Renovation Loan Calculator (2026)
Estimate your monthly repayments for HDB and condo renovation loans in Singapore.
What is a Renovation Loan?
A renovation loan is an unsecured personal loan specifically for financing home renovations in Singapore. Regulated by MAS, these loans are capped at $30,000 with a maximum repayment period of 5 years, regardless of property type.
Quick Answer
Maximum $30,000 for renovation loans
Result updates as you type
Monthly Payment
$363.83
3.5% p.a. over 5 years
Total Interest
$1,829.80
Total Repayment
$21,829.80
Renovation loans are capped at $30,000 with a maximum tenure of 5 years. Actual rates vary by bank.
Disclaimer
This calculator provides estimates and should not be viewed as a prediction. Actual stamp duty, grant amounts, loan eligibility, and monthly payments may vary due to changing interest rates, policy changes, and individual eligibility. It is not intended to be your sole source of financial guidance.
Rates last verified: 4 Apr 2026.
Verify with HDB (https://www.hdb.gov.sg). Full disclaimer at smartcalculator.sg/disclaimer.
Quick Reference
- • Maximum loan amount: $30,000 (MAS-regulated cap)
- • Maximum tenure: 5 years (60 months)
- • Typical interest rates: 3.5% to 6% p.a. depending on bank and credit profile
- • HDB renovations require an HDB-registered contractor and renovation permit
- • Minimum income requirement: typically $24,000–$30,000 annual income
- • Cannot be used for structural changes, air-con servicing, or appliances (varies by bank)
- • HDB renovation loan available directly via HDB for HDB flat owners at competitive rates
Who This Calculator Is For
Whether you are renovating an HDB flat, condo, or comparing financing options, this calculator helps you estimate the true monthly cost of your renovation budget.
New HDB Flat Owners
HDB flat owners needing to renovate after key collection can apply for a renovation loan — HDB-registered contractors and a permit are required.
- •HDB renovation permit: required before work starts
- •HDB-registered contractor: mandatory for HDB flat renovations
- •Max loan: $30,000 (or 6 months income, whichever is lower)
- •HDB loan option: available directly via HDB at competitive rates
Condo and Landed Property Owners
Private property owners can take a renovation loan from banks with fewer restrictions on contractor choice but subject to the same $30,000 MAS cap.
- •No HDB permit needed: for private property renovations
- •Contractor choice: flexible — no HDB registration requirement
- •Structural changes: require BCA permit regardless of property type
- •Bank loan: may require renovation invoice/quotation for approval
Borrowers Comparing Loan Types
For renovations above $10,000, a dedicated renovation loan at 3–4% p.a. is usually cheaper than a personal loan at 5–8% p.a. or credit card instalment plans.
- •Renovation loan rate: 3.5%–6% p.a. flat (purpose-specific, lower risk)
- •Personal loan rate: 5%–8% p.a. flat (flexible use, higher rate)
- •0% instalment plan: cheapest if cleared within promotional period
- •CPF not allowed: renovation loans cannot be repaid using CPF
How Renovation Loans Work in Singapore
Renovation loans in Singapore are regulated by the Monetary Authority of Singapore (MAS). The maximum loan amount is capped at $30,000 with a maximum repayment period of 5 years (60 months). These limits apply regardless of property type.
Unlike home loans, renovation loans are unsecured personal loans and typically carry higher interest rates. Most banks offer fixed-rate renovation loans, making it easier to budget your monthly repayments. Some banks may also require you to provide renovation quotations before approving the loan.
Worked example: A renovation costing $35,000. You have $10,000 in savings — the remaining $25,000 is funded by a renovation loan (assuming income qualifies for $30,000 limit). At 3.88% p.a. flat rate over 5 years, the monthly repayment is approximately $500. Total repayable: $30,000. Total interest: ~$5,000.
Renovation loans are unsecured personal loans — no property collateral is required. This makes approval faster (typically 3–5 days) but means interest rates are higher than home equity loans. Unlike mortgages, renovation loans cannot be paid using CPF. Always get at least 3 quotes from contractors before applying, as loan amounts must be supported by renovation contracts. HDB flat owners may also apply for the HDB Renovation Loan at competitive rates directly through HDB-approved contractors.
Quick Reference
Maximum Loan: $30,000
MAS-regulated cap for all financial institutions
Maximum Tenure: 5 Years
60-month maximum repayment period
Typical Rates: 3.5%–6% p.a.
Varies by bank and credit profile
HDB: Registered Contractor Required
Must obtain renovation permit before starting
Renovation Loan vs Personal Loan vs Credit Card
Choosing the right financing for your renovation depends on the budget size, how quickly you can repay, and the total interest cost.
| Feature | Renovation Loan | Personal Loan | Credit Card (0% Plan) |
|---|---|---|---|
| Maximum loan amount | $30,000 (MAS cap) | Up to 10x monthly income | Credit limit (varies) |
| Interest rate | 3.5%–6% p.a. flat | 5%–8% p.a. flat | 0% promo / 26% p.a. thereafter |
| Maximum tenure | 5 years (60 months) | 5–7 years | 6–36 months (promo plan) |
| CPF repayment | Not allowed | Not allowed | Not allowed |
| Documentation | Renovation invoice required | Minimal — flexible use | None (revolving) |
| Best for | Budgets $10,000–$30,000 | Flexibility needed | Small amounts paid quickly |
Frequently Asked Questions
What is the maximum renovation loan amount in Singapore?expand_more
The maximum renovation loan amount is $30,000, as regulated by MAS. This applies to all financial institutions in Singapore, regardless of whether you are renovating an HDB flat, condo, or landed property.
What is the maximum tenure for a renovation loan?expand_more
The maximum repayment period for a renovation loan in Singapore is 5 years (60 months). Some banks may offer shorter tenures depending on the loan amount and your credit profile.
What are typical renovation loan interest rates in Singapore?expand_more
Renovation loan interest rates in Singapore typically range from 3.5% to 6% per annum, depending on the bank and your credit profile. Some banks offer promotional rates as low as 3.18% p.a. for the first year. Always compare rates across multiple lenders before committing.
Are there specific renovation guidelines for HDB flats?expand_more
Yes, HDB has strict renovation guidelines. You must engage an HDB-registered renovation contractor, obtain a renovation permit before starting work, and follow rules on structural changes, hacking of walls, and window replacements. Non-compliance can result in penalties or required reinstatement at your own cost.
Can I use a renovation loan for any type of work?expand_more
Renovation loans are generally approved for interior renovation works such as flooring, tiling, carpentry, painting, electrical rewiring, and plumbing. They typically cannot be used for structural changes (which require separate HDB/BCA approval), furniture and appliances (considered moveable assets), or maintenance work like servicing air-conditioners. Always check with your bank on what is covered, as eligibility criteria differ.
Is a renovation loan or personal loan better for renovation?expand_more
Renovation loans typically offer lower interest rates (3–4% p.a. flat) compared to personal loans (5–8% p.a.) because they are earmarked specifically for renovation and backed by contractor invoices. Personal loans offer more flexibility but at higher cost. For renovation budgets over $10,000, a dedicated renovation loan is almost always cheaper. For smaller amounts, a 0% instalment credit card plan (if available from your bank) can be even cheaper if paid within the promotional period.
Sources
- • MAS — Renovation loan limits and regulations (mas.gov.sg)
- • HDB — Renovation guidelines and registered contractors (hdb.gov.sg)