renovation loan
Bring your home to life
Let your creative ideas bring your home to life with funding from OCBC Renovation Loan.
Flexible repayment period
OCBC Renovation Loan offers a loan tenure from 1 to 5 years.
OCBC Renovation Loan offers a loan tenure from 1 to 5 years.
First 3 cashier's orders are free
Cashier's orders are issued with your appointed renovation contractor name.
Cashier's orders are issued with your appointed renovation contractor name.
Fast, simple and secure renovation loan approval
Get approval on your renovation loan with a secure, enhanced and fully digital process from application to acceptance.
Get approval on your renovation loan with a secure, enhanced and fully digital process from application to acceptance.
Find out how much interest you need to pay
Step 1
Check how much you need
Calculate here
Step 2
Get a renovation quotation
Step 3
Apply for a renovation loan
If you apply without MyInfo, please prepare the following documents:
- NRIC
- Latest IRAS Notice of Assessment
- Payslips for the last 3 months (if employed)
- Proof of relationship (for joint applicants only)
Step 4
Sit back and wait for your cashier's order
Eligibility requirements
Minimum age
21 years old
Nationality
Singaporeans and Singapore PRs
Minimum income
S$24,000 a year
For joint applicants, at least 1 applicant needs to earn this amount or more
Joint applicants
Main and joint applicants must be related (either parent and child, spouse or sibling)
Fees
Admin fee
1.5% on loan amount
Cancellation fee
2% on loan amount
Prepayment fee
2% on amount prepaid
Full redemption fee
2% on outstanding loan balance
Late fee
S$80
Terms and conditions
Additional information
Online loan approval and usage are only applicable for applications via MyInfo. Please note delays or non-approvals of applications may occur for various reasons.
Apply for an OCBC Renovation Loan today
For Singaporeans and Singapore PRs:
NRIC
For foreigners:
Passport
Employment Pass (EP); or S-Pass
Initial deposit:
S$1,000
Include any one of the following documents:
Phone bill
Half-yearly CPF statement
Any bank statement
Monthly income
Includes your fixed and variable monthly income.
For a single loan, your monthly income must be S$2,000 or more.
For a joint loan, at least 1 person needs to have monthly income of S$2,000 or more.
Add a second applicant
Adding a second person’s income may increase the quantum of the loan amount granted.
For joint application, we may grant a loan up to 12 times of the monthly income, based on the lower income amount of the 2 applicants, capped at $30,000.
2 single applicants may each borrow up to 6 times your monthly income or S$30,000, whichever is lower.
Amount you wish to borrow
Borrow a minimum amount of S$5,000.
Your estimated monthly instalment is computed based on this amount that you wish to borrow.
Loan amount you qualify for
Based on the amount you wish to borrow, this is the estimated maximum loan amount that you qualify for.
Each single applicant may borrow up to 6 times your monthly income or S$30,000, whichever is lower.
Joint applicants may borrow up to 6 times your combined monthly income or S$30,000, whichever is lower.
Type of loan application
Your estimated loan amount is computed based on the stated type of loan application.
1 person may apply for a single loan.
2 persons may apply for a joint loan and borrow up to 12 times the lower monthly income or S$30,000, whichever is lower.
Additional cash needed
This is the difference between the loan amount that you wish to borrow and that you qualify for.
You may need to use cash or other funds to meet the renovation budget you’re interested in.