Taking a Renovation Loan

Style your dream home with one of the lowest renovation loan rates in town, just 2.31% p.a. if your home loan is already with us (EIR*: 4.38% p.a.).

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*EIR – Effective Interest Rate

Why take a DBS Renovation Loan?

  • Flat interest rate of 2.31% p.a.
    (EIR: 4.38% p.a.)

  • Choice of 1-5 years for loan repayments

  • Loan amount of Up to S$30,000 or six times your monthly salary, whichever is lower

  • Peace of mind with comprehensive insurance coverage

Monthly Repayment

Repayment Period
  • 1 year
  • 2 years
  • 3 years
  • 4 years
  • 5 years
Effective Interest Rate (EIR)
  • 8.00%
  • 6.24%
  • 5.62%
  • 5.30%
  • 5.11%
Monthly Repayment
  • S$854
  • S$436
  • S$297
  • S$228
  • S$186

Based on S$10,000 approved loan and monthly rest rate of 4.38% p.a. for existing home loan customers. Monthly rest rates are calculated based on the previous month's outstanding balance. EIR is the interest rate which reflects the total cost charged for using the loan.

Loan Eligibility

Who can apply

  • Singapore Citizen or Permanent Resident
  • 21 - 65 years of age
  • The property owner or related family member (parent, spouse, child or sibling) who has the owner's consent
Single Application

Minimum income of S$24,000 per annum

Joint Application

Main applicant

  • Minimum income of S$24,000 per annum

Joint applicant

  • Minimum income of S$12,000 per annum
  • The main applicant's parent, spouse, child or sibling

Your Renovation Loan can be used for:

  • Electrical and wiring works
  • Built-in cabinets
  • Painting and redecorating works (e.g. wallpaper)
  • Structural alterations
  • External works within compound of the house
  • Flooring and tiling
  • Basic bathroom fittings

Please note that the Renovation Loan cannot be used to pay for furnishings or for any other purpose besides renovation. If you need help to finance your home furnishings, get ready cash with Balance Transfer.

Things to note:

HDB Renovation Guidelines

Only HDB Licensed Renovation Contractors are allowed to carry out renovation works in HDB flats. View HDB's list of approved contractors on the HDB website.

Fees and Loan Disbursement

The following fees are payable and deducted from the approved loan amount:

  • Handling Fee: 1% of approved loan amount
  • Insurance Premium: 1% of approved loan amount. In the event of death or total permanent disability, Manulife will pay off your outstanding renovation loan balance

Here's an illustration of the disbursed loan amount nett of the fees:

Approved loan amount:


Fees payable:

Handling Fee

(1% of S$10,000) = S$100

Insurance Premium

(1% of S$10,000) = S$100

Disbursed loan amount:


(S$10,000 – S$100 – S$100)

The approved loan amount nett of the handling and insurance fees will be disbursed to the contractors via cashier's order(s). You can request for a maximum of 4 cashier's orders to be issued to the renovation contractor. There would be a fee of S$5 each for the second, third and fourth cashier’s order.

Other fees:
Should you wish to cancel the loan after it has been approved, there would be a cancellation fee of 1% of approved amount. Should you wish to prepay and redeem the loan, there would be a pre-payment fee of 1% of outstanding loan amount. Please note that partial prepayments are not allowed.


Site visits will be conducted post-disbursement to ensure that the loan proceeds are used for the stated renovation works as listed in the quotation.

Full terms & conditions can be found here.

Some Handy Tips and Tools

Renovation Calculator

Find out the monthly repayment for your renovation loan.


Application Checklist

Check that you've got all the paperwork in order for your application.

Download PDF

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