At Reno Pro, we want to make your entire Renovation Project smooth as possible for you. We have compiled important information of Renovation Loans in Singapore for you here. Usually, you will get better interest rates from banks that you have already gotten your Home Loan from.

Aside from Renovation Loan here, please do Request a Quotation from us for your Renovation Project! We are excited to serve you!

Try our Mortgage and Loan Calculator! Interest computed is based on Monthly Rest and not Flat Rate.
Loan Calculator Mortgage Calculator
MortgageLoan
SGD
years
%
Bank Interest Rate
(per annum)
Processing Fee Minimum Annual Income Age Requirement Additional
Loan Term of 1 - 5 Years

OCBC Home Loan Customers
4.98%
Monthly Rest

5.53% - 7.08%
EIR

Non-OCBC Home Loan Customers 5.38%
Monthly Rest

6.25% - 8.88%
EIR
$200 + 1% Approved Loan (minimum $100) SGD24,000 for Single and/or Joint Applicants 21 - 59
Years Old
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)

Includes Free Insurance

Only Singapore Bank that allows a Third Party Borrower
Loan Term of 1 - 5 Years

DBS Home Loan Customers 4.38%
Monthly Rest

5.11% - 8%
EIR

Non-DBS Home Loan Customers 4.88%
Monthly Rest
1% of Approved Loan + 1% Insurance SGD24,000 for Single Applicant

Joint Applicant must be gainfully employed with a minimum of SGD12,000 annual income (must be a spouse, parent, sibling or child)
21 - 65
Years Old
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)

Includes Comprehensive Insurance Coverage
Loan Term of 1 - 5 Years

2.98% - 4.44%
Monthly Rest

EIR 4.58%
1% of Approved Loan SGD24,000 for Single and/or Joint Applicants

Joint Applicant must be a spouse, parent, sibling or child
21 - 50
Years Old
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)
Loan Term of 1 - 5 Years

Maybank Home Loan Customers 3.88%
Monthly Rest

Non-Maybank Home Loan Customers 5.38%
Monthly Rest
1% of Approved Loan SGD30,000 for Single Applicant

Joint Applicant SGD24,000 (for main applicant) must be gainfully employed (must be a spouse, parent, sibling or child)
21 - 60
Years Old
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)
Loan Term of 1 - 5 Years

2.98%
Flat Rate
1% of Approved Loan SGD30,000 for Single Applicant

Joint Applicant SGD24,000 (for main applicant) must be gainfully employed (must be a spouse, parent, sibling or child)
21 - 60
Years Old
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)
Loan Term of 1 - 5 Years

5.80%
Monthly Rest

6.16% - 7.61%
EIR
1% of Approved Loan SGD30,000 for Main Applicant

Joint Applicant must be gainfully employed (must be a spouse, parent, sibling or child)
21 - 55
Years Old
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)

Includes Free Insurance

Optional Furnishing Loan Available
Loan Term of 1 - 5 Years

2.98%
Flat Rate

6.02% - 7.32%
EIR
1% of Approved Loan SGD24,000 for Main Applicant

Joint Applicant must be gainfully employed (must be a spouse, parent, sibling or child)
21 - 55
Years Old
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)

Includes Free Insurance

Optional Furnishing Loan Available
4%
Flat Rate
Apply Online to enjoy 10% Discount on Processing Fees SGD14,400 (SGD1,200 monthly) 21 - 60
Years Old
Loan up to SGD30,000
Notes

  • A Guarantor is not required for all listed Renovation Loans indicated above
  • Only Singaporean and Singapore PR are eligible for loans
  • EIR = Effective Interest Rate
  • Effective Interest Rate: Reflects the total cost charged for taking the loan
  • Monthly Rest Rate: Interest is charged based on the previous month’s outstanding loan
  • Flat Rate: Interest is charged on the original loan amount

Usually, flat rate interest is lower than monthly rest but it does not mean that you pay less interest. What should be considered is the effective interest that you need to pay and the total interest for the renovation loan that you take up.

 

Disclaimer

For precise information based on your unique needs, please contact the relevant banks. Rates are subject to changes and promotions.

 

Information is accurate as of 15 Nov 2016.

We Will Be Glad To Provide You With A Customized Renovation Project Quotation.

Contact Us Here!