Renovation loans, side by side.
Who lends, how much you can borrow, what it actually costs a month — and the fine print nobody reads until it is too late.
Three things worth knowing before the rate
These set the ceiling before any lender's rate matters — so start here, not with the headline number.
Six times your monthly income, capped at S$30,000 — whichever is lower. Earning $6,000 a month does not get you $36,000; the cap still bites. Products with higher ceilings set their own limits — the table says which.
One to five years. A longer tenure means a smaller monthly bill but more total interest — the calculator below shows both numbers at once.
Banks advertise a flat rate but must also publish an EIR, which lands far higher. Compare EIR to EIR, never a flat rate against an EIR.
What it costs you a month
Renovation loans are quoted flat: interest is charged on the full amount for the whole tenure, not on the shrinking balance. Take a rate from the table below — or switch to EIR if that is the figure you have been given.
$30,000 on most bank renovation loans. Some financing products go higher — the table says which.
The advertised rate — not the EIR. Take it from the lender's own page.
Handling fee plus any compulsory insurance premium — DBS charges 2% + 1%. Usually deducted from what is disbursed, so you receive less than you borrow.
- Total interest paid
- S$4,500
- Upfront fees
- S$900
- Total cost of borrowing
- S$5,400
- Approx. EIR
- 7.13%
- Monthly income needed (6× rule)
- S$5,000 /mo
Estimate only, for planning. Your bank's letter of offer is the number that counts — it may include insurance, late-payment or early-redemption charges this does not model.
Tell us about the home, see the rates
One short form, about a minute. Nothing is sent until you press the button, and the full rate table opens as soon as you do.
Who lends for renovation
Flat rate, EIR, maximum loan, tenure and processing fee for every lender that still runs a true renovation loan in Singapore — plus what each one would mean for the amount you just worked out. Fill in the short form above and the table opens.
Fill In The Form| Lender | Flat Rate p.a. | EIR p.a. | Max Loan | Max Tenure | Processing Fee | Worth Knowing |
|---|---|---|---|---|---|---|
| CIMB | 2.88–4.50% p.a. | TBC | 4× monthly income — 8× above $120,000 a year — up to $200,000 | Up to 5 years | Reported as none |
|
| DBS | 3.38% p.a. | TBC | 6× income, up to $30,000 | Up to 5 years | 2% handling + 1% insurance |
|
| Maybank | 4.08% p.a. | TBC | 6× income, up to $30,000 | 3 to 5 years | 1.25% or $150 |
|
| OCBC | 4.18% p.a. | 4.93% p.a. | 6× income, up to $30,000 | Up to 5 years | Reported 0.5%–1.5% |
|
Scroll the table sideways on a phone. Lenders are listed alphabetically, not ranked — the lowest headline rate is not automatically the cheapest loan once fees and tenure are in.
Renovation, not furnishing
This trips up most first-time owners. A renovation loan pays for work fixed to the home. The sofa, the fridge and the mattress are on you. Confirm the exact list with your lender — policies differ at the edges.
- Structural works, hacking, partitions and false ceilings
- Flooring, tiling and skirting
- Electrical rewiring, lighting points and power sockets
- Plumbing, sanitary ware and water-heater installation
- Painting and wall finishes
- Built-in carpentry — wardrobes, kitchen cabinets, feature walls
- Doors, windows, grilles and digital locks
- External works and redecoration
- Loose furniture — sofas, beds, dining sets
- Free-standing appliances — fridge, washer, TV
- Curtains, rugs, art and styling
- Buying the property, or paying stamp duty and legal fees
- Your own labour, or work done outside a licensed contractor
- Anything you cannot produce a proper quotation or invoice for
Three questions worth asking twice
A 4% flat rate is not a 4% loan. Ask for the effective interest rate and the total repayable over the full tenure, then compare those two numbers across lenders. Everything else is marketing.
Because interest is flat, clearing a flat-rate loan early rarely saves the interest you expect, and an early-redemption fee may apply on top. Get those terms in writing before committing to a long tenure.
Processing or admin fees, an insurance requirement, a minimum drawdown, or a condition that you hold an account with the bank. Add them up — they can outweigh half a percent on the headline rate.
The cheapest dollar is the one you don't borrow
Every dollar an EPS membership saves you on hardware, locks, paint and flooring is a dollar you are not paying interest on for the next five years.
This page is general information about how renovation loans work in Singapore. It is not financial advice, and it is not a recommendation of any lender or product. Excel Hardware is not a licensed financial adviser and does not assess your creditworthiness or approve loans. If you submit an enquiry we will use your details to contact you and, where relevant, to introduce you to a financing partner. Compare every option on its EIR and total repayable before deciding.
Rates, fees, eligibility and borrowing limits are set by each lender and change without notice. Any figures shown here are compiled from available information and may be out of date by the time you read them. Always confirm current terms directly with the lender and read the letter of offer before signing. Borrow only what you can repay.