Compare & Choose a Renovation Loan

  • Fill out our quick application form
  • Compare various renovation loan offers
  • Select the best renovation loan – get the money
  • 4.9/5 ⭐️ rating on Google Reviews
start-here
Loan Amount
$
Loan Amount
$1,000
$200,000
$20,000
Tenure
Tenure
3
72
Month

Your monthly payment

$ 533

Selected Partners
DBS
POSB
HSBC
standard chartered bank
CIMB Bank
SingPass
Singapore Fintech Association
Carousell
DBS
POSB
HSBC
standard chartered bank
CIMB Bank
SingPass
Singapore Fintech Association
Carousell

Over 200,000 happy customers

Hear what Singaporeans are saying about Lendela.

avatar
Jonathan Lopez
2 days ago
It’s a convenient and helpful platform for those who needed extra funding.
avatar
Angus Chow
2 days ago
Good service. . Staff r very patient n good explanation. . If give me safe n not scam
avatar
Vincent Soh
3 days ago
Dharan is very helpful in understanding the queries and sorting out my needs
avatar
Aiqal Kaskhy
3 days ago
Shenton Credit was a amazing. The staff attended to me was helpful and she also gave suggestions and planning to...
avatar
Kha Salvatore
4 days ago
Lendela was helpful, finally able to get a right match for my loan. Fast response as well. Highly recommend.
avatar
Paul Deepak
5 days ago
Lendela provided many private lenders options. It was helpful to choose the right amount of loan, tenure and...
avatar
Zaraangah Zara
1 week ago
Fast and responsive fast trusted and recommended.
avatar
G David
1 week ago
Fast and easy to use platform
avatar
Zul Prinze
1 week ago
very helpful and prompt
avatar
Thong Li Tan
1 week ago
Fast and efficient way.
avatar
Hamzah Yahaya
1 week ago
Mr Jagpreet was professional in handling and assisting me with the disbursement of my loan...Thank you Mr Jagpreet
avatar
nur farees
1 week ago
Muzammir is very helpful. Lendela is a very good platform to find loans that can suit to your salary . All is...

ONE APPLICATION – MULTIPLE RENOVATION LOAN OFFERS

3 simple steps to the best renovation loan in Singapore:

Apply fast & easy

1. Apply online in a few minutes

Compare your offers

2. Compare offers from multiple banks

Get your loan

3. Sign the agreement and get your loan

Learn More About Lendela

Our goal is to make your loan application process quicker, simpler and more transparent. As Singapore’s only true personal loan comparison service, we support you all the way from application to disbursement. Click below to read more about Lendela and how we empower thousands of loan-seeking Singaporeans every month.

Featured In

Lendela’s Renovation Loan Guide

Are you looking to renovate your house in Singapore but are short on funds? A renovation loan is specifically designed to finance the makeover of your property. It covers expenses such as contractor fees, repainting, tiling, and updating old fixtures. Here's a summary of the considerations for taking out a renovation loan.

Why Consider a Renovation Loan?

Why Consider a Renovation Loan?


Owning a home is a major milestone in the lives of most people. But that’s not the end of the road. A few years after purchasing your home, the time may come when you’ll perhaps need to make certain improvements to your space. These improvements could be minor facelifts like retiling the floor and repainting the house, or they could be major home renovations like adding another section to your house.

Now, major renovations to your house can be very expensive, given the steep costs of materials and labor. While it may be a good idea to dig into your savings for minor repairs and facelifts, major home improvements could erode a huge portion of the money you’ve saved up. Here’s where home renovation loans in Singapore come to the rescue.

If you’re a homeowner looking for additional funding to carry out a major home renovation, then it’s a good idea to get to know all the details about renovation loans before you apply for one. So, without further ado, let’s get into the details.

Who Is Eligible for a Renovation Loan?

Who Is Eligible for a Renovation Loan?


Before you apply for the best renovation loan in Singapore, you need to check if you are eligible for the funding. The exact criteria for eligibility may vary slightly from one lender to another, but broadly speaking, these are qualifying factors that you may be required to fulfil:

  • You must be the owner of the property that you are planning to renovate – this is true for all kinds of properties like individual homes, condominiums, apartments, HDB or any other type of residential property

  • You need to either be a Singaporean citizen or a Singaporean Permanent Resident

  • You must be aged between 21 and 61 years of age to qualify for the loan

  • You must also meet the requirements regarding the minimum annual income – most banks and lenders will require that you have a minimum annual income of $19,200 in order to obtain home renovation loans. However, in some cases this limit may be higher, coming in at $24,000 or $30,000.

