Renovation Loan FAQs

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  1. Am I eligible for a DBS Renovation Loan?

    To be eligible, you must be:

    • a Singapore Citizen or Permanent Resident between 21 and 65 years of age as of date of application
    • an owner of the property to be renovated
    • earn more than $24,000 per annum

    You may apply with your spouse, child, parent or sibling for a loan amount not exceeding $30,000 in a single application. There is no minimum income requirement for the joint applicant(s). You only need to submit the same documents required for the main applicant.

  2. What can I use the Renovation Loan for?

    You can use it for carrying out numerous works on your residential property, including:

    • Electrical and wiring works
    • Built-in cabinets
    • Painting and redecorating works (e.g. wallpaper)
    • Structural alterations
    • External works within compound of the house
    • Flooring and tiling
    • Basic bathroom fittings

    However, the Renovation Loan cannot be used to pay for furnishings or for any other purpose besides renovation. For ready cash to help with your home furnishings, find out more about Cashline here.

  3. What are the guidelines for HDB property renovation contractors?
    • For HDB properties, regardless of whether or not a HDB Renovation Loan Permit is required, only HDB Licensed Renovation Contactors are allowed to carry out renovation works in HDB flats.
    • You can view HDB's list of approved contractors at here.
  4. Is the original quotation required for application?

    Yes, you must submit an original formal quotation from your contractor, signed by both the contractor and yourself. The original quotation will be retained by the Bank.

  5. What are the fees involved?
    Fees deducted upfront from approved loan amount upon disbursement
    Handling Fee 1% of approved loan amount
    Insurance Premium 1% of approved loan amount
    In the event of death or total permanent disability, AVIVA will pay off your outstanding
    renovation loan balance
    Illustration: Renovation Loan
    Amount    		 - $10,000
    Fees deducted upfront - Handling Fee (1% of $10,000) = $100
    - Insurance Premium (1% of $10,000) = $100
    Disbursed sum - $9,800 ($10,000 - $100 - $100)
    • LOAN APPROVAL & DISBURSEMENT
      • The loan proceeds (nett of the applicable fees) will be disbursed directly to the contractors via cashiers order(s)
      • A maximum of 3 cashiers orders to be issued
      • It will cost $5 each for the second and third cashiers orders
    • POST-DISBURSEMENT
      • Site visits will be conducted for all approved applications to ensure that the loan proceeds are used for the stated renovation works as listed in the quotation.
    Other Fees Payable
    Cancellation Fee 1% of approved loan amount
    Prepayment Charge 1% of outstanding loan amount (Partial prepayments are not allowed)
  6. What are the documents required for the Renovation Loan application?
    • Completed and signed Renovation Loan Application form
    • Photocopy of all the applicants NRIC (front and back)
    • Income documents

      • For salaried employees

        • Latest computerised pay slip or
        • Latest 12 months CPF contribution history statement or
        • Last 2 years Notice of Assessment

      • For self-employed/commissioned earners/variable income earner

        • Last 2 years Notice of Assessment
    • Original invoice or quotation from the contractor duly signed by contractor and applicant
    • Proof of ownership of property to be renovated by way of any one of the following documents:
    7. HDB Flats Private Properties
    i. HDB Sale & Purchase Agreement i. Sale & Purchase Agreement
    ii. HDB Sales Order ii. Property Tax Bill
    iii. Property Tax Bill
    iv. HDB Financial Plan
    v. HDB Renovation Permit
    vi. HDB Collection Advice

    Additional documents may be requested on a case by case basis.
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