Planning to build or revamp your dream home but facing budget constraints? A renovation loan can help ease your cash flow and make your home transformation possible. To guide you in selecting the most suitable loan option, we’ve compiled the key factors you should consider before applying.
Renovation costs can pile up quickly — especially with upfront contractor payments and material orders. A renovation loan can help you:
Start your project sooner
Preserve your cash savings
Spread costs into manageable monthly payments
Avoid high-interest credit card charges
Get peace of mind with structured repayment
Here’s a rough guide to typical renovation spending:
| Type of Home | Estimated Cost (SGD) |
|---|---|
| 3-Room HDB Flat | $25,000 – $35,000 |
| 4-Room HDB Flat | $30,000 – $45,000 |
| 5-Room HDB Flat | $35,000 – $55,000 |
| Condominium / Private | $40,000 – $70,000+ |
Lendify Tip: Always get multiple quotes from contractors — then use Lendify to find financing that suits your repayment comfort.
Requirements vary, but here’s what most lenders look for:
| Feature | Renovation Loan | Personal Loan |
|---|---|---|
| Usage | Strictly for home reno | Flexible (any purpose) |
| Interest Rate | Often slightly lower | Varies widely |
| Disbursement | Typically to contractor | Disbursed to borrower |
| Required Docs | Contractor invoice needed | Fewer supporting documents |
Lendify Tip: Always get multiple quotes from contractors — then use Lendify to find financing that suits your repayment comfort.
Your renovation budget
Your income, credit, and profile
Your preferred loan term and monthly instalment
We show you only what’s relevant and achievable — from legal, licensed lenders — so you can make a confident decision.
So you’ve decided to go ahead with your renovation — what’s next?
While requirements vary slightly across lenders, most banks and financial institutions generally require:
Property ownership: You must either be the legal property owner or an immediate family member (parent, spouse, child, or sibling) with written consent from the owner.
Be sure to have the following ready:
Document showing relationship between main and joint applicant (if applicable)
Once you’ve confirmed eligibility and gathered your documents:
Whether you’re giving your kitchen a facelift or doing a full-home revamp, Lendify helps you do it right — with clarity and control.
We help you understand your monthly costs before you apply
No surprise fees or misleading terms
See relevant options in minutes
Peace of mind guaranteed
Let Lendify be your renovation finance partner.
We’ve helped thousands of Singaporeans renovate smarter — now it’s your turn.
While you can apply with banks or licensed moneylenders individually, using Lendify allows you to compare a wide range of personal loan options all in one place—saving you time and helping you secure the most competitive offer.
1. Apply on Our Website
2. Verify Your Details with Our Loan Specialist
3. Case Gets Listed on Marketplace
4. Lenders Reach Out on Offers
5. Accept Offer and Get Funded
The average cost of renovating a four-room HDB flat ranges between S$50,000 to S$60,000. However, costs can increase depending on the condition of your new home. For instance, replacing flooring and fixtures could add around S$15,000 to your total budget.
It’s wise to include a 10% buffer on top of your estimated renovation costs to prepare for unexpected expenses. If your renovation loan still falls short, you can consider taking up a personal loan to bridge the gap.
Renovation loans are strictly for renovation-related expenses. Approved uses typically include:
To apply for a renovation loan, you’ll need to submit a signed quotation or renovation contract from a licensed contractor.
Upon approval, funds are disbursed directly to the contractor via cashier’s order. Banks may also conduct site visits to verify that the funds are used strictly for the renovation works stated in the quotation.
Easily compare offers from licensed lenders and reputable financial institutions in Singapore — all in one place.
