Best Renovation Loan in Singapore
The cheapest renovation loan in Singapore usually comes from a bank or credit cooperative: DBS advertises 3.38% p.a. and TCC charges 4% p.a., both capped at S$30,000 or 6 times your monthly income. Licensed moneylenders approve faster but charge up to 4% per month. Below are 9 lenders we could confirm are operating in 2026.
What’s changed in 2026
- DBS now advertises a 3.38% p.a. promotional renovation loan rate, down from the 5.88% in our old listing. It charges a 2% handling fee and a 1% insurance premium.
- TCC Credit Cooperative has a 3.5% p.a. Green Renovation Loan for homes meeting 6 of 10 green criteria, alongside its standard 4% p.a. loan.
- Fortune Credit now lists a 6 to 12 month tenure. Our old “4% per annum, 5-year” listing was wrong, so we removed it.
- Friday Finance now requires a minimum loan of S$15,000 and does not allow the money to be spent on furniture or appliances.
- OMY is removed. It is a loan-matching site, not a lender, and its rate page was last updated in September 2024.
- All moneylenders below appear on the Ministry of Law list of valid licensed moneylenders as at 1 September 2026.
How renovation loans work in Singapore
A renovation loan is an unsecured loan for home improvement works. Banks usually cap it at S$30,000 or 6 times your monthly income, whichever is lower. You normally need to show a contractor’s quotation or invoice.
Typical bank conditions include being a Singapore Citizen or PR and earning at least S$24,000 a year (DBS). Licensed moneylenders follow Ministry of Law limits: interest of up to 4% per month, an administrative fee of up to 10% of principal, and a late fee of up to S$60 a month.
Compare the effective interest rate (EIR), not just the advertised flat rate. Add handling, insurance and processing fees when you work out the real cost.
Best renovation loans in Singapore (October 2026)
365 Credit Solutions
- Website
- 365credit.com.sg
- Phone
- 6222 5500
- Address
- 14 Scotts Road, #03-63 Far East Plaza, Singapore 228213
- Hours
- Mon to Fri 10:30am to 8:30pm, Sat and Sun 10:30am to 5pm, closed on public holidays
- Type
- Licensed moneylender (licence 16/2026)
- Interest
- Capped at 4% per month
- Tenure
- 6 to 12 months
- Speed
- The site says approval within 30 minutes and funds in under an hour
Best if you need cash quickly and a bank loan would take too long. Singapore Citizens and PRs earning S$20,000 or more a year can borrow up to 6 times monthly income.
Cash Max Credit Pte Ltd
- Website
- cashmax.com.sg
- Phone
- 6221 5480
- admin@cashmax.com.sg
- Address
- 810 Geylang Road, #01-56 City Plaza, Singapore 409286
- Hours
- Mon to Fri 11am to 7pm, Sat 11am to 6pm, closed Sundays and public holidays
- Type
- Licensed moneylender (licence 73/2026)
- Interest
- From 1% per month, capped at 4% per month, set case by case
- Tenure
- 1 to 60 months
- Loan size
- Up to 6 times monthly income. Those earning under S$20,000 a year can borrow up to S$3,000
It offers the longest tenure on this list. A longer tenure lowers the monthly instalment but raises the total interest you pay.
DBS
- Website
- dbs.com.sg
- Type
- Bank
- Interest
- 3.38% p.a. advertised in a current promotion. Check the EIR on the DBS page before you apply
- Loan size
- Up to 6 times monthly income or S$30,000, whichever is lower
- Fees
- 2% handling fee and 1% insurance premium on the approved amount
- Eligibility
- Main applicant earns at least S$24,000 a year. A joint applicant (parent, spouse, child or sibling) needs at least S$12,000
- Outcome
- DBS says it mails a decision within 5 to 7 working days if documents are in order
The lowest advertised rate here. You must submit a renovation invoice or quotation with your application.
Fortune Credit
- Website
- fortunecredit.com.sg
- Phone
- 6777 1887
- Address
- 67 Beach Road, #01-01 Bulkhaul House, Singapore 189688
- Hours
- Mon to Fri 11am to 8pm, Sat and Sun 11am to 5pm, closed on public holidays
- Type
- Licensed moneylender (licence 36/2026)
- Tenure
- 6 to 12 months
- Loan size
- Up to 6 times monthly salary for those earning at least S$20,000 a year
- Eligibility
- Age 21 or above, minimum salary S$2,000 (locals and PRs) or S$3,000 (foreigners), homeowner, and no loans with other moneylenders
The site does not publish its interest rate, so ask for the full cost in writing before you sign. It is unsecured, so you do not need collateral.
Friday Finance
- Website
- fridayfinance.sg
- Phone
- 6817 1168
- Type
- Licensed moneylender (IFS Consumer Services Private Limited, licence 85/2026)
- Loan size
- S$15,000 to S$30,000
- Eligibility
- Singapore Citizen or PR, property owner, income of at least S$24,000 a year, and a renovation quotation
- Covered works
- Flooring, tiling, built-in cabinetry, wiring and painting
- Not covered
- Furniture and appliances
The renovation page does not show a rate or tenure. Confirm both with Friday Finance. Spending the money on anything other than permanent works means it is treated as a personal loan.
