For those who cannot afford a brand new property or home, renovation loan is a boon. You can customize and modernize your existing property with DBS Renovation Loans. Instead of burning up all your savings to buy a new house, you can comfortably personalize your home in a way that reflects your taste. DBS Renovation Loan can be used to carry out a variety of work on your residential property like structural alterations, changing flooring and tiling and other external works within the compound of the house.
DBS Renovation Loan Minimum Age - 21 years
DBS Renovation Loan Maximum Age - 65 years
Salaried / Self-employed with regular income
S$24,000 for single and/or joint applicants
DBS Bank Renovation Loan Min Salary - S$24,000
Existing Loan EMI - EMIs of other loans lower your eligibility
Make your immediate family member a co-applicant, and his income will add to your eligibility
|Min Loan Amount||S$5,000|
|Max Loan Amount||$30,000|
|Max Loan Tenure||up to 5 years|
DBS is one of Singapore’s most prominent banks that offers home loans and home renovation loans at highly affordable rates of interest. Let’s take a look at what the bank has to offer under its renovation loan and what you can expect as a potential DBS Home Renovation Loan customer.
DBS has the following kinds of housing loans in its portfolio:
You can use the DBS Renovation Loan for the following purposes:
Please note that these are not the only things you can do around the house with a renovation loan from DBS. You can contact the bank for your specific needs. However, you cannot buy furnishings for your home with the DBS Renovation Loan.
|Loan Tenure (in months)||Applied Rate of Interest (p.a.)||Effective Rate of Interest (p.a.)|
|12||2.31% (for existing DBS Home Loan Customers)||8.00%|
|24||2.31% (for existing DBS Home Loan Customers)||6.24%|
|36||2.31% (for existing DBS Home Loan Customers)||5.62%|
|48||2.31% (for existing DBS Home Loan Customers)||5.30%|
|60||2.31% (for existing DBS Home Loan Customers)||5.11%|
|Handling fee||1% of loan amount|
|Insurance premium||1% of loan amount|
|Cancellation fee||1% of loan amount|
|Prepayment fee||1% of loan amount|
The DBS Renovation Loan is currently not available to foreigners. The loan is only available to Permanent Residents and Singaporean citizens.
You can apply for the loan by visiting the official DBS Singapore website and filling out the online application form available on the home renovation webpage. Go the page and click on the Apply Now option available on the DBS Renovation Loan webpage. You will also need to submit your supporting documents, subsequent to which the bank will get in touch with you and clarify your details, besides obtaining additional information if necessary. Your loan will then be processed by the bank and approved if all credit parameters are satisfactory.
You can also follow the steps on the bank’s website – download the loan application form and submit it to the mentioned address along with your supporting documents. You can also request a call back from the bank by sending an SMS.
Q. How long will the loan amount take to be disbursed into my bank account?
A. Once your loan application is approved based on your credit profile and the bank’s internal credit norms, you should expect to receive the loan amount in about 5-7 business days.
Q. What is the effective rate of interest charged by the bank?
A. The effective interest rate displays the actual interest rate and is calculated on the outstanding amount after making repayments every month. The effective interest rate can vary based on the loan tenure. Higher tenures have a lower effective rate of interest in comparison to shorter tenures.
Q. What can I use my home renovation loan for?
A. You can use it to refurbish your kitchen, remodel your bathroom, remodel your bedrooms, tiling of your home, roofing, and a host of other repair work.
Q. Can I use my renovation loan for a different purpose (part of the amount)?
A. The renovation loan cannot be used for purposes other than home renovation.
Q. Is there a handing and insurance charge?
A. Yes, a handling charge of 1% of the loan amount, and an insurance premium charge of 1% of the loan amount will hold applicable.
Q. Are there any guidelines that need to be followed in the case of renovating HDB flats?
A. Only licensed HDB flats and HDB licensed contractors are legitimate entities as far as HDB Renovation is concerned. If the contractor isn’t registered with HDB, an HDB permit will be necessary.