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

    OCBC Home Renovation Loan Singapore

    The Oversea-Chinese Banking Corporation Limited, more popular by the abbreviation OCBC Bank, is a public scheduled financial and investment services organization that is headquartered in Singapore. Even though it is a listed as a public bank, it is noted that the bank’s biggest stakeholder by a humungous margin is the esteemed Lee Group of Companies. Established by Lee Kong Chian in 1919, the Lee clan still has a tremendous influence in the functioning of the OCBC Bank. And two of the major board seats are currently held by Lee Tih Shih and Lee Seng Tee.

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

    OCBC Renovation Loan Minimum Age

    OCBC Renovation Loan Minimum Age - 21 years

     OCBC Renovation Loan Maximum Age

    OCBC Renovation Loan Maximum Age - 59 years

    OCBC Renovation Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    OCBC Renovation Loan Minimum Income

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

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

    OCBC Renovation Loan Minimum Salary

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

    OCBC Renovation Loan EMI

    Existing Loan EMI - EMIs of other loans lower your eligibility

    Increase your eligible OCBC Home Renovation Loan amount by these steps

    OCBC Renovation Loan Add Spouse as Co-applicant

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

    OCBC Home Renovation Loan Basic Details Updated on 16 Feb 2019

    OCBC Home Renovation Loan Basic Details
    Min Loan Amount S$5,000
    Max Loan Amount S$30,000
    Max Loan Tenure up to 5 years
    Interest Rates 5.38%
    Monthly EMI S$379

    OCBC is one of the biggest banks in Singapore, offering home loans as well as home renovation loans to Singaporeans. Here we look at the OCBC Renovation Loan product. We look at the loan’s features, various benefits associated with taking the loan, eligibility criteria, how to apply for the loan and supporting documents to be submitted, among others.

    Types of Home Loans Offered by OCBC in Singapore

    OCBC offers the following types of home loans:

    • Home Loan (New Purchase)
    • Home Loan (Refinancing)
    • Renovation Loan
    • Overseas Property Loan
    • Construction Loan

    Features and Benefits of the OCBC Renovation Loan

    • The OCBC Renovation Loan can be used for a wide variety of home renovation purposes. It can be used for remodeling, refurbishments, tiling, flooring etc.
    • The maximum loan tenure is 5 years. The minimum tenure is 1 year. You can select a tenure of your choice depending on your convenience and loan amount involved.
    • If you are already an OCBC Home Loan customer, you will receive the loan at a reduced interest rate. The interest rate for existing customers starts at 4.98% p.a. For new customers, the interest rate starts at 5.38% p.a.
    • OCBC will provide you with a renovation loan equivalent to 6 times your monthly income. The maximum loan amount that can be borrowed is S$30,000 and the minimum amount is S$5,000.
    • The loan can be taken by Singaporean citizens and Permanent Residents.
    • Depending on the tenure of the loan, repayments will differ in accordance with the interest rate.
    • You will have to meet the minimum income eligibility criteria in order to apply for the loan.
    • The application process is seamless. Repayments are convenient and simple too.

    OCBC Home Renovation Loan Interest Rates

    • The effective rate of interest in the OCC Home Renovation Loan for existing OCBC customers ranges from 5.39% to 6.86% with a tenure of 1 year to 5 years.
    • For non OCBC Home Loan customers, the EIR ranges from 6.08% to 8.53% for tenures between 1 year and 5 years.

    OCBC Renovation Loan Fees and Charges

    Processing Fee for the loan S$200
    Partial Pre-payment Fee 2% of the prepaid amount
    Late payment charge S$80
    Administrative fee 1% of the loan amount

    Eligibility Criteria for the OCBC Home Renovation Loan

    • You should be either a Permanent Resident or a Singaporean.
    • You should not be younger than 21 years.
    • Your minimum annual income has to be S$24,000.
    • The income of joint applicants can add up to S$24,000 if the income of the primary applicant is less than S$24,000. In any case, the total income should be S$24,000 p.a.
    • In case of joint applicants, the secondary applicant has to be an immediate family member in order to qualify as a joint applicant.

    Documents to be submitted

    • Front and Back copy of NRIC
    • Proof of ownership of Property (Certificate of title, HDB Approval, Sales and Purchase agreement)
    • Invoice or quotation from contractor.
    • Relationship certificate in case of Joint Applicants.
    • Salary and Income Documents – Computerized payslips, Income Tax NOA, CPF Contribution History (for the last 6 months)
    • Renovation Permit

    How to Apply for the OCBC Home Renovation Loan

    You can apply for the loan by contacting the bank’s customer service center and request to apply for the loan. An executive from OCBC will then contact you and help you complete the remainder of your loan application.

    You can also visit your nearest OCBC branch in Singapore and physically fill out the online application form at the branch. You will also need to submit your supporting documents, following which OCBC will contact you and help you complete your application so that it can be processed by the bank.

    Another way to apply for the loan is by placing an online request by filling out the enquiry form available on the OCBC Home Renovation Loan webpage. The bank will contact you once you submit the enquiry form and help you complete your application formalities.

    OCBC Renovation Loan for Foreigners

    OCBC provides renovation loans only to Singaporean citizens and Permanent Residents. The loan is currently not available to foreigners.


    Q. If I have an HDB flat, will I be able to choose a renovation contractor of my choice?

    A. No, in the case of renovation of HDB flats, only licensed HDB contractors in Singapore can carry out the home renovation process. Also, the renovation loan will only be provided to licensed HDB flats in Singapore.

    Q. What is EIR?

    A. EIR is the effective rate of interest that is calculated and charged on the outstanding amount, after taking into account repayments made over the loan period. EIR reflects the real interest on the loan, as the interest you’d be paying on your loan will be in line with the Effective Interest Rate charged by the bank. The Effective Interest Rate will vary depending on the loan tenure.

    Q. Can I pre-close my renovation loan with OCBC?

    A. Yes, OCBC allows you to do that. You will need to contact the bank in case you want to pre-close your existing renovation loan with the bank.

    Q. Will I have to pay the processing fee separately?

    A. No, the processing fee, which is equivalent to 2% of the approval loan amount, will be deducted from your bank account upon the disbursal of your loan amount.

    Q. Will an insurance cover be provided for the Home Renovation Loan?

    A. No, the bank doesn’t customarily provide an insurance cover. You will need to separately apply for an insurance cover for your renovation loan.

    Q. Is the interest rate on the OCBC Renovation Loan a fixed rate of interest?

    A. Yes, the interest rate is fixed, which means that your monthly repayments will be fixed throughout the tenure of the loan. Floating rate packages and SIBOR-adjusted packages are only available with the OCBC Housing Loan.

    This Page is BLOCKED as it is using Iframes.