Renovation Loan

Your home the way you imagined.
Now made easier.

A seamless one-step
application process



As low as

2.63% p.a.*



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

 

First 3 cashier orders are free

Flexible repayment period from 1 to 5 years

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

Wide selection of renovation contractors & interior designers



1

Do you have a home loan with OCBC?

OCBC Home Loan customers are entitled to enjoy special interest rates.

Yes
No

Back

2

Enter the following details to calculate the monthly payments of your renovation loan.
Loan amount
:
S$

(min. of S$5,000 and max. of S$30,000)

Repayment period
:

years (1 to 5 years)

Results based on your input
Renovation loan amount
:
S$
Monthly repayments
:
S$

Total interest charged
:
S$
Total repayment
:
S$

Note: You need a minimum monthly income of S$2,000 to qualify for a loan of your stated amount.


Important notice:

The figures reflected in this table are indicative; the disbursed loan amount may not equate to the approved loan amount. Upfront processing fees may apply.


Effective interest rates and monthly repayments amount

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

First 3 cashier orders are free; subsequently S$20 each (cashier's orders will be issued in the contractor's company name)

Late instalment payment

S$50

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

2 ways to apply

Apply for a Renovation Loan from the comfort of your home.

Apply now

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 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).

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
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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).
OR

Get us to call you

 

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).

 

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)