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- Renovation Loan
Fast-forward your online renovation loan approval to 60 seconds
- Why you will love this
- Who can apply
Why you will love this
Borrow up to 6 times your monthly income or S$30,000, whichever is lower
Simple and secure online application, with 60-second approval
Opt for an Eco-Care Renovation Loan for more savings
Who can apply
Singaporean or Singapore PR between 21 and 59 years old with a minimum income of S$42,000 a year
For joint applications, at least 1 applicant needs to earn this amount or more
Apply online
Let your creative ideas bring your dream home to life with OCBC Renovation Loan.
Benefits
Flexible repayment
Enjoy up to 5 years of loan repayment with an interest rate of 4.18% per annum (EIR: 4.80%*).
First 3 cashier's orders free
Cashier's orders are issued with your appointed renovation contractor name.
Fast, simple and secure loan application
Apply online via Myinfo and get your OCBC Renovation Loan approved within 60 seconds.
Eco-Care Renovation Loan
Be part of a greener Singapore – make sustainable home renovations and enjoy significant savings.
Eco-care renovation loan
Verify that your home will be energy efficient with the Tropical Home Energy Efficiency Assessment (THEEA) developed by the Building and Construction Authority (BCA). Complete it in just 2 minutes before applying for the OCBC Eco-Care Renovation Loan.
Make your home improvement more sustainable and enjoy these benefits:
- Promotional interest rate of 3.98% per annum (EIR p.a.: 4.60%*)
- One-time S$88 bill rebate when you sign up for Senoko's LifeGreen24 plan by 31 December 2023
Terms and conditions apply.
See all Eco-Care Loans
*Effective Interest Rate (EIR) is based on S$30,000 loan amount and 5 year loan tenure.
Partners of eco-care renovation loan
HOME RENOVATION LOAN CALCULATOR
Find out the estimated loan amount you can get for your home renovation.
1
Monthly income
2
Loan amount and loan tenure
Here is how much you need to pay
Monthly income
Loan amount and loan tenure
Loan tenure
Renovation loan estimated
You qualify for
S$ 0
Eco-Care Renovation Loan
Based on application type
Monthly instalment S$ 0
Total interest charged S$ 0
Renovation Loan
Based on application type
Monthly instalment S$ 0
Total interest charged S$ 0
Process
Loan process to apply for a renovation loan
Step 1
Check how much you need for your renovation
Use our home renovation budget planner to calculate how much your dream renovation will cost.
Calculate here
Step 2
Get a renovation quotation
Obtain a quote from your contractor. You will need to attach this to your application.
Step 3
Apply for a home renovation loan
Choose whether you are a single or joint applicant and submit your documents online. The application process takes just 10 minutes with Myinfo.
To apply for an Eco-Care Renovation Loan, complete and pass the THEEA. This takes just 2 minutes. Provide the assessment reference number in your loan application.
Step 4
Submission of verification documents
Our loan specialists will reach out to you via email for the submission of verification documents.
Step 5
Sit back and wait for your cashier's order
Once approved, the cashier's order will be disbursed to you within 5 working days.
Managing your loan
Re-issue cashier’s order (CO)Partial prepayment
Change direct debiting accountFull redemption
before you apply
Eligibility requirements
Minimum age
21 years old
Nationality
Singaporeans and Singapore PRs
Minimum income
S$42,000 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
0.5% on loan amount
Insurance premium
1% 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
Terms and conditions governing OCBC Renovation Loan
Terms and Conditions Governing the OCBC Home, Renovation and Solar Panel Loan Promotion
Terms and conditions governing OCBC Eco-Care Loan and Senoko Energy promotion
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.
ways to apply
Apply for an OCBC Renovation Loan today
Apply online
or get us to contact you.
FAQs
Common questions about Home Renovation Loans
What is a home renovation loan?
A home renovation loan is a financing option that can be taken if you require capital to pay for home renovation works in your new or current house. Such loans usually have lower interest rates than personal loans and come with longer tenure periods. You make monthly payments to pay off the loan, which includes the interest.
OCBC home renovation loan packages can be taken up by Singaporeans or Singapore PRs through a single or joint application. You can use the One Advisor Home Portal to find the best interest rate or use the home improvement loan calculator.
How do I apply for the OCBC renovation loan for a new flat?
You will need to prepare your contractor’s quotation, proof of ownership of the property being renovated and renovation permit (if applicable).
Your contractor or interior designer may provide you with an invitation code, which you can include in your application, but you can also apply without one. Simply click on the ‘Apply online’ button to submit your application.
What’s the maximum loan amount I can get?
The amount of the renovation loan depends on the amount quoted by your contractor, as well as your repayment ability. You can borrow up to 6 times your monthly income or S$30,000, whichever is lower.
Find out how much loan you are eligible for by speaking to our loan specialists, or enquire about other products by OCBC Bank.
1
For Singaporeans and Singapore PRs:
NRIC
For foreigners:
Passport
Employment Pass (EP); or S-Pass
2
Initial deposit:
S$1,000
3
Include any one of the following documents:
Phone bill
Half-yearly CPF statement
Any bank statement
Subject to the extent of income loss due to death or total and permanent disablement, this insurance will help to pay off the outstanding balance due to the bank at the point of death or total and permanent disablement.
For more information, please refer to the 'Terms and Conditions Governing Group Creditors' Life Insurance found within the ‘Terms and conditions governing OCBC Renovation Loan’.
Monthly income
Includes your fixed and variable monthly income.
For a single loan, your monthly income must be S$3,500 or more.
For a joint loan, at least 1 person needs to have monthly income of S$3,500 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.
| Electricity Plans | Contract Duration | Promo Code | Entitlement |
| SUNSEAP-100 (Fixed Rate) | 24 months | OCBCECO80 | $80 Bill Rebate to be reflected on the 6th bill |
| SUNSEAP-100 (Discount Off Tariff) | 24 months | OCBCECO80 | $80 Bill Rebate to be reflected on the 6th bill |
The energy rate applicable for these plans can be found on Sunseap's website at www.sunseap.com at point of sign-up.
What are you here for?
Before we can process your application, we need your help to send us the following documents:
- Property ownership
- If you are the owner: A copy of your ownership of the property being renovated (eg. title deed or CPF property statement); OR
- If you are not the owner: A copy of the ownership of the property being renovated and a copy of the document showing your relationship with the owner of the property (e.g. marriage certificate if spouse or birth certificate(s) if parent or sibling).
- For HDB property: HDB Renovation Permit submitted by the renovation contractor
- For private property: MCST renovation permit or its equivalent
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