Renovation Loan


Why do you need a renovation loan?
Buying your first home is no easy task. You’ve went job hunting, led a frugal lifestyle for the past few years and have finally secured a BTO to settle down. Purchasing your first property is a daunting task, but it doesn’t stop here.

At the cost of a partly ruptured water pipe, cracked ceilings, or deterioration from years of usage, you’ve managed to secure a good bargain for your new home. However, your journey to settling down has just begun, and that is to renovate your house into liveable conditions.

On the other hand, some homeowners might want an upgrade. After all, who doesn’t want a futuristic looking, aesthetically pleasing living quarters? It is without saying that home renovation is an essential service for newly purchased properties, yet it isn’t part of the ‘package’ that comes with the hefty property prices.

If you can relate to the above circumstances, a renovation loan is designed just for you.

What is a renovation loan?
Unlike ordinary bank loans, a renovation loan is explicitly devised to finance your home renovation needs. This purpose-specific loan comes with a low-interest rate to fulfil fund the gap between the renovation cost and your available cash in hand.

Depending on your financial capabilities, how much you are entitled to a renovation loan .
According to Qanvast, a locally renowned marketplace for interior designers and architects, Singaporeans typically spend between S$50,000 to S$110,000 on HDB/Condo home renovations.

Here’s the catch, unlike a Housing Board loan, homeowners are not authorised to utilise their CPF to cover a portion of their renovation expenses. This limitation puts homeowners in a conundrum, from the sky-high interest rates that accompany personal loans if a small amount is borrowed. A renovation loan is a simple cure to your staunching headaches to achieve your fairy-tale like dream house that you’ve longed and dreamed of.

Cheers to your dream house
Recent innovations had plated an array of digital home renovation options at a lofty price range. Besides, the interior designs industry had evolved over the years to include 3-Dimensional viewing options for homeowners to visualise their post-renovation dream house.

Singaporeans have high standards; statistics show that Singapore residents prefer a minimalist, opulent-looking Scandinavian design that carries a castle-like feel to a home living condition. After being subjected to this nation’s hardworking nature of mercilessly climbing the corporate ladder to bring bread home, we expect no less than living in an environment that screams royalty. Statistics says it all; Singaporeans prefer modern designs that are accommodated by high levels of functionality. All this comes with a hefty price tag that we hope to cover with our ongoing drive to succeed in the corporate world. It is fair to say that we deserve an above-average lifestyle to fuel our work motivation.

Let us be your right-hand man in making your dream house a reality. Our team will gladly walk you through the steps to apply for a renovation loan.

What does our renovation loan cover?
From a beach themed interior design to a Mediterranean style living room. It could be a desire to re-create your home to house your multi-generational family or to fund large-scale repairs. Whatever the case, it is sure to eat up into your savings account. Our renovation loan covers a broad category of renovation-related activities. These are:

Do you need to repaint stained walls or install artsy wallpapers to give your home a lively vibe? We will cover both your interior and exterior redecorations.

Flooring and tiling
Is your wooden flooring damaged by stains, gouges, or scuffs? Although wood gives off a naturistic feel, it is susceptible to surface wear and tear. Besides, an accidental spill of large volumes of liquid will easily stain and damage your hardwood flooring.

Essential fittings
These include kitchenware, washroom fittings (E.g. toilet bowls, taps, doors) to boiler and heating systems. Any form of essential fittings will be covered under the renovation loan.

Electrical wiring
Are there any exposed/faulty wires that need to be repaired? These are combustible and could cause bodily harm or even house fires. Apart from repairs, our renovation loan covers the installation of new electrical wiring.

Carpentry works
Repair/installation of cabinets and wardrobes.

Note: Furnishing of the sorts are not covered under the renovation loan. If you are uncertain about the loan coverage, please contact our customer representative and we will assist you promptly.

Why Choose Us? (renovation loan)
The usage for renovation loan is vast. The dream of achieving an aesthetically pleasing house is borne by each of our artistic nature.

Let us scrutinise the available options provided by both financial institutions and moneylenders to speed up your quest for the right loan package.

Compare the best renovation loan packages here:


To apply for a renovation loan, please prepare the following documents:
2. Payslips/CPF statement/Income statement
3. Proof of homeownership (For example, HDB sales order or a screenshot/copy of ownership on Singapore Land Authority’s ‘view my property information page:
4. Contractor/interior designer’s invoice (The loan amount will be directly disbursed to your contractor or interior designer.)
Note: This list is non-exhaustive

Only Singaporeans or Permanent Residents (PR) within the age range of 21 to 65 are eligible for a renovation loan.

If given consent, the owner’s spouse, parents, siblings, child or related family members can apply for the loan on behalf of the owner

S$5,000 to S$30,000 or 6 times your monthly salary, whichever is lower.
We understand that this amount is insufficient in covering larger scale renovations that extend beyond S$30,000. To obtain additional funds, you could consider applying for a separate loan package with us.

The agreed loan amount will be disbursed directly to your contractor or interior designer. It is to ensure that the loan is explicitly used for your renovation purposes.

The types of loans available spans from one end of the spectrum to another. However, renovation loan is typically preferred by homeowners due to its low-interest rates, high flexibility, and customisable options.

Compared to the 3% to 4% interest rate on renovation loans, personal loans could rake up interest rates of up to 12% excluding processing fees.