What is the maximum loan amount I can borrow for my renovation?

Most banks allow you to borrow up to S$30,000 for your home renovation project. Some banks may offer up to S$50,000 if you meet the income criteria.

What is the usual interest rate and repayment period for reno loans?

Interest rates start from about 3.5% per annum. Most lenders offer a repayment tenure of 1 to 5 years. Longer terms spread out costs but increase total interest paid.

Are there options for interest-only reno loan repayments?

Yes, some lenders do offer interest-only repayment options especially for larger loan amounts above S$20,000. This helps manage cash flow but increases overall interest costs.

Can I get a renovation loan if I am self-employed or don't meet income requirements?

Yes, some lenders specialise in providing renovation loans even if you are self-employed or don't meet traditional income thresholds. However, interest rates are usually higher.

Are there criteria or restrictions on what I can use the renovation loan for?

Most lenders restrict use of funds to physical home improvements only. Things like furniture, electrical goods or other movable assets may not qualify. Check specific terms first.

Renovation Loan Calculator Singapore ᐈ Check Rates & Payments

Renovation Loan Calculator Singapore (September 2026)

By Trinh Thanh

Head of Research

Disclosure

Glossary

By Trinh Thanh

Head of Research

ROSHI’s renovation loan calculator helps estimate monthly repayments and total interest payable based on loan amount, interest rate and tenure. Renovation loans in Singapore are capped at $30,000 or 6 times your monthly income whichever is lower with tenures typically ranging from 1 to 5 years. Interest rates are generally lower than personal loans, making renovation loans a cost-effective option for home improvement works.

Our calculator provides estimates to help homeowners plan their renovation budget though actual loan offers depend on credit score and bank assessment. Understanding how different loan amounts and tenures affect total cost helps avoid overcommitting to monthly repayments.

Our Expert says

Cost Overruns are Almost Guaranteed

Renovation projects in Singapore routinely exceed initial budgets by 10% to 20%. Hacking reveals hidden issues, material costs fluctuate and scope creep is common.

When using tour calculator, run scenarios at both your quoted amount and 15% to 20% higher to understand the realistic range of monthly repayments. If the higher amount strains your budget either scale back the renovation scope or ensure you have a saving buffer beyond the loan.

Trinh Thanh

Head of Research

Typical Renovation Costs

How Much Does Renovation Cost in Singapore?

Knowing typical costs helps determine if a renovation loan is sufficient.

	Basic	Mid-Range	High-End
3-Room HDB BTO	$25,000 to $35,000	$35,000 to $50,000	$50,000 to $70,000
4-Room HDB BTO	$35,000 to $45,000	$45,000 to $65,000	$65,000 to $90,000
5-Room HDB BTO	$45,000 to $55,000	$55,000 to $75,000	$75,000 to $110,000
HDB Resale (any size)	Add $10,000 to $20,000 for hacking and repairs	$70,000 to $100,000	$100,000 to $180,000
Condo (2-3 BR)	$50,000 to $70,000	$35,000 to $50,000	$50,000 to $70,000

Basic

Mid-Range

High-End

3-Room HDB BTO

$25,000 to $35,000

$35,000 to $50,000

$50,000 to $70,000

4-Room HDB BTO

$35,000 to $45,000

$45,000 to $65,000

$65,000 to $90,000

5-Room HDB BTO

$45,000 to $55,000

$55,000 to $75,000

$75,000 to $110,000

HDB Resale (any size)

Add $10,000 to $20,000 for hacking and repairs

$70,000 to $100,000

$100,000 to $180,000

Condo (2-3 BR)

$50,000 to $70,000

$35,000 to $50,000

$50,000 to $70,000

Key Insight: A renovation loan caps at $30,000 sufficient for a basic BTO renovation but may fall short for resale flats, condos or mid-range finishes. Many homeowners combine a renovation loan with a personal loan to cover the full scope.

