How Much Renovation Loan Can I Get in Singapore?

Given the high costs of home renovations in Singapore, understanding how much renovation loan you can get will help you better plan for your home makeover. 

Home renovations are costly, so planning how to fund your home makeover is an essential step. While renovation loans are affordable and convenient, they come with some drawbacks – the chief of which is the limit placed on the loan quantum. 

As such, you may not be able to cover the entire cost of your renovation project with just one loan. Hence, it’s important to understand what is the maximum you can borrow and what are your options if you need to raise more funds.

Table of contents

• How much renovation loan can I get in Singapore?
• How is my maximum renovation loan amount calculated?
  
  • How do joint applications for renovation loans work?
• How much do home renovations cost in Singapore?
• How do I get a larger loan for my renovation?
  
  • Get a second renovation loan from another bank
  • Apply for a personal loan on top of your renovation loan
• Frequently Asked Questions (FAQs)

How much renovation loan can I get in Singapore?

A renovation loan from a bank is capped at S$30,000. This is the maximum amount per loan, and banks are also unlikely to grant you more than one renovation loan. 

Note that this S$30,000 cap is applied whether you’re applying singly or together with an immediate family member. 

How is my maximum renovation loan amount calculated?

The maximum renovation loan amount allowed to you is calculated based on your monthly income, with a cap of S$30,000. 

Here’s how your renovation loan quantum is calculated:

• For single applicants: up to 6x your monthly income, or S$30,000 (whichever is lower)
• For joint applicants: up to 12x monthly income, based on the lower of the two. Once again, a maximum cap of S$30,000 applies. 

How do joint applications for renovation loans work?

You can jointly apply for a renovation loan with a spouse, parent, sibling or child. Doing so will raise your loan quantum up to 12x monthly income.

Note, however, that the lower monthly income between both applicants will be used to calculate your renovation loan quantum as follows:

For the joint applicants, as the renovation loan quantum exceeds the cap of S$30,000, the maximum loan they will be granted is S$30,000.

How much do home renovations cost in Singapore?

With each renovation loan capped at S$30,000, you may be wondering if that would be sufficient for your needs. That’s a fair question, considering that home renovations are generally a pricey affair in Singapore.

To be sure, how much your home renovation would cost depends on several factors, including (but not limited to):

• the size of your property
• type of materials you want to use 
• the work required, such as hacking, carpentry and masonry 
• if there are any major repairs to do
• electrical rewiring works

However, we can refer to online resources for a quick estimate of how much a typical home renovation may cost. Here’s some data pulled from Qanvast’s 2024 HDB home renovation cost update.

Going by these figures, it would seem that relying on a single renovation loan would likely be insufficient. Hence, planning for your home renovation is crucial, allowing sufficient time to save up the funds you need. 

How do I get a larger loan for my renovation?

If you need more funds to pay for your renovation, here are two options you can try.

Get a second renovation loan from another bank

Firstly, you can try getting a renovation loan from another bank. This will increase your total available funds up to S$60,000, as each renovation loan is capped at S$30,000. 

However, you will have to look for another renovation loan package from a different bank, as you may not be allowed to borrow more than S$30,000 in renovation loans from a single bank. 

DBS is explicit about this limit, and it’s likely that OCBC and Maybank – the other two banks that offer renovation loans – also have the same conditions. 

To better avoid over-borrowing, consider getting your spouse or legal co-owner of your property to apply for one renovation loan each. This will help you manage your borrowing limits and prevent disruptions to your credit facilities. 

Apply for a personal loan on top of your renovation loan

Alternatively, consider applying for a personal loan to supplement your renovation loan. Personal loans have no restrictions on their usage, so you can use the funds to pay for renovation work, furniture and appliances, or any mix of the two. 

Another advantage of this option is that you can choose to apply for your personal loan at the same bank from which you’re getting your renovation loan. This will help make it easier to keep track of your loan repayments, as you only need to refer to one platform or bank statement. 

Additionally, a personal loan can offer a higher loan amount if you’re earning a relatively high income. This is because personal loans allow you to borrow up to 4x your monthly income. If you’re earning more than S$7,500 each month, you can borrow more than S$30,000, higher than a renovation loan. 

And for high-income earners (more than S$120,000 per year), banks typically allow you to borrow 8x to 10x your monthly income, making personal loans the far less restrictive option. 

Frequently Asked Questions (FAQs)

Can I take 2 renovation loans?

Yes, you can take more than one renovation loan, but only from different banks. This means signing up for separate renovation loans. 

If you don’t want to deal with two different loan providers, consider getting a personal loan in addition to your renovation loan from the same bank. Personal loans can be used flexibly, so you can have greater leeway in how you pay. 

Note that renovation loans and personal loans are unsecured credit facilities, which factor into your borrowing limits. Be sure to plan your finances carefully if you also have other ongoing loans to avoid interruptions in your credit facilities. 

Read these next:
Why Should You Hire CaseTrust Accredited Renovation Firms?
Renovating Your Home: Should You Take a Renovation Loan or Personal Loan?
How To Apply For A Renovation Loan In Singapore?
How Does a Renovation Loan Work In Singapore?