• DBS Home Renovation Loan

    Home Loan BYTES FROM OUR KITCHEN

    DBS Home Renovation Loan

    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

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    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

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    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

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    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 23 Jul 2017

    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

    About DBS

    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.

    Features of DBS Renovation Loan

    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.

    • Low Interest Rate
    • With interest rates as low as 2.31% per annum, borrowers will be able to save substantially.

    • Flexible Repayment Terms
    • Borrowers can choose any tenure ranging between 1 to 5 years.

    • High Loan Quantum
    • DBS offers up to S$30,000 for Renovation purposes.

    • Comprehensive Insurance Plan
    • With the comprehensive life and total permanent disability plan, borrowers are covered against unforeseen events.

    • Multipurpose Loan
    • DBS Renovation Loan is a multipurpose loan which can be used to carry out any alteration work within the compound of your residential property.

    • Hassle-Free
    • Minimal documentation requirements and quick processing makes this a hassle-free loan scheme.

    Eligibility Criteria for DBS Renovation Loan

    To be eligible for DBS Renovation loan, the applicant must satisfy all of the following criteria.

    • The applicant must be a citizen of Singapore aged between 21 to 65 years as on the date of application.
    • The applicant should be the owner of the property to be renovated.
    • The annual income of the applicant should be more than S$24,000.
    • The applicant can nominate spouse, child, parent or sibling as the joint applicant. The joint applicant’s annual income should be at least S$12,000.

    Documents required for DBS Renovation Loans

    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.

    1. Common for all Applicants
      • Duly signed and filled Renovation Loan Application form
      • Photocopy of NRIC for all the applicants
      • Original copy of invoice or quotation from the contractor signed by both the applicant and the contractor.
    2. Income Documents
    3. Income documents vary depending on the nature of employment and source of income of the applicant.

      • Salaried Employees
      • Salaried employees must submit the latest computerized payslip, last 12 months’ CPF history statement or Notice of Assessment for the last two years.

      • Self-Employed/Variable Income Earner
      • Commissioned earners, variable income earners or self-employed applicants should submit the last 2 years’ Notices of Assessment.

    4. Proof of Ownership of Property
    5. 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.

    Explore Other Banks Offering Renovation Loan:

    Products offered by DBS Bank

    FAQs regarding DBS Renovation Loan

    1. Can I use the renovation loan to pay for furnishings?
    2. No. The renovation loan cannot be used to pay for furnishings or any purpose other than renovation.

    3. Will I require an original quotation for application?
    4. Yes. You will be required to submit an original quote, signed both by the contractor and yourself.

    5. Will I incur any additional cost as fees before disbursement?
    6. 1% of the approved loan amount will be charged as handling fee and insurance premium separately.

    7. Can I prepay the loan?
    8. Yes, you can. But, you will be charged a prepayment penalty of 1% of the outstanding loan amount.

    9. How do I apply for a DBS Renovation loan?
    10. 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.

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