A Complete Guide to Renovation Loans in Singapore (2026)

Renovation Loans in Singapore What is a Renovation Loan? A renovation loan is a personal loan specifically for home renovations. It offers lower interest rates than general personal loans. Bank Comparison (2026 Rates) • DBS – Max Loan: $30,000, Interest: 3.88% p.a., Max Tenure: 5 years • OCBC – Max Loan: $30,000, Interest: 4.28% p.a., Max Tenure: 5 years • UOB – Max Loan: $30,000, Interest: 4.18% p.a., Max Tenure: 5 years • Maybank – Max Loan: $30,000, Interest: 3.98% p.a., Max Tenure: 5 years • POSB – Max Loan: $30,000, Interest: 3.88% p.a., Max Tenure: 5 years *Rates are indicative and subject to change* Eligibility Requirements • Singapore Citizen or PR • Minimum age: 21 years • Minimum annual income: $24,000 • Property must be in your name • For HDB: MOP may apply Documents Required • NRIC • Latest 3 months payslips or NOA • Renovation quotation from contractor • Proof of property ownership (OTP or Title Deed) CPF for Renovation? You cannot use CPF for renovation directly. However, some eligible items (sanitary fittings, doors, flooring) in BTO flats can be paid via CPF Housing Grant. Tips • Apply before your renovation starts • Compare rates from at least 3 banks • Consider the total interest cost, not just monthly payments • Some banks offer lower rates with a mortgage relationship • Keep receipts – some employers offer renovation allowances