DBS Renovation Loan
Enjoy attractive rates from 2.88% p.a. (EIR 3.63% 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
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
| Repayment Period | Effective Interest Rate (EIR) | Monthly Repayment |
|---|---|---|
| 1 year | 6.52% | S$847 |
| 2 years | 4.75% | S$430 |
| 3 years | 4.13% | S$291 |
| 4 years | 3.82% | S$221 |
| 5 years | 3.63% | S$180 |
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
| 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 application
Borrow up to 12 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:
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.
If your appointed contractor or interior designer is not registered with HDB, a Letter of Undertaking from them will be required. You could use this template.
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 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. If you require more than 1 cashier’s order, a fee of S$5 per subsequent cashier’s order will be charged.
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
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) | Joint Applicants/ Non-owner Borrowers | |
|---|---|---|
| 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. | Download and print the application form. Complete and sign the application form. |
| Step 2 | Check that all required documents in the checklist are in order. You may find a guide on how to prepare your documents here. | Check that all required documents in the checklist are in order |
| Step 3 | Submit your application online seamlessly and fully assisted by our digibot. You will need either
You can also find a detailed user guide here. | Mail your application with the required documents to: DBS Bank Ltd (CP No. AH0025) |
Merchant Deals
 | Enjoy exclusive electronics and furnishing deals with your DBS/POSB Cards. |
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