Apply for Renovation Loan

All you need to know on your reno loan for your dream home!

What do I need before applying for a Reno loan?

List of required items

Prepare the following items to be submitted along with your application:

You will require a DBS/POSB deposit account to service your loan. If you do not have one, learn more on how to Open an Account with us before submitting your Renovation Loan application.​




For Employee with length of service more than 3 months
  • Latest month’s computerised payslip; OR
  • Latest 3 months’ salary crediting bank statements; OR
  • Latest 3 months’ CPF Transaction History
    • and
  • Latest 1 year Income Tax Notice of Assessment

For Employee with length of service less than 3 months
  • Letter of Appointment from Employer

For Variable/Commissioned-based Employees or Self-Employed
  • Latest Income Tax Notice Assessment
Provide a copy of either:
  • Property Tax Bill; OR
  • HDB Renovation Permit; OR
  • CPF Housing Withdrawal Statement; OR
  • HDB Letter of Approval; OR
  • Sales and Purchase Agreement (completed status); OR
Note: Renovation address and applicant’s name should be present in the documents


How to apply for Renovation Loan

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1
Step 1
Launch our Renovation Loan Online Application Form and read through the Eligibility, Important Notes and Documents you’ll need sections.
2
Step 2
Complete the Authentication Process using either your digibank Login or Card & PIN. Click Next to proceed.
3a
Step 3a
Verify that your Personal Details with the bank is up to date.
If you need to update your details, you may do so via digibank.

Select your Nationality, Marital Status and Education.
3b
Step 3b
Check that your Mailing Address with the bank is up to date.
If you need to make any changes, you may edit the fields accordingly.
3c
Step 3c
Fill up your Employment Details.
Click Next to proceed.
4a
Step 4a
Fill up your Loan Details.
4b
Step 4b
Select your Renovation Loan Servicing Account.
If there are no valid account(s) available for selection, click here to apply.

Valid accounts:
  • DBS Current/Savings Account
  • POSB Savings Account
Select your Property Type.
Indicate Branch/Referrer Code, if applicable.
Click Next to proceed.
5
Step 5
Check the Green Renovation Checklist (where applicable) if you are applying for the DBS Green Renovation Loan.
Click Next to proceed.
6a
Step 6a
Upload the following documents:
  1. Scanned / Digital invoice or quotation signed by contractor and applicant(s)
  2. Income Documents
  3. Proof of Ownership (for non DBS/POSB home loan customers)
  4. HDB or MCST Renovation Permit (for applicants who are owners of the appointed contractor)
There are restrictions on the files accepted:
  • File Name: No spaces or special characters
  • File Size: Maximum of 5MB each
  • File Type: PDF, JPG or JPEG
6b
Step 6b
Check the acknowledgement box after reading the declarations.
Click Next to proceed.
7a
Step 7a
Review your application. If you need to make any changes, click Edit. After making the changes, click Save.
7b
Step 7b
Click Submit to complete your Renovation Loan Application.
8
Step 8
Your request has been submitted successfully and you will receive a confirmation email.
The application outcome and related documentations will be sent to your preferred mailing address within 7 working days.
Launch our Renovation Loan Online Application Form now!

Document Submission Guidelines

Document Specifications

File Name: No spaces or special characters
Image File Type: jpeg, pdf, or png file extension
Image Size Limit: Up to 5MB per document

  • For Joint Applicants or Applicants applying for Renovation Loan on behalf of related party, please fill up the application form and submit your application at any POSB or DBS branch.


Frequently Asked Questions

You may borrow up to 6 times of your monthly income or S$30,000, whichever is lower. Please note that this is also subjected to approval based on your credit eligibility.

Main Applicant: Minimum income of S$24,000 per annum
Joint Applicant: Minimum Income of S$12,000 per annum (Main Applicant’s parent, spouse, child or sibling)

The lower monthly income (up to 12 times) of the two applicants will be used to compute the loan amount in a joint application. Please note that the maximum loan amount that will be considered is S$30,000.

For example:
If your monthly income is S$4,000 and the joint applicant’s monthly income is S$1,500, you can borrow up to a maximum of S$18,000 (S$1500 x 12).
Your Renovation Loan can be used for:
  • Installation of Solar Panels
  • 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 Personal Loan.
Renovation loan is an unsecured loan as there is no collateral involved.
However, a renovation invoice/quotation is required to be submitted along with your application to show that the loan is to be used for home renovation works.

Approved loan amount: S$10,000

Fees payable:
Handling Fee (2% of S$10,000) = S$200
Insurance Premium (1% of S$10,000) = S$100

Disbursed loan amount: S$9,700 (S$10,000 – S$200 – S$100)
You will receive a letter on the outcome of your renovation loan application at your mailing address within 5-7 working days if all documents submitted are in order.

The approved loan amount will be disbursed in cashier’s orders as indicated in the application.

If additional information or documentation is required, you will receive an email with the details.

We appreciate your patience if the processing time takes longer when there are additional follow-ups required.
The cashier’s orders will be issued under your appointed renovation contractor’s name. You may pass them to your renovation contractor progressively as per the agreed payment schedule in the renovation invoice.

To reduce your Renovation Loan amount, you may use the Service Request form to submit your request.

To increase your Renovation Loan amount, kindly submit a fresh application for the incremental loan amount (minimum S$5,000) using the application form and provide your latest renovation invoice and income documents.

The monthly repayment amount will be automatically deducted from your loan servicing account on the 1st working day of every month. Please ensure sufficient funds in your account to avoid incurring the late payment fees.
You can have a maximum of 2 renovation loans with DBS/POSB, as long as the total loan amount does not exceed S$30,000. Please note that this is also subjected to approval based on your credit eligibility.
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