. Loose furniture such as beds, sofas, dining tables, or wardrobes purchased separately are usually not covered. If furniture makes up a significant part of your budget, a personal loan may be more suitable.
Can renovation loans be used for appliances?
Generally no. Appliances like refrigerators, washing machines, televisions, and standalone air-conditioners are usually excluded unless they are part of a fixed installation explicitly stated in the renovation quotation. Always check the approved scope carefully before applying.
What renovation works are NOT covered by renovation loans?
Most renovation loans do not cover:
- Loose furniture and appliances
- DIY or self-performed works
- Cash reimbursements
- Standalone design fees without execution
- Decorative or movable items
Funds must align closely with the contractor quotation submitted during application.
Can renovation loans cover interior design fees?
Interior design fees are usually covered only if they are bundled together with renovation works and reflected in a single renovation quotation. Standalone design-only fees are commonly excluded.
Can I reimburse renovation costs already paid?
In most cases, no. Renovation loans are typically not meant for reimbursement of expenses already paid. Lenders usually disburse funds for upcoming renovation works based on approved quotations, not past payments.
Renovation loan vs personal loan — which is cheaper?
Renovation loans are usually cheaper in terms of Effective Interest Rate (EIR) because their usage is restricted. Personal loans offer more flexibility but typically come with higher interest rates. The cheaper option depends on how strictly your expenses qualify as renovation works.
Can I combine a renovation loan and a personal loan?
Yes. Some borrowers use a renovation loan for contractor works and a personal loan for furniture or appliances. However, your total borrowing is still subject to Singapore’s unsecured loan limits, and combining loans increases total repayment obligations.
Is a renovation loan worth it for small renovations?
For small renovation amounts, a renovation loan may not always be worth the extra documentation and staged disbursement. A personal loan may be faster and more flexible, even if the interest rate is slightly higher. The best choice depends on loan size, urgency, and renovation scope.
How do renovation loans work in Singapore?
You submit a renovation quotation, income documents, and property details. The lender assesses eligibility, approves a loan amount, and disburses funds either in a lump sum or in stages. Monthly repayments begin according to the agreed tenure and interest structure.
Is the renovation loan paid to me or the contractor?
It depends on the lender. Some lenders credit funds directly to the borrower, while others disburse funds directly to the contractor, especially for staged renovation loans. This is usually stated clearly during approval.
Are renovation loans disbursed in stages?
Yes, some renovation loans are progressively disbursed based on renovation milestones. This can affect cashflow planning, particularly if contractors require upfront deposits.
Will applying for a renovation loan affect my credit score?
A simple eligibility check or pre-assessment usually does not affect your credit score. However, once you proceed with a full application, lenders may perform a credit check, which can impact your score slightly.
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