Home Loans

Renovation Loan

One of the lowest Renovation Loan rates in town, at just 2.31% p.a. if your mortgage is already with us

Renovation LoanHere’s what you enjoy with POSB Renovation Loan

  • Greater savings from interest rates as low as 2.31% p.a.*
  • Flexible repayment period between 1 – 5 years
  • Loan amount of up to S$30,000
  • Protection from unforeseen events with comprehensive life and total permanent disability insurance plan.

How to Apply

  • Request a consultation

    Contact me

  • Download an application form and send it to us with the required documents to:
    DBS Bank Ltd.
    Bedok Central Post Office
    Locked Bag Service No. 1
    Singapore 914686

  • Call us at 6333 0033 (Mon to Fri 9 am to 5pm/Sat 9am to 12.30pm)

  • SMS "Reno<space>Name" to 76060

Product Details

Repayment Period

Effective Interest Rate^

Estimated Monthly Repayment

Based on approved loan of S$10,000

1 year



2 years



3 years



4 years



5 years



^Inclusive of 1% handling fee and 1% insurance premium and calculated based on a loan amount of S$10,000 and monthly rest rate of 4.38% p.a. These numbers are meant for illustrative purposes only and are rounded up to the nearest dollar.

  • DBS Renovation Loan offers you up to six times your monthly salary or S$30,000, whichever is lower.You can also apply jointly with your loved one#. If each of you earns more than S$2000, both of you may apply for the renovation loan separately
  • DBS Renovation Loan comes with a comprehensive life and total permanent disability insurance plan at an affordable premium**.

Frequently Asked Questions

Am I eligible for a POSB Renovation Loan?

To be eligible, you must be:

  • A Singapore Citizen or Permanent Resident between 21 and 65 years of age as of date of application
  • An owner of the property to be renovated
  • Earn more than S$24,000 per annum

You may apply with your spouse, child, parent or sibling for a loan amount not exceeding S$30,000 in a single application. The joint applicant needs to earn at least S$12,000 per annum . You only need to submit the same documents required for the main applicant.

Applications by non-owner(s) who are either a spouse, child, parent or sibling of the property owner may be reviewed with consent from the property owner.

What can I use the Renovation Loan for?

You can use it for carrying out numerous works on your residential property, including:

  • 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

However, the Renovation Loan cannot be used to pay for furnishings or for any other purpose besides renovation. For ready cash to help with your home furnishings, find out more about Cashline.

What are the guidelines for HDB property renovation contractors?
  • For HDB properties, regardless of whether or not a HDB Renovation Loan Permit is required, only HDB Licensed Renovation Contactors are allowed to carry out renovation works in HDB flats.
  • You can view HDB's list of approved contractors.
Is the original quotation required for application?

Yes, you must submit an original formal quotation from your contractor, signed by both the contractor and yourself. The original quotation will be retained by the Bank.

What are the fees involved?
Fees deducted upfront from approved loan amount upon disbursement
Handling Fee1% of approved loan amount
Insurance Premium1% of approved loan amount

In the event of death or total permanent disability, AVIVA will pay off your outstanding renovation loan balance
Illustration:Renovation Loan
- $10,000
Fees deducted upfront- Handling Fee (1% of $10,000) = $100
- Insurance Premium (1% of $10,000) = $100
Disbursed sum- $9,800 ($10,000 - $100 - $100)
    • The loan proceeds (nett of the applicable fees) will be disbursed directly to the contractors via cashiers order(s)
    • A maximum of 3 cashiers orders to be issued
    • It will cost $5 each for the second and third cashiers orders
    • Site visits will be conducted for all approved applications to ensure that the loan proceeds are used for the stated renovation works as listed in the quotation.
Other Fees Payable
Cancellation Fee1% of approved loan amount
Prepayment Charge1% of outstanding loan amount (Partial prepayments are not allowed)

What are the documents required for the Renovation Loan application?
  • Completed and signed Renovation Loan Application form
  • Photocopy of all the applicants NRIC (front and back)
  • Income documents

    For salaried employees

    • Latest computerised pay slip or
    • Latest 12 months CPF contribution history statement or
    • Last 2 years Notice of Assessment

    For self-employed/commissioned earners/variable income earner

    • Last 2 years Notice of Assessment

  • Original invoice or quotation from the contractor duly signed by contractor and applicant
  • Proof of ownership of property to be renovated by way of any one of the following documents:

  • HDB FlatsPrivate Properties
    i. HDB Sale & Purchase Agreementi. Sale & Purchase Agreement
    ii. HDB Sales Orderii. Property Tax Bill
    iii. Property Tax Bill 
    iv. HDB Financial Plan 
    v. HDB Renovation Permit 
    vi. HDB Collection Advice 


*(1) 2.31% p.a is a flat rate and is equivalent to a monthly rest rate of 4.38% p.a (with effective interest rates ranging from 5.11% to 8.00% for a loan amount of S$30,000 depending on the repayment period)for our home loan customers.
(2) For non-home loan customers, a flat rate of 2.58% p.a. applies, which is equivalent to a monthly rest rate of 4.88% p.a (with effective interest rates ranging from 5.60% to 8.50% for a loan amount of S$30,000 depending on the repayment period).
# refers to parent, spouse, child or sibling
**Insurance Premium at 1% of loan amount
#refers to parent, spouse, child or sibling

Terms & Conditions

How would you rate this page?

Thank you! We appreciate your feedback.

Any further suggestions?


What issues did you face today?

Any further suggestions?

I agree to Terms & Conditions