Renovation Budgeting: Loans and Financing Options

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Key Takeaways

Renovation budgeting can include a bank renovation loan if homeowners cannot finance the renovation fully in cash.
Renovation loans in Singapore can cover up to 6 times the homeowner’s monthly salary or S$30,000, whichever is lower.
Personal loans can cover extra renovation budget, but they may be more costly than renovation loans and savings.

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If you are unable to finance your renovation entirely using cash, you can consider taking up a renovation loan offered by banks:

Renovation loans offered by banks in Singapore can only offer you a loan amount that is 6 times your monthly salary or $30,000, whichever is lower.

Interest rate of the loan ranges from bank to bank. For the latest rates, you can check out MoneySmart’s Best Renovation Loan Interest Rates page.

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If you decide to get a renovation loan, you just have to bring your NRIC, proof of income, proof of property ownership, contractor’s invoice, and proof of relationship status between joint applications (if applicable) to the desired bank to get started.

If that’s not enough to cover your budget, you may want to consider taking a personal loan. However, a personal loan with an 8% effective interest rate is twice as costly as a renovation loan with a 4% effective interest rate.

We advise taking just the renovation loan and covering the rest with savings to avoid incurring unnecessary interest fees.

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