Renovation Loans in Singapore 2026: HDB Loan vs Bank Loan vs Personal Loan

HDB Renovation Loan Maximum Amount: S$30,000 (or 6 times monthly income, whichever is lower) Interest Rate: Approximately 3.5 to 5.5 percent per annum (varies by bank) Tenure: Up to 5 years Eligibility: HDB flat owners only. Not available for condo or landed. The HDB renovation loan is specifically designed for flat owners and is processed through banks like DBS, OCBC, UOB, and others. The cap of S$30,000 means most resale flat owners will need supplementary financing for extensive renovations. Bank Personal Loan Maximum Amount: Typically S$50,000 to S$200,000 (depends on income) Interest Rate: 4 to 8 percent per annum Tenure: 1 to 7 years Personal loans offer larger amounts and are available regardless of property type, making them suitable for condo and landed homeowners. The trade-off is higher interest rates compared to renovation-specific loans. Credit Card Instalment Plans Some ID firms accept credit card payments, which can be converted to 0 percent instalment plans (6 to 24 months) offered by banks. This can be interest-free if you clear the balance within the promotional period, but the risk is significant. Missing a payment triggers interest rates of 25 percent or more. Caution: Never finance your entire renovation on credit cards unless you are certain of clearing the instalment within the 0 percent period. How Much Should You Finance? A healthy approach is to fund 50 to 70 percent from savings and finance only the balance. This keeps monthly repayments manageable and reduces total interest paid. For a S$60,000 renovation, aim to save S$35,000 to S$40,000 and finance S$20,000 to S$25,000. Plan Your Budget → Use Reno Research’s Cost Calculator to estimate your total renovation cost, then explore financing options that fit your monthly budget.