Renovating your home is a big milestone—but it can also be a big-ticket project. That’s where a renovation loan comes in handy, helping homeowners finance essential works without exhausting their savings.
Here’s a practical breakdown of renovation loans, estimated renovation costs, and a trusted loan broker recommendation.
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What is a Renovation Loan?
A renovation loan is a type of financing meant specifically for home renovation. Compared to personal loans, renovation loans offer lower interest rates and the funds are disbursed directly to the renovation contractor or interior firm.
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Eligibility Criteria
• Minimum age: 21 years old
• Minimum annual income: $24,000 – $30,000
• Must be the legal homeowner of the property
• Proof of renovation quotation required (e.g. from Empire Works)
What Can It Cover?
Renovation loans are meant to fund:
• Flooring & tiling
• Electrical & wiring
• Plumbing & sanitary works
• Carpentry (kitchen cabinets, wardrobes)
• Painting and false ceiling
• Hacking or demolition works
Apply Through LoanCompareSG (Loan Broker)
For homeowners who want to compare loan options from multiple banks, we recommend LoanCompareSG — a trusted loan broker that helps match you with the best renovation loan offers available in Singapore.
Benefits of going through LoanCompareSG:
• One application, multiple bank comparisons
• Access to exclusive promotions & rates
• Faster processing with dedicated loan consultants
• Guidance on eligibility, documentation & disbursement
Empire Works works closely with trusted brokers like LoanCompareSG to make sure your renovation loan process is smooth and stress-free.
Top Banks Offering Renovation Loans in Singapore
• DBS/POSB Renovation Loan
• OCBC Renovation Loan
• Maybank Renovation Loan
• CIMB Renovation Loan
• HSBC Renovation Loan
Each bank has different interest rates, tenure options, and promotions—so it’s advisable to compare across banks or use a loan aggregator.
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Tips for Homeowners
• Choose your loan tenure based on your monthly repayment comfort.
• Always get a detailed quotation from your ID/contractor before applying.
• Ensure your renovation firm is HDB-licensed (for HDB flats).
• Plan for buffer cost (10–15%) in case of variation orders or add-ons.
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Need help preparing a quotation for your loan application?
Empire Works offers detailed itemized breakdowns to support your loan process.
