Why take a DBS Renovation Loan?

Promotional interest rates of

2.88% p.a. for existing DBS Home Loan customer
3.88% p.a. for non DBS Home Loan customer

Choice of 1-5 years

for repayment period

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

Based on S$10,000 approved loan and monthly rest rate of 2.88% 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

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 DBS Cashline.

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:

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 and third 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.

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.

Some Handy Tips and Tools

How to Apply

Step 1: Download and complete the application form.

Download PDF

Step 2: Check that all required documents in the checklist are in order.

Step 3: Submit your application with the required documents at:
Bedok Central Post Office
Locked Bag Service No.1
Singapore 914686

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.

Renovation Calculator

Find out the monthly repayment for your renovation loan.

Calculate

Terms and Conditions

• This promotion is valid till 31 Dec 2019.
• Your application must be approved by DBS before 15 Jan 2020.
• DBS may change these terms or suspend or terminate the promotion without giving any notice.

Merchant Deals

Enjoy exclusive electronics and furnishing deals with your DBS/POSB Cards. Find out more

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