Renovation Loan

Design your dream home with our renovation loan

Flexible repayment period from 1 to 5 years

Loan up to 6 times your monthly income (capped at $30,000 whichever is lower) Min loan size: $5,000

Free 1st 3 cashier orders

Wide selection of renovation contractors & interior designers

Quick processing time




Eligibility

  • Age between 21 and 59
  • Singaporeans and PRs
  • Single Application: Minimum income of $24,000 per year
  • Joint Application: At least 1 applicant must earn a minimum income of $24,000 per year
How to apply

Interest rates

Loan of at least S$5,000

As low as 2.63% a year*

 

 

Important Notes:

  1. *2.63% p.a. is a flat rate and corresponds to a monthly rest rate of 4.98% p.a. (with effective interest rates ranging from 5.53% to 7.08% for a loan amount of S$30,000 depending on the repayment period) for our home loan customers.
  2. For non-OCBC Home Loan customers, a monthly rest rate of 5.38% p.a., which corresponds to a flat rate of 2.86% p.a., applies. (with effective interest rates ranging from 6.25% to 8.88% for a loan amount of S$30,000 depending on the repayment period).

Fees & Charges

Processing fee

S$200 (deducted up-front upon disbursement)

Administrative fee

1% of approved loan amount (deducted up-front upon disbursement)

Partial prepayment fee

2% of amount prepaid

Full redemption fee

2% of outstanding loan balance

Cashier’s orders

Free for first 3; subsequently S$20 each (cashier’s orders will be issued in the contractor’s company name)

Late instalment payment

S$50

Application Process

2 ways to apply

By mail

Complete the form and mail it to us with copies of your:
1
NRIC

for Singaporeans
and Singapore PRs

2
Income documents
  • Pay slips from the last 6 months (salaried employeess) or;
  • CPF contribution history of last 6 months
    (12 months for self-employed and commission-based earners) or;
  • Latest income tax statement (2 years for self-employed and commission-based earners)
3
Property documents
  • Contractor’s quotation
    (signed by you and your contractor)
  • HDB Sales Order or lawyer’s letter if living in rented property

For joint applicants, please also attach your marriage certificate (for spouses) or birth certificates (for siblings or parent-child).

At a branch

Please bring along:
1
NRIC

for Singaporeans
and Singapore PRs

2
Income documents
  • Pay slips from the last 6 months (salaried employees) or;
  • CPF contribution history of last 6 months (12 months for self-employed and commission-based earners) or;
  • Latest income tax statement (2 years for self-employed and commission-based earners) 
3
Property documents
  • Contractor’s quotation (signed by you and your contractor)
  • HDB Sales Order or lawyer’s letter if living in rented property

For joint applicants, please also attach your marriage certificate (for spouses) or birth certificates (for siblings or parent-child).
Find nearest branch to apply
Locate

OR

Get us to call you

Complete your enquiry form

 

 

Terms and Conditions Governing Renovation Loan (for customers whose loans are approved on or after 15 January 2015)

Terms and Conditions Governing Renovation Loan (for customers whose loans are approved before 15 January 2015)