Compare renovation loans on your quotation
Enter the contractor's quotation and your income. You see how much banks usually lend, and every bank's renovation loan open to you with its monthly repayment, its fees and insurance, and its real yearly rate (EIR). Pick one and apply on WhatsApp.
- The banks' renovation loans, side by side
- Fees and insurance counted in your EIR
- Home loan customer rates, when your home loan is with that bank
- Nothing you type leaves your browser
Your renovation
A few figures. About 30 seconds.
Today's packages for you
Sorted by the real yearly rate (EIR) on your loan, fees and insurance counted. Pick one and apply on WhatsApp.
Got a quote from another bank?
Put in its rate and fees. You get how much it lends, the monthly repayment and the EIR, with every figure in full, a PDF, and a link to share or save on WhatsApp.
Use it for a bank or finance company that isn't listed above, or for the rate a bank quotes you once you apply.
Check any offer
2 questions, about 1 minute. No sign-up.
Your renovation loan in full
Renovation loan or personal loan?
A renovation loan is usually the cheaper of the two. It is charged on the reducing balance, at a lower rate, and it doesn't count towards MAS's limits on unsecured credit. The catch: the bank pays it straight to your contractor, so it can't cover furniture, appliances or anything you buy yourself. A personal loan gives you cash for anything, at a higher real cost.
Where the limits come from
MAS exempts renovation loans from its rules on unsecured credit. The S$30,000 and six-month limits, and the five-year tenure, are what banks usually offer: DBS publishes them, for example. Each bank sets its own, so check before you apply. Expect to show the contractor's quotation and proof that you own the home.
Common questions
Is the S$30,000 limit an MAS rule?
No. MAS exempts renovation loans from its unsecured credit limits. S$30,000, or six months' income if that's lower, is what banks usually offer.
Are these the banks' real rates?
They are the renovation loans the banks publish on their own websites, which our team keeps up to date. Some rates are only for the bank's own home loan customers, or for greener renovations: tell us yours and we show only the ones open to you. Only the bank's letter of offer is binding.
Why is my EIR different from the bank's?
Your EIR counts the handling fee and any insurance premium the bank takes off the loan, for your loan and years. A bank works out its advertised EIR for its own example loan, and not always with every charge, so the two can differ. Compare packages on yours.
Can a renovation loan pay for furniture?
No. The bank pays the contractor directly, for the renovation work. Furniture and appliances need your own money or a different loan.
What do I need to apply?
Usually your income documents, the contractor's quotation and proof that you own the home. Each bank has its own list.
Does it count towards my credit card limit?
No. Renovation loans are outside MAS's limits on unsecured credit, so they don't eat into what your bank can lend you on cards and personal loans.
What happens when I tap Apply via WhatsApp?
WhatsApp opens with the package and your loan amount filled in. Nothing is sent until you press send. We then check the package with you and tell you who we'd pass your details to: our contact at the bank, or a referral partner. We pass them on only after you say yes.
What does it cost to apply through BankLoan.sg?
You pay us nothing. If you take up a loan we helped you apply for, the bank or our referral partner may pay us a referral fee. Ask us and we'll tell you whether one applies to your case.