GS Credit
- Website
- gscredit.com.sg
- Phone
- 6563 0321
- Address
- 449 Clementi Avenue 3, #01-241B, Singapore 120449
- Hours
- Mon to Sat 11am to 8pm, Sun 10am to 6pm
- Type
- Licensed moneylender (licence 106/2026)
- Interest
- Up to 4% per month
- Fees
- Administrative fee of up to 10% of principal, and no upfront fees
- Tenure
- Up to 35 months, depending on assessment
A suitable pick for small and mid-sized renovation jobs where you need funds quickly.
Maybank
- Website
- maybank2u.com.sg
- Type
- Bank
- Interest
- Rates change often. Check the Maybank page for the current flat rate and EIR
- Application
- Usually needs a contractor quotation and proof of income
Maybank is a good option if you already have a Maybank home loan, as banks often give existing customers better rates. We could not load Maybank’s page during this check, so we have dropped the older rate and tenure figures.
Soon Seng Credit
- Website
- soonsengml.com
- Phone
- 6226 8860
- Address
- 1 Park Road, #01-21 People’s Park Complex, Singapore 059108
- Type
- Licensed moneylender (licence 66/2026)
- Loan size
- Up to 6 times monthly salary
- Tenure
- Up to 12 months, with monthly instalments
- Eligibility
- Singapore Citizen or PR aged 21 to 65, with proof of ownership of the property being renovated
- Fees
- Processing fee capped at 10% of principal and late fees of up to S$60 a month, as set by the Ministry of Law
The site says it assesses applicants using MLCB reports, so a weaker credit score may still qualify. It says the whole process takes under 30 minutes.
TCC Credit Cooperative
- Website
- tcc.org.sg
- Phone
- 6319 3700
- marketing@tcc.org.sg
- Type
- Credit cooperative
- Interest
- 4% p.a. standard, or 3.5% p.a. for the Green Renovation Loan (meet 6 of 10 green criteria)
- Loan size
- Up to 6 times monthly income, capped at S$30,000
- Furnishing loan
- Up to an extra S$5,000 with no additional surety
- Tenure
- 1 to 5 years
- Eligibility
- Singapore Citizen or PR aged 21 to 60, basic salary of at least S$1,200 a month, and at least one applicant owns the property
TCC must inspect the premises before renovation starts, so apply before work begins. It is the only lender here with a furnishing add-on.
Frequently Asked Questions
What is the best renovation loan in Singapore?
For the lowest cost, compare bank and cooperative loans first. DBS advertises 3.38% p.a. and TCC charges 4% p.a. (3.5% for its green loan). Choose a licensed moneylender only if you need cash faster than a bank can give it.
How much can I borrow with a renovation loan in Singapore?
DBS and TCC cap loans at S$30,000 or 6 times your monthly income, whichever is lower. TCC adds up to S$5,000 for furnishing. Moneylenders limit loans to 6 times monthly income if you earn S$20,000 or more a year.
What is the renovation loan interest rate in Singapore?
Banks and cooperatives on this list advertise roughly 3.38% to 4% p.a. Licensed moneylenders can charge up to 4% per month. Always compare the EIR, and add handling or insurance fees such as DBS’s 2% and 1%.
What are the fees on a renovation loan?
DBS charges a 2% handling fee and a 1% insurance premium. Moneylenders can charge an administrative fee of up to 10% of principal and a late fee of up to S$60 a month. Ask each lender for the full fee list.
Can I get a renovation loan with bad credit?
Banks approve based on credit and income. Some moneylenders, such as Soon Seng Credit, say poor credit may still qualify. Expect to pay more interest per month.
Do I need to own the home to get a renovation loan?
Yes, at most lenders. DBS, Friday Finance, Fortune Credit, Soon Seng Credit and TCC ask for proof that you own the property, or that at least one applicant does.
Is a renovation loan cheaper than a personal loan?
Often yes. Renovation loans are tied to a quotation and carry lower rates, but they have a lower cap. Compare the EIR of both before you decide.
What can a renovation loan be used for?
It covers permanent works such as flooring, tiling, carpentry, wiring and painting. Friday Finance does not allow it for furniture or appliances. TCC offers a separate furnishing loan.
Sources
Checked on 8 October 2026. Prices and hours change; confirm with the business before you go.
- rom.mlaw.gov.sg — Valid licence, address and phone for 365 Credit (16/2026), CashMax (73/2026), Fortune Credit (36/2026), GS Credit (106/2026), IFS Consumer Services / Friday Finance (85/2026), Soon Seng Credit (66/2026)
- dbs.com.sg — DBS 3.38% p.a. promo, S$30k or 6x cap, 2% handling fee, 1% insurance, eligibility
- tcc.org.sg — TCC 4% and 3.5% green rate, cap, furnishing loan, tenure, eligibility, phone
- fridayfinance.sg — Friday Finance S$15k-S$30k, eligibility, permitted uses
- fortunecredit.com.sg — Fortune Credit tenure, eligibility, phone, hours
- 365credit.com.sg — 365 Credit rate cap, tenure, hours, licence
- cashmax.com.sg — Cash Max rate, tenure, address, hours
- gscredit.com.sg — GS Credit rate, fees, tenure, address, hours
- soonsengml.com — Soon Seng Credit loan size, tenure, eligibility, fees
- omy.sg — Showed OMY is a lead-gen platform with a page last updated Sep 2024 (removed)