Taking a Renovation Loan

POSB Renovation Loan​

Build your dream home with attractive rates from 3.68% p.a.

POSB Renovation Loan​

 

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.* for POSB Renovation Loan
at 3.68% p.a.* for POSB Green Renovation Loan

Peace of mind

with comprehensive insurance coverage

*Effective Interest Rate (EIR) – 4.62% and 4.42% respectively based on 60-months loan tenure and inclusive of 1% handling fee and 1% insurance premium

Apply Now

 

Exclusively for POSB HDB Loan customers

Enjoy 0% interest in your first year when you apply for POSB Renovation Loan online!

Click here to find out more!
 

Exclusively for Livspace customers

Enjoy 0% interest in your first year and waiver of 1% handling fee on your POSB Renovation Loan.

Click here to find out more!

Terms and conditions apply.
 

POSB Green Renovation Loan

Achieving a green home is now more effortless and wallet-friendly with POSB Green Renovation Loan. With an attractive interest rate at 3.68% p.a(EIR 4.42%*), it’s time to give your home a sustainable makeover.

To qualify:

  • Submit your renovation loan application online
  • Under the “Green Renovation Checklist” section in the application form, select at least 3 out of the 10 items that are applicable to you.

*Effective Interest Rate (EIR) – 4.42% based on 60-months loan tenure and inclusive of 1% handling fee and 1% insurance premium

Terms and conditions apply.

Apply Now

 

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$9,800
(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

 

Post-Disbursement

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.

Download
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.

Calculate

 

Geneco’s Green Energy Solutions

Enjoy up to S$1,000 electricity bill rebate when you sign up for solar panel installation with Geneco’s Power Eco Total Home Solution.

Note:

  • The rebate will be 3% of the total contract value of the Agreement signed, subjected to a maximum cap of S$1,000.
  • To be eligible for the rebate, you must be an existing Geneco customer at the time of signing the Agreement.

Find out more
 

Keppel Electric’s Green Energy Solutions

Reduce your carbon footprint by signing up for one of Singapore’s leading electricity retailer - Keppel Electric’s newly launched ecoGreen Plan and Solar Solution now.

Not only you can help to keep our environment clean, you’ll enjoy reduced electricity bills in the long run too.

Embark on your green journey with Keppel Electric now!

Email enquiry@keppelelectric.com to find out more.
 

Merchant Deals

Home Living

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

Find out more
 

Managing Your Renovation Loan

You may submit your request to amend or redeem your renovation loan online with these forms below.

Other Forms

Change of Cashier’s Order/Loan Amount & Termination of Loan

Apply Online

Early Redemption of Loan

Apply Online

Change in Contractor/ Loan Tenure

Apply Online
 

Contact Us

Find nearest Visit your nearest DBS/POSB branch

 

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