Compare renovation loans in one place
reno.credible.sg puts bank renovation loan rates and caps side by side, so you are not calling each bank individually.
Before you sign a reno contract
Renovation Loan Singapore: Rates, HDB Rules and Where to Compare
Credible.sg is a loan-matching platform, not a renovation lender. Renovation loans themselves come from banks against a signed contractor quote, and our sister site reno.credible.sg specialises in comparing them. This guide explains how renovation loans work in Singapore, and if you need extra cash for furnishing or costs a renovation loan does not cover, licensed lenders on Credible.sg can help with that gap.
- Compare renovation loan packages on reno.credible.sg, our dedicated renovation financing site
- Understand the borrowing cap, tenure, and documents banks ask for before you sign a contractor quote
- Cover any cash gap, like furnishing or unbudgeted works, with a personal loan from a licensed lender
Photo for illustration purposes only.
S$30k or 6x typical bank renovation loan cap (monthly income)
Up to 5 yrs typical repayment tenure
~2.88%–5.5% indicative bank flat rates p.a.
S$0 cost to compare on reno.credible.sg
How it works
From one application to money in hand
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Get contractor quotes first
Banks lend against a signed renovation contract with a licensed HDB or BCA-registered contractor, so get your quotes finalised before you apply.
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Compare renovation loan packages
Head to reno.credible.sg to compare bank renovation loan rates, caps, and tenures side by side.
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Apply with your contract and income documents
Submit your renovation contract, NRIC, and income documents. Approval is typically faster than a home loan.
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Cover anything left over
Furnishing, appliances, and unbudgeted works often fall outside the renovation loan. Compare offers from licensed lenders on Credible.sg for that gap, free and with no obligation.
What a renovation loan actually costs
Bank renovation loans vs a personal loan top-up
Renovation loans are a specific bank product with lower rates than a general personal loan, but they come with restrictions on the amount and how it can be used. Here is how the two compare.
| Financing type | Typical borrowing cap | Typical rate | Best suited for |
|---|---|---|---|
| Bank renovation loan | Up to S$30,000 or 6x your monthly income, whichever is lower | Around 2.88%–5.5% p.a. flat (EIR higher) | HDB or condo owners with a signed contractor quote |
| Personal loan (licensed lender) | S$1,000–100,000, based on income and lender criteria | Up to 4% per month, capped by law | Furnishing, appliances, or costs a renovation loan does not cover |
These figures are indicative, not a quote. Bank renovation loan caps, rates, and eligibility are set by each bank and MAS and change over time. Licensed moneylender rates are capped by law at 4% interest per month, 4% late interest per month, an admin fee of up to 10% of the principal, and late fees of up to S$60 a month, with total charges never exceeding the amount borrowed. Confirm current renovation loan terms with your bank or on reno.credible.sg, and check any moneylender on the Ministry of Law registry before signing.
What lenders look for
You can apply if you are…
- A renovation contract from an HDB-licensed renovation contractor (for HDB flats) or a BCA-registered contractor
- Stable income that meets the bank’s minimum requirement for a renovation loan
- For the personal loan top-up: at least 21 years old, and a Singapore Citizen, PR, or valid employment pass holder
Documents to have ready
- Signed renovation contract or itemised quotation
- NRIC or passport
- Recent payslips, CPF contribution statements, or Notice of Assessment
- Proof of address, such as a utility bill or tenancy agreement
Why Credible.sg
Borrowing, with the guesswork removed
A top-up for what the loan does not cover
Furnishing, appliances, and last-minute changes rarely fit inside a renovation loan cap. Licensed lenders on Credible.sg can help close that gap.
Every lender vetted first
Any lender that reaches you through Credible.sg has already been checked and is licensed.
How a bank renovation loan works
A renovation loan is an unsecured loan tied directly to a signed contract with an approved contractor. Because the bank lends against a specific, itemised quote rather than a general purpose, rates are usually lower than a general personal loan, and funds are often disbursed in stages or as a lump sum once the contract is verified.
Borrowing caps are typically the lower of a fixed ceiling, such as S$30,000, or a multiple of your monthly income, commonly around six times. Tenures usually run up to five years. Requirements vary by bank, so compare more than one before signing your contractor quote.
What a renovation loan does not cover
Renovation loans are generally restricted to structural and fixed renovation works billed by your registered contractor: hacking, wiring, plumbing, flooring, carpentry, and similar. Furnishing, appliances, curtains, and interior design consultation fees are commonly excluded, and overruns beyond your signed contract usually are too.
If your total spend runs ahead of what the renovation loan and your savings cover, a personal loan from a licensed lender can bridge that gap. Comparing offers on Credible.sg is free, and you decide whether to accept anything.
Renovating an HDB flat vs a private property
HDB flats come with extra rules on top of financing. Certain works, such as hacking walls, rewiring, or plumbing changes, need an approved HDB Renovation Permit before your contractor starts, and the contractor must be HDB-licensed. Skipping this step can mean fines or being made to reinstate the work.
Private property owners typically need management corporation (MCST) approval for works affecting shared structures or common areas, and banks will still expect a registered, reputable contractor for a renovation loan to be approved, even without a formal government permit process.
Common questions
Renovation Loan FAQs
Still unsure about something? Message us on WhatsApp and a real person will walk you through it.
What is the maximum I can borrow for renovation in Singapore?
Bank renovation loans typically cap out at the lower of around S$30,000 or six times your monthly income, though this varies by bank and is revised periodically. Compare current caps across banks on reno.credible.sg.
Does Credible.sg offer renovation loans directly?
No. Renovation loans are arranged directly with banks. Our sister site, reno.credible.sg, specialises in comparing them. Credible.sg’s personal loans can help cover cash needs a renovation loan does not, such as furnishing or unbudgeted costs.
Can I use a renovation loan for furnishing and appliances?
Generally no. Renovation loans are usually restricted to structural and fixed works billed by a registered contractor. Furnishing and appliances typically need separate financing, which is where a personal loan can help.
Do I need HDB approval before renovating?
For certain works, such as hacking walls, rewiring, or plumbing changes, yes: you need an approved HDB Renovation Permit and an HDB-licensed contractor before work starts. Confirm exactly what your planned works require with HDB.
What happens if my renovation costs more than my loan?
Compare offers from licensed lenders on Credible.sg for the difference. Applying is free, takes about five minutes, and you are never obligated to accept an offer.
Is it safe to compare renovation loans on reno.credible.sg?
Yes. reno.credible.sg is run by the same team behind Credible.sg, Simple Stack Pte Ltd. It compares renovation loan packages from licensed banks, is free to use, and carries no obligation to proceed.
Learn with Credible
Guides to read before you borrow
Home Loan Singapore: Mortgage Rates, LTV and TDSR Explained
Read the guide →Personal Loan Singapore: Compare Offers From Licensed Lenders
Read the guide →Debt Consolidation Loan Singapore: Combine Your Debts, Find the Lowest Rate
Read the guide →Bad Credit Loan Singapore: Compare Offers From Licensed Lenders
Read the guide →Understanding Your Credit Score in Singapore: CBS Explained
Read the guide →Browse by topic
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Need cash beyond your renovation loan?
Furnishing, appliances, and overruns rarely fit inside a renovation loan cap. One free application puts offers from licensed lenders in front of you, with no obligation to accept any of them.
