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

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 Main applicant
  • Minimum income of S$24,000 per annum

Joint application
  • 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 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, you will need to submit a Letter of Undertaking together with your application form. The template can be found here.

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$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.


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: Mail your application with the required documents to:

DBS Bank Ltd (CP No. AH0025)
Orchard P.O. Box 360
Singapore 912312

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.



Terms and Conditions

  • Promotional interest rates are valid till 31 March 2021.
  • Your application must be approved by DBS before 15 April 2021.
  • DBS may change these terms or suspend or terminate the promotion without giving any notice.

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