Renovation Loan Repayment Examples

Sample Renovation Loan Monthly Repayments

Loan Amount	3 Years (EIR 5%)	5 Years (EIR 5%)
$15,000	$450 per month = $1,200 interest	$283 per month = $1,980 interest
$20,000	$599 per month = $1,564 interest	$377 per month = $2,620 interest
$25,000	$749 per month = $1,964 interest	$472 per month = $3,320 interest
$30,000	$899 per month = $2,364 interest	$566 per month = $3,960 interest

Loan Amount

3 Years (EIR 5%)

5 Years (EIR 5%)

$15,000

$450 per month = $1,200 interest

$283 per month = $1,980 interest

$20,000

$599 per month = $1,564 interest

$377 per month = $2,620 interest

$25,000

$749 per month = $1,964 interest

$472 per month = $3,320 interest

$30,000

$899 per month = $2,364 interest

$566 per month = $3,960 interest

A $30,000 loan over 5 years costs $3,960 in interest which is 67% more than the $2,364 interest on a 3 year loan.

Interest Rate Trends

Below is an overview of current interest rate trends in Singapore:

Today's moneylender interest rate trends in Singapore

Today's moneylender interest rate trends in Singapore - As of 20 September 2026, licensed moneylenders are charging an average interest rate of approximately 3.83% per month just under the legal cap of 4%.

Monthly Interest Rate Trends (September 2026)

Research updated on 8 Sep 2026 - September marks the start of peak renovation season and renovation loan calculators are getting more use as homeowners plan their budgets before approaching contractors. The financing market itself is unchanged from August with the same bank rates and moneylender caps.

Bank renovation loans are still offering effective rates from around 3.5% to 6% p.a. while licensed moneylenders remain at the regulated 3.8% monthly average. A renovation loan calculator helps borrowers translate these rates into monthly repayment figures based on their specific project budget and preferred tenure.

Compared to August, the main change is seasonal. More homeowners are running calculations now to secure financing before contractor schedules fill up for the year-end rush.

Licensed Moneylenders

Licensed moneylenders in September 2026 continue to provide general unsecured loans that can be used for renovation costs. Rates are still around 3.8% per month with the 4% cap, 10% admin fee and S$60 late fee unchanged.

When using a renovation loan calculator for moneylender financing, borrowers need to factor in that these loans are not structured around renovation milestones like bank products. You receive a lump sum and repay it in fixed monthly instalments regardless of how the renovation progresses.

For small renovation jobs under S$10,000 where speed matters more than rate, a moneylender loan can make sense. For larger projects, the monthly interest cost adds up quickly. A calculator will show that a S$20,000 loan at 3.8% per month over 12 months costs significantly more than a bank renovation loan at 5% p.a. over the same period.

Banks

Banks remain the main providers of renovation loan calculators in Singapore. As of September 2026, DBS, OCBC and other major banks offer online calculators specifically designed for renovation financing. These tools help homeowners estimate monthly repayments based on loan amount, tenure and current interest rates.

Bank renovation loan calculators usually factor in the specific rate structure of renovation products rather than general personal loan rates. DBS renovation loan rates start from 4.88% p.a. with effective rates around 5.96% p.a. depending on tenure. The calculator helps you see how different loan sizes and repayment periods affect affordability.

Some calculators also allow you to compare against using a personal loan for the same renovation amount. This is useful because personal loan promotional rates are sometimes lower than renovation loan rates for smaller projects. Always compare both options before deciding.

ROSHI Expert Insight

Bank renovation loans in September 2026 range from around 1.83% p.a. for HSBC to 4.88% p.a. for DBS while moneylender personal loans for renovation sit at ~3.8% monthly. When using a calculator compare the total cost over your planned tenure not just the monthly figure.

With HDB BTO document deadlines on 15 September 2026 many homeowners are collecting keys and starting renovations now. Contractors are busy so get firm quotes and add 15-20% buffer before you calculate your loan amount.

Do not let a low monthly instalment tempt you into a bigger renovation than you can afford. A S$30,000 renovation loan at 3% p.a. over 5 years still costs S$540 per month on top of your mortgage. Make sure your household income can carry both comfortably by Trinh Thanh.

What This Means for Borrowers

For homeowners using renovation loan calculators in September 2026, accuracy is everything. Get firm quotations from at least two contractors before running your numbers. A calculator based on a rough estimate is worse than useless because it gives you false confidence.

