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!
Bank | Interest Rate (per annum) |
Processing Fee | Minimum Annual Income | Age Requirement | Additional |
---|---|---|---|---|---|
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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 |
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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 |
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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) |
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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) |
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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) |
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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 |
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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 |
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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 |
- 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
Questions? We will love to hear from you!
Email: info@singaporerenovationcontractor.com
Mobile: +65 8816 7521
No obligations meet up to view your property
We will be happy to arrange a meet up with you to have a look at your property and discuss more if you have more reno plans or require Interior Design services.