DBS Renovation Loan
Build your dream home with attractive rates from 3.68% p.a.
DBS Renovation Loan
Why take a DBS Renovation Loan?
Hassle-free online applicationNEW
You can now submit your application online, fully-assisted by our digibot
Attractive rates
at 3.88% p.a.* for DBS Renovation Loan
at 3.68% p.a.* for DBS Green Renovation Loan
Peace of mind
with comprehensive insurance coverage
*Effective Interest Rate (EIR) – 4.62% and 4.42% respectively based on 60-months loan tenure and inclusive of 1% handling fee and 1% insurance premium
Exclusively for DBS HDB Loan customers | |
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| Enjoy 0% interest in your first year when you apply for DBS Renovation Loan online! Click here to find out more! |
DBS Green Renovation Loan
Achieving a green home is now more effortless and wallet-friendly with DBS Green Renovation Loan. With an attractive interest rate at 3.68% p.a (EIR 4.42%*), it’s time to give your home a sustainable makeover.
To qualify:
- Submit your renovation loan application online
- Under the “Green Renovation Checklist” section in the application form, select at least 3 out of the 10 items that are applicable to you.
*Effective Interest Rate (EIR) – 4.42% based on 60-months loan tenure and inclusive of 1% handling fee and 1% insurance premium
Terms and conditions apply.
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 | Joint Application |
|---|---|
| Minimum income of S$24,000 per annum Borrow up to 6 times of your monthly income or S$30,000, whichever lower For example: | Main applicant
Joint applicants
Borrow up to 6 x 2 times the lower monthly income of the two applicants or $30,000, whichever is lower For example: |
Your Renovation Loan can be used for:
- Installation of Solar PanelsNEW
- 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 DBS Cashline.
Things to note:
Document Checklist
- Completed Application Form
- Scanned / Digital invoice or quotation signed by contractor and applicant(s)
- Income Documents
- Copy of front & back of NRIC (only required for mail-in or branch applications)
- Proof of Ownership (for non DBS/POSB home loan customers)
- HDB or MCST Renovation Permit (where applicable)
Applicants renovating their own home
For applicants who are owners of the appointed contractor or interior designer, i.e. renovating your own house, a HDB or MCST Renovation Permit will be required.
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: | Disbursed loan amount: |
|---|---|---|
| S$10,000 | Handling Fee (1% of S$10,000) = S$100 Insurance Premium (1% of S$10,000) = S$100 | S$9,800 (S$10,000 – S$100 – S$100) |
The approved loan amount nett off 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. Charges for the first Cashier’s Order will be waived. A fee of S$5 will be chargeable for each subsequent Cashier’s Order and these charges will be deducted from your designated loan servicing account.
Other fees:
- Cancellation Fee: 1% of approved loan amount
- Pre-payment Fee: 1% of outstanding loan amount
- Late Payment Fee: S$35 for each month or part thereof during which any instalment and/or interest is not paid
Post-Disbursement
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.
How To Apply
You will need a DBS / POSB deposit account to service your loan. If you do not have an existing DBS / POSB account, click here to apply before submitting your Renovation Loan application.
| Single Applicants (via digibot) | |
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| Step 1 | Download and fill up the editable PDF form for Single Applicants. To have the best experience please complete the form using Adobe Acrobat Reader on your Personal Computer. |
| Step 2 | Check that all required documents in the checklist are in order. Please note that maximum 5 files are allowed to be uploaded. You may find a guide on how to prepare your documents here. |
| Step 3 | Submit your application online seamlessly and fully assisted by our digibot. You will need to authenticate yourself via:
Please wait a few seconds for the digibot to be activated and it will guide you through your application. Click here for a detailed guide on the application process. |
For Joint Applicants / Non-owner Borrowers
Download the application form and send it to us with the required documents to:
DBS Bank Ltd (CP No. AH0025)
Orchard P.O. Box 360
Singapore 912312
Geneco’s Green Energy Solutions | |
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| Enjoy up to S$1,000 electricity bill rebate when you sign up for solar panel installation with Geneco’s Power Eco Total Home Solution. Note:
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Merchant Deals
 | Enjoy exclusive electronics and furnishing deals with your DBS/POSB Cards. |
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