Your renovation
All calculations happen locally in your browser — nothing is sent or stored.
Enter your income, the amount you need, your bank's quoted rate and tenure. See your maximum eligible loan, monthly instalment and total interest — using the 6× income / $30,000 cap all major banks apply. Budgeting the flat itself? Try the HDB loan calculator, BTO calculator and stamp duty calculator.
All calculations happen locally in your browser — nothing is sent or stored.
Estimates only — renovation loan rates vary by bank and change without notice. The 6× monthly income / $30,000 cap and 5-year maximum tenure reflect the published terms of Singapore's major banks (DBS, OCBC, UOB) as of 2026; the interest rate is whatever you enter above, and the default is illustrative, not a quote. Banks quote renovation loans at a flat rate — the effective interest rate (EIR) is higher, and banks must disclose it. Instalments here use the flat-rate convention: equal monthly payments of principal plus flat interest. Processing or handling fees are not included. Confirm actual terms with your bank, and verify your total budget with the affordability and stamp duty calculators before committing.
The major banks (DBS, OCBC, UOB and others) cap renovation loans at 6 times your monthly income or $30,000, whichever is lower. Anyone earning $5,000 a month or more hits the $30,000 ceiling. Renovation costs above the cap are typically covered with savings or a separate personal loan at higher rates.
Up to 5 years at the major Singapore banks. A shorter tenure means a higher monthly instalment but less total interest.
Banks advertise renovation loans at a flat rate, where interest is charged on the original loan amount for the whole tenure — even as you pay it down. Because your outstanding balance shrinks but the interest doesn't, the effective interest rate (EIR) works out to roughly 1.8–2× the flat rate. Banks are required to disclose the EIR — compare loans on that number.
No. CPF Ordinary Account savings can be used for the flat purchase, stamp duty and the housing loan, but not for renovation — renovation is paid with cash or a renovation loan.
A renovation loan is usually cheaper — banks price it lower than an unsecured personal loan because the money is disbursed to your contractor against invoices. If your renovation costs more than the $30,000 cap, a common approach is a renovation loan to the cap plus savings or a personal loan for the remainder.
Cookie notice — This site uses cookies for basic analytics and to remember preferences. By continuing to browse, you agree to my Privacy Policy.