Add a contingency buffer of at least 15% to your calculated loan amount. Renovations almost always cost more than quoted. Having a slightly larger loan approved upfront is better than trying to arrange additional financing mid-project when you are stressed and time-pressed.

Compare bank renovation loans against bank personal loans. For smaller projects under S$10,000, a personal loan at a promotional rate may be cheaper than a renovation loan. For larger projects, renovation loans often win because of their structured disbursement and longer tenures. Run both through the calculator and pick the one with the lower total cost.

Who Provides Personal Loans in Singapore?

Three main sources, each with different rates, limits and approval speeds.

Traditional Banks

Interest Rate: 3.5% to 9% p.a. (EIR 6% to 14%)

Banks like DBS, OCBC, UOB, Standard Chartered, HSBC, CIMB, and Maybank offer personal loans for wedding expenses. Rates depend on credit score, loan amount and tenure, advertised rates are best case scenarios. Minimum annual income of $20,000 to $30,000 and credit checks required. Existing customers can get instant approval via Singpass MyInfo.

Best for:

Borrowers with stable income and good credit score seeking competitive rates.

Digital Banks

Interest Rate: 3% to 8% p.a. (EIR 5% to 12%)

GXS FlexiLoan, Trust Bank Instant Loan and MariBank offer fully digital applications with approval in as fast as 60 seconds. Rates are competitive with no processing fees. Actual rates depend on individual credit score. No branch visits required, everything is done via mobile app.

Best for:

Borrowers who want speed, convenience and a fully digital experience.

Licensed Moneylenders

Interest Rate: 22.56% to 48% p.a. (capped at 4% per month)

for borrowers who don't meet bank eligibility, lower income, poor credit score or urgent needs licensed moneylenders regulated by the Ministry of Law offer an alternative. Same-day approval and disbursement available. Significantly higher rates than banks but more flexible approval criteria.

Best for:

Borrowers who need urgent funds or don't qualify for bank loans.

How to Use Our Renovation Loan Calculator (FAQs)

What loan amount should I enter?

Enter the renovation cost from your contractor's quotation. If the quote is $35,000 but renovation loans cap at $30,000 enter $30,000 to calculate the renovation loan portion as you'll need to cover the remaining $5,000 through savings or a personal loan.

What interest rate should I use?

Renovation loan rates typically range from 3% to 5.5% EIR. Use 4% to 5% EIR as a realistic estimate. Advertised rates of 3% are best-case scenarios for top-tier applicants.

What tenure should I enter?

Renovation loans typically offer 1 to 5 years tenure, some banks up to 7 years. Enter the period you're considering and compare how different tenures affect monthly payments and total interest.

How is monthly repayment calculated?

The calculator uses standard amortisation, monthly payments are fixed and cover both principal and interest. Interest is calculated on the reducing balance, so total interest decreases as the loan is repaid.

Does this calculator include processing fees?

Processing fees of 0.5% to 1% of loan amount are not included. Subtract these from the loan proceeds or add to total cost manually for a complete picture.

Can I use this calculator for costs above $30,000?

For planning purposes only as renovation loans cap at $30,000 or 6 times income. For amounts above this use the personal loan calculator to estimate repayments for the excess portion.

Our customers trust us when it comes to making important borrowing decisions

Darren Tan

•

5 months ago

Good intermediary for understanding market trends and knowing many offerings laid out for clarity. Professional and timely sync + scheduling to ensure apt offers and appointments are arranged. Recommended

Aya Medel

7 months ago

I used ROSHI platform to find the best loan offers. Just need to fill up some details and wait for loan offers and can choose which one you like. It is totally free and can receive vouchers and cashback based on the loan amount approved. Thank you ROSHI

Ken Pho

3 months ago

ROSHI is great Chanel that helps to connect to lender for smooth and faster loan approval.. thank you

Mr. Century

6 months ago

Thanks ROSHi.It was really good, convenient and useful to apply loan through Roshi. Overall experience was excellent 👌👍

Source: Google