A "low interest" loan shouldn't mean you have very little interest in paying it back!

    DBS Renovation Loan Singapore

    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.

    You’re probably eligible for a DBS Home Renovation Loan if you are

    DBS Renovation Loan Minimum Age

    DBS Renovation Loan Minimum Age - 21 years

     DBS Renovation Loan Maximum Age

    DBS Renovation Loan Maximum Age - 65 years

    DBS Renovation Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    DBS Renovation Loan Minimum Income

    S$24,000 for single and/or joint applicants

    Your DBS Home Renovation Loan amount eligibility is based on these factors

    DBS Renovation Loan Minimum Salary

    DBS Bank Renovation Loan Min Salary - S$24,000

    DBS Renovation Loan EMI

    Existing Loan EMI - EMIs of other loans lower your eligibility

    Increase your eligible DBS Home Renovation Loan amount by these steps

    DBS Renovation Loan Add Spouse as Co-applicant

    Make your immediate family member a co-applicant, and his income will add to your eligibility

    DBS Home Renovation Loan Basic Details Updated on 21 Mar 2019

    DBS Home Renovation Loan Basic Details
    Min Loan Amount S$5,000
    Max Loan Amount $30,000
    Max Loan Tenure up to 5 years
    Interest Rates 4.88%
    Monthly EMI $375

    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.

    Types of DBS Home Loans

    DBS has the following kinds of housing loans in its portfolio:

    • DBS HDB Loan
    • DBS Private Property Loan
    • DBS Renovation Loan
    • DBS Home Loan Refinancing (HDB flat and private property)

    Features and Benefits of the DBS Renovation Loan

    • DBS Renovation Loan comes with tenures ranging from 1 year to 5 years.
    • The minimum loan amount that can be taken from the bank is S$5,000. A maximum loan amount of S$30,000, or 6 times your monthly salary, whichever amount is lower, will be provided.
    • Loan approval depends on various parameters, one of the most important being your credit score. You’ll need to have a clean credit history for at least 1 year in order to get your loan amount approved.
    • If you already have a housing loan with DBS, the interest rate on your home renovation loan with DBS will be lower.
    • The rates of interest are affordable. Repayments will depend on the rate of interest against your chosen tenure.
    • Interest rates on the DBS Renovation Loan start at about 2.31% p.a. – one the lowest available rates in Singapore for renovation loans.
    • The loan comes with a comprehensive insurance policy underwritten by ManuLife. In case of your unfortunate death, the policy will take care of fully repaying the renovation loan dues. This will ensure that your family is secured against debt.

    What Can you Use the DBS Home Renovation Loan for?

    You can use the DBS Renovation Loan for the following purposes:

    • Structural changes
    • External construction within the home premises
    • Building cabinets in kitchen or other rooms
    • Wiring and electrical work
    • Redecorating and painting
    • Adding bathroom fittings
    • Flooring and tiling

    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.

    DBS Home Renovation Loan Interest Rate

    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%

    DBS Renovation Loan Fees & Charges

    Handling fee 1% of loan amount
    Insurance premium 1% of loan amount
    Cancellation fee 1% of loan amount
    Prepayment fee 1% of loan amount

    DBS Renovation Loan Eligibility Parameters

    • You have to be at least 21 years of age. The maximum age to apply for the loan is 65 years.
    • The minimum income has to be S$24,000 p.a.
    • In the case of joint applicants, the main applicant has to have an income of S$24,000. The secondary applicant has to have a minimum annual income of S$12,000.
    • The joint applicant has to be an immediate family member of the main applicant.
    • If you are renovating your HDB flat, you can only engage the services of HDB Licensed Renovation Contractors.

    Documents for DBS Renovation Loan

    • Proof of Identity - Front and back copy of NRIC.
    • Document indicating quotation from contractor, or the invoice.
    • In case of joint applicants, proof of relationship - marriage certificate/birth certificate of participating parties.
    • Proof of Income - latest computerized payslips, Income Tax Notice of Assessment (latest), CPF Contribution history for the last 6 months.
    • Renovation permit, HDB Renovation permit for contractors who are not registered with HDB.

    DBS Renovation Loan for Foreigners

    The DBS Renovation Loan is currently not available to foreigners. The loan is only available to Permanent Residents and Singaporean citizens.

    How to Apply for the DBS Home Renovation Loan

    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.

    This Page is BLOCKED as it is using Iframes.