Best Renovation Loans – Interest Rates & Processing Fees (With Examples)

Home renovation can be costly, so it’s crucial to find a financial partner to help you fund the house of your dreams. Fortunately, many banks offer a renovation loan with a low-interest rate and an affordable monthly repayment.

To help you, below is the list of the best renovation loans you can find in the market:

Citibank

This first bank offers a low annual interest rate of 3.99% per annum with a loanable amount of S$20,000 and up. To be eligible, you need to have an existing Citibank Credit Card. 

In case you plan to cancel your loan, it has a cancellation fee that is 3% of your outstanding unbilled principal amount or S$100, whichever is higher. 

Moreover, if the loan will be unpaid for 2 consecutive months, it will be terminated and you will only have to pay for the outstanding balance. 

Sample computation for assuming a loan of $40,000

Interest: 3.99%

Processing fee: $0

Monthly Repayment: $710

Standard Chartered Bank

Next is the Standard Chartered Bank. It offers a low annual interest rate of 3.48% with a loanable amount of S$1,000 (minimum) and up to 4X of your salary or S$250,000 (maximum).

They also offer a waiver of a S$50 annual fee on the second year of your loan until it’s finished if you are paying on or before your due date on the first year of your loan. 

Sample computation for assuming a loan of $40,000

Interest: 3.48%

Processing fee: $0

Monthly Repayment: $783

Late Payment Fee: $100

HSBC

The third bank that we have here offers a low interest rate of 3.4% per annum to those who have a $30,000 yearly income.  

The minimum loanable amount is S$1,000 and a maximum amount that is equal to 90/95% of your approved credit limit at the time of application.

Sample computation for assuming a loan of $40,000

Interest: 3.4%

Processing fee: $0

Monthly Repayment: $780

Late Payment Fee: $75

DBS

Lastly is the DBS. You can get a loan here with an interest rate of 3.88% per annum. The amount you can borrow is from S$10,000 (minimum) up to $30,000, or 6x of monthly income (whichever is lower) 

It also has a Processing Fee that is 1% of the approved loan amount. Plus, you will get 1% Insurance.

Sample computation for assuming a loan of $40,000

Interest: 3.88%

Processing fee: $0

Monthly Repayment: $796

Late Payment Fee: $75

RenoLoan helps reach out to financial institutions for you

Don’t know where to start?

If you are considering a renovation loan but is unsure of where to begin, you can submit an enquiry form with us and we will get back with free quotes.

Yes, RenoLoan is a completely free platform that helps you compare and secure the best renovation loan rates. You can read our customer reviews here.

More questions? Our FAQ section might be able to help!