Why take a POSB Renovation Loan?

Hassle-free online applicationNEW

You can now submit your application online, fully-assisted by our digibot

Attractive rates

at 3.88% p.a.* with loan repayment period of up to 5 years

Peace of mind

with comprehensive insurance coverage

*Effective Interest Rate (EIR) – 4.62% based on 60-months loan tenure and inclusive of 1% handling fee and 1% insurance premium

Apply Now


Green Renovation Loan Promotion

Enjoy renovation loan rates as low as 2.68% p.a. when you go green and make your home environmentally sustainable.

Click here to find out more!


Monthly Repayment

Repayment Period Effective Interest Rate (EIR) Monthly Repayment
1 year 7.51% S$851
2 years 5.74% S$434
3 years 5.12% S$295
4 years 4.81% S$225
5 years 4.62% S$184

Based on S$10,000 approved loan and monthly rest rate of 3.88% p.a. 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:
If your monthly income is S$4000, you could borrow up to maximum of S$24,000 (S$4000 x 6)

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

Joint applicants
  • Minimum Income of S$12,000 per annum, and is the main applicant’s parent, spouse, child or sibling

Borrow up to 6 x 2 times the lower monthly income of the two applicants or $30,000, whichever is lower

For example:
If your monthly income is S$4000 and the joint applicant’s monthly income is S$1500. You could borrow up to a maximum of S$18,000 (S$1500 x 6 x 2 borrowers)

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 Balance Transfer.

Things to note:

Document Checklist

  1. Completed Application Form
  2. Scanned / Digital invoice or quotation signed by contractor and applicant(s)
  3. Income Documents
  4. Copy of front & back of NRIC (only required for mail-in or branch applications)
  5. Proof of Ownership (for non DBS/POSB home loan customers)
  6. HDB or MCST Renovation Permit (where applicable)

Applicants renovating their own home

For applicants who are owners of the appointed contractor or interior designer, i.e. renovating your own house, a HDB or MCST Renovation Permit will be required.


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. Charges for the first Cashier’s Order will be waived. A fee of S$5 will be chargeable for each subsequent Cashier’s Order and these charges will be deducted from your designated loan servicing account.

Other fees:

  • Cancellation Fee: 1% of approved loan amount
  • Pre-payment Fee: 1% of outstanding loan amount
  • Late Payment Fee: S$35 for each month or part thereof during which any instalment and/or interest is not paid



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.


How To Apply

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)
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.


Step 2

Check that all required documents in the checklist are in order.

Please note that maximum 5 files are allowed to be uploaded. You may find a guide on how to prepare your documents  here.

Step 3

Submit your application online seamlessly and fully assisted by our digibot. You will need to authenticate yourself via:

  • Your Digibank User ID and PIN, OR
  • ATM, Debit or Credit Card number and PIN

Please wait a few seconds for the digibot to be activated and it will guide you through your application.

Click here for a detailed guide on the application process.

Apply Now

For Joint Applicants / Non-owner Borrowers

Download the application form and send it to us with the required documents to:

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

Renovation Calculator

Find out the monthly repayment for your renovation loan.



Merchant Deals

Home Living

Enjoy exclusive electronics and furnishing deals with your DBS/POSB Cards.

Find out more


Contact Us

Find nearest Visit your nearest DBS/POSB branch


Thank you. Your feedback will help us serve you better.

Was this information useful?

That's great to hear. Anything you'd like to add?
We're sorry to hear that. How can we do better?
Enter only letters, numbers or @!$-(),.