Why take a POSB Renovation Loan?

Hassle-free online applicationNEW

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

Promotional interest rate 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

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

Borrow up to 12 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 12)

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:

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, a Letter of Undertaking from them will be required. You could use this template.

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

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)
Joint Applicants/ Non-owner Borrowers
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.


Download and print the application form. Complete and sign the application form.


Step 2

Check that all required documents in the checklist are in order. You may find a guide on how to prepare your documents here.

Check that all required documents in the checklist are in order

Step 3

Submit your application online seamlessly and fully assisted by our digibot. You will need either

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

You can also find a detailed user guide here.

Apply Now

Mail your application 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 @!$-(),.