A renovation loan is purpose-built credit for exactly this project — cheaper than personal loans, disbursed to your contractor, and capped sensibly. Here's how it works and how to decide whether to use one.
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Major banks — DBS/POSB, OCBC, UOB, Maybank, CIMB among them — offer dedicated renovation loans. The defining features are consistent across banks:
Covered: built-in carpentry, flooring, tiling, electrical and wiring, painting, bathroom and kitchen works, doors and windows — the construction itself. Not covered: furniture, appliances, curtains and decor, which banks treat as consumer purchases. Budget those separately or on other facilities.
Income documents (CPF/NOA or payslips), your NRIC, proof of ownership or the OTP/key collection documents for the flat, and the contractor's quotation. Approval typically takes a few working days; we time renovation milestones so financing never holds up the schedule.
Up to six times your monthly income or $30,000, whichever is lower, per borrower. A couple renovating the same flat can each apply, bringing the combined ceiling to $60,000 — enough for most full HDB renovations.
No — banks restrict renovation loans to construction works: carpentry, flooring, wiring, wet works, painting and the like. Furniture and appliances need separate budgeting.
CPF Ordinary Account savings cannot be used to pay for renovation works — CPF housing usage covers the property purchase and related costs, not renovation. Plan renovation funding from cash, a renovation loan, or both.
Tell us your unit type and what you have in mind — we will get back within one working day with an honest assessment and quote.