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 Bank Limited, previously known as the Development Bank of Singapore, was founded in the year 1968. The bank was established by the government of Singapore to take over the financing activities from the Economic Development Board of Singapore. Currently, DBS is the largest bank in South East Asia by assets and is a key market player in banking fronts of Singapore and Hong-Kong. DBS was judged as the ‘Bank of the Year’ in Asia region by The Banker and the ‘Best Bank in Asia-Pacific’ by Global Finance. The bank has also been recognized as the Safest Bank in Asia by Global Finance for six consecutive years from 2009 to 2014. At present, DBS has a regional banking network of over 250 branches in 17 markets.
DBS Renovation Loan comes with an array of customer-centric features that makes it one of the most sought after products in the financial market. Listed below are some of the reasons why DBS Renovation Loan is different from other schemes.
With interest rates as low as 2.31% per annum, borrowers will be able to save substantially.
Borrowers can choose any tenure ranging between 1 to 5 years.
DBS offers up to S$30,000 for Renovation purposes.
With the comprehensive life and total permanent disability plan, borrowers are covered against unforeseen events.
DBS Renovation Loan is a multipurpose loan which can be used to carry out any alteration work within the compound of your residential property.
Minimal documentation requirements and quick processing makes this a hassle-free loan scheme.
To be eligible for DBS Renovation loan, the applicant must satisfy all of the following criteria.
To ensure faster processing of the loan application, you must have all the required documents handy. Here is a list of documents that you will need during the application process.
Income documents vary depending on the nature of employment and source of income of the applicant.
Salaried employees must submit the latest computerized payslip, last 12 months’ CPF history statement or Notice of Assessment for the last two years.
Commissioned earners, variable income earners or self-employed applicants should submit the last 2 years’ Notices of Assessment.
As a proof of ownership of property, the applicant should submit any one of the following: property tax bill, HDB sales order, purchase agreement, HDB renovation purchase, HDB financial plan or HDB collection advice.
No. The renovation loan cannot be used to pay for furnishings or any purpose other than renovation.
Yes. You will be required to submit an original quote, signed both by the contractor and yourself.
1% of the approved loan amount will be charged as handling fee and insurance premium separately.
Yes, you can. But, you will be charged a prepayment penalty of 1% of the outstanding loan amount.
You can download an application form from the DBS online portal and submit it with the necessary documents at any of the nearest branch. Alternatively, you can also call or send an SMS requesting more information.