Our 5 Picks for the Best Renovation Loans in Singapore

Best Renovation Loans in Singapore

By Lance Teo

Achieving your dream house is possible with the help of the best renovation loans in Singapore. Turning your current home into your dream house will definitely cost a lot of money, so it’s best to be prepared with extra funds!

If you don’t know where to find companies that offer the best renovation loans in Singapore, though, worry no more. We can help with our list of the best renovation loans on the island.

1.  POSB Renovation Loan

POSB Renovation Loan's Homepage

BEST FOR  Comprehensive coverage and benefits
SERVICES Renovation Loans, Home Loans, Personal Loans, Car Loans, and Education Loans
WEBSITE posb.com.sg/personal/loans/homeloans/renovation-loan
ADDRESS 107 Lor 1 Toa Payoh, # 01-266, Singapore 310107
CONTACT DETAILS +65 6339 6666
OPERATING HOURS Monday – Friday, 11:00 AM – 7:00 PM

 If you’re looking for a home renovation loan without complicated requirements, then POSB’s Renovation Loan would be a perfect match for you. As long as you earn no less than S$24,000 annually, you’re eligible to apply for this renovation loan.

Some of the reasons we consider it among the best renovation loans in Singapore are its low interest rates, coverage, and flexible repayment method. What’s more, clients can also choose how long they want to repay the loan.

If you’re an existing loan customer, your interest rate is at 2.88% p.a. Meanwhile, if you’re a new customer, yours starts at 3.88% p.a.

While most banks’ renovation loans have limited coverage, POSB’s cover the following: electrical and wiring works, built-in cabinets, floorings and tiling, and many more. It’s the best renovation loan in terms of wide coverage.

Highlights

  • Flexible repayment
  • Lower income requirement
  • Easy and fast application

 

2.  OCBC Renovation Loan

OCBC Renovation Loan's Homepage

BEST FOR  Flexible repayment period
SERVICES Renovation Loans, Cash Loans, Student Loans, Car Financing, and Home Financing
WEBSITE https://www.ocbc.com/personal-banking/loans/renovation-loan.html
ADDRESS Singapore

 OCBC Renovation Loan has the most simple application and approval process among all the options on our list. All you need to do is obtain the contractor’s quotation, apply for OCBC’s renovation loan, and then wait for the approval of your application — as simple as that!

On top of this, you only need to repay the loan on the first day of the month, perfect timing for people who receive their salaries by the end of the month. It’s also one of best renovation loans in Singapore that offer low and reasonable interest rates.

In case you’re wondering about the limit of your loan, you’re only allowed to borrow a loan 6 times your monthly income, a bit lower than the offer of other banks. However, its flexible payment makes up for it for most customers.

Above all, the loan will be transferred to your account 1 day after approval, definitely faster than most banks.

Highlights

  • Low interest rate
  • Fast disbursement
  • Easy application and approval

 

3.  Maybank Renovation Loan

Maybank Renovation Loan's Homepage

BEST FOR  Larger renovation loans
SERVICES Renovation Loans, Home Loans, Personal Loans, Car Loans, Savings Accounts, Time Deposits, and Insurance
WEBSITE https://www.maybank2u.com.sg/en/personal/loans/personal-credit/renovation-loan.page
ADDRESS 63 Jurong West Central 3, #B1-01/02 Jurong Point Shopping Centre, Singapore 648331
CONTACT DETAILS +65 1800 629 2265
OPERATING HOURS Monday – Friday, 11:00 AM – 7:00 PM

 Maybank is the ideal bank to go to if you want a renovation loan that will cover the entire renovation. It may require you to ask for a much larger loan, but don’t worry because Maybank offers reasonable interest rates and longer loan tenure.

If you’ve been a Maybank client prior to asking for a renovation loan, your interest rate is much better than new customers. What’s more, you can also ask for a renovation loan 6 times your monthly income, provided that you earn no less than S$30,000.

On top of these, it’s also known to be one of the best renovation loans in Singapore, thanks to its easy and hassle-free approval. All you need to do to get approved is to submit the extremely basic and simple requirements.

Overall, we think it’s really the perfect bank to ask for money for a renovation because it considers the financial situation of its customers.

Highlight

  • Hassle-free approval
  • Longer loan tenure
  • Frequent promos and discounts

 

4.  DBS Renovation Loan

DBS Renovation Loan's Homepage

BEST FOR  Reasonable interest rates
SERVICES Renovation Loans, Home Loans, Personal Loans, Car Loans, and Education Loans
WEBSITE https://www.dbs.com.sg/personal/loans/homeloans/renovation-loan
ADDRESS Singapore
CONTACT DETAILS 1800 111 1111
OPERATING HOURS Monday – Friday, 8:00 AM – 5:00 PM

DBS’s Renovation Loan doesn’t have much difference from other options on our list, except that its interest rates are among the lowest on the island. This is why we believe that DBS is one of the banks that offer the best renovation loans in Singapore.

To be eligible for this loan, you need to be at least 21 years old and have annual earnings of S$30,000. And speaking of earnings, qualified clients are allowed to borrow a loan 6 times their monthly salary, which isn’t bad when there are banks that offer lower.

For the first year, the interest rate will be a bit higher, but as you get closer to the end of your loan’s tenure, it will decrease incrementally. What’s more, it’s also up to you how long you want the loan’s tenure to be, allowing you to plan out your expenses for the coming years.

Highlight

  • Flexible repayment period
  • With insurance coverage
  • Quick disbursement

 

5.  Credit Master

Credit Master's Homepage

BEST FOR  Low interest rate
SERVICES Renovation Loans, Personal Loans, Car Loans, Wedding Loans, Education Loans, and Health Loans
WEBSITE https://www.creditmaster.sg/
ADDRESS #01-50 Park Rd, People’s Park Complex, Singapore 059108
CONTACT DETAILS +65 6748 1338
OPERATING HOURS Monday – Sunday, 11:00 AM – 8:00 PM

 If you don’t like the idea of borrowing money from giant banks in Singapore, then we highly recommend that you look into Credit Master. It’s one of the best money lenders in Singapore that offer a variety of loans for different purposes.

Credit Master knows too well how expensive home renovation can get, so it promises to offer renovation loans with lower interest rates, flexible payment, longer tenure, and wide coverage.

On top of this, applying for this loan has never been easier — just make sure that you meet their requirements and submit the necessary documents.

If you have concerns regarding renovations and renovation loans, you may ask their competent financial consultants to make sure that you’re familiar with everything before making a decision.

Highlights

  • Flexible payment period
  • Reasonable interest rates
  • Fast disbursement of money

 

And that’s it for our list of the banks that offer the best renovation loans in Singapore! Any of these options will definitely help you get closer to achieving your dream house!

Do you have experience in applying for a renovation loan? If so, tell us about it by leaving a comment below!

By the way, if you also need help in finishing the payment for your current house, then you may want to check out our list of the best housing loans in Singapore! Getting started on renovation will be much easier and hassle-free if you’re backed up by any of these great housing loans.

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