  • You must possess a decent credit score to be eligible for a home renovation loan

What Documents Are Needed To Apply for a Renovation Loan?

What Documents Are Needed To Apply for a Renovation Loan?


If you meet the qualifying criteria, the next step is to apply for the best renovation loan in Singapore. And when you apply for this kind of funding, you’ll be required to submit certain documents to the lender. Knowing what these documents are can help you get them ready on time, so the process of submitting a renovation loan application becomes smoother.

Generally, these are the documents that you’ll need to provide when applying for a home renovation loan:

  • A copy of both the sides of your original National Registration Identity Card (NRIC)

  • A statement of your contribution to the Central Provident Fund (CPF) for the 6 months preceding the date of your application

  • Your most recent pay slip in a computerised format

  • Proof that you are the owner of the property that is to be renovated

  • An official quotation from the contractor handling your renovation project, complete with their stamp and signature

What Can a Renovation Loan Be Used For?

What Can a Renovation Loan Be Used For?


Some borrowings, like personal loans, can be used for a variety of purposes. But the best renovation loans in Singapore come with certain clauses attached, and they can only be utilised for a certain set of specific purposes.

Here’s an illustrative list of some of the things that the money borrowed through a in house renovation loan in Singapore can be good for:

  1. Repainting the walls, interior surfaces, and exteriors of your home

  2. Flooring and tiling works

  3. Mending or redoing the electrical and wiring works

  4. Carpentry works such as remodelling the kitchen cabinets, bedroom or wardrobes

  5. Works related to the external components of the house, such as the roofing and fences

  6. Standard bathroom fixtures and installations


At this point, it’s also important to make a note of some things that a renovation loan in Singapore cannot be used for. This kind of funding cannot be used to meet the costs of home furnishing (check our renovation loan calculator in Singapore). That includes the costs associated with the purchase of furniture like tables or cupboards, furnishings like curtains and linens, and other electrical appliances used around the house. Essentially, any expense that does not fall under the category of home improvement works cannot be funded using this product.

Back to top
How Much Renovation Loan Can I Get in Singapore?

How Much Renovation Loan Can I Get in Singapore?


When considering the amount you can borrow for a renovation loan in Singapore, the maximum cap is $30,000 or six times your monthly income, whichever is less. If your renovation expenses exceed this limit, you have the option to secure two separate renovation loans or combine a renovation loan with a personal loan.

It's crucial to assess your financial readiness to manage the repayment obligations of both loans simultaneously, ensuring that you can comfortably handle the monthly installments without overstretching your budget.

Back to top
What Are the Interest Rates Associated With Renovation Loans in Singapore?

What Are the Interest Rates Associated With Renovation Loans in Singapore?


There are a multitude of choices for home renovation loans in Singapore, with multiple banks offering the service at varying annual interest rates. Ultimately, it comes down to which bank you use, trust, and believe will give you the best bang for your buck. It is also important to keep the processing fees and monthly payments in mind as you need to pick a home renovation loan that you can afford to pay back.

Don’t be blindsided by the numbers, though, as it is vital you take the time to figure out which home renovation loan is best for you. Remember, you need to keep up with the monthly payments and must pay attention to the annual interest rate. The last thing you want to do is default on a payment and put your home renovation loan in jeopardy.

Back to top
Conclusion

Conclusion


So, now that you know the basics about the best renovation loan in Singapore, you can shop the market to find the lender whose terms and conditions and interest rates best suit your needs (check out what is the cost of living in Singapore in 2021). To make comparisons like this easier for you, simply head over to Lendela’s online application and shop for the best renovation loan in Singapore for your home improvement project.

A Quick Comparison Between Renovation Loan and Personal Loan

Coverage

Interest calculation

Quotation requirement

Renovation Loan

Only for approved renovation works

Calculated using monthly rest method

Require official contractor quotation

Personal Loan

Can be used for other renovation expenses such as furniture and appliances

Calculated using flat rate method

No quotation needed

A lower loan ceiling is one of the advantages that home renovation loans bring to the table. This helps keep renovation expenditures in check and at the right level. Also, in most cases, renovation loans come with insurance included in the package, so if anything happens to the borrower, the insurer takes care of the outstanding amount.

Back to top
whatsapp