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This project reinforced the importance of building user-centered features that offer value beyond aesthetics
Renovating your home is an exciting milestone, but it can quickly become overwhelming, especially when it comes to managing your finances.
With the rising cost of home renovations, more folks are turning to renovation loans in Singapore to make their dream homes a reality without draining their savings.
Whether you're sprucing up a BTO unit or giving a resale flat a full makeover, this guide will walk you through the essential budgeting steps, loan options, and how Visionary Interior can help you plan smarter, not just spend more.
Why Budgeting for Renovation Matters
A well-thought-out renovation budget can make the difference between a smooth transformation and a stressful overspend. In Singapore, renovation costs vary significantly depending on the type of home:
BTO flats: ~$20,000–$45,000 for basic finishes
Resale flats: ~$40,000–$80,000 due to hacking, rewiring, and reinstatement
Private properties: upwards of $100,000
Beyond the obvious costs, many homeowners overlook hidden expenses like permit fees, waterproofing, or temporary accommodation.
That’s where partnering with a full-service firm like Visionary Interior can make all the difference. We help you plan every detail – from budgeting to design execution – so there are fewer surprises down the line.
What Are Renovation Loans in Singapore?
A renovation loan is a financing option specifically designed to fund home improvement works. Offered by most banks in Singapore, these loans typically have lower interest rates than standard personal loans but come with stricter usage guidelines.
Key features:
Loan quantum: Up to 6x your monthly income or $30,000, whichever is lower
Interest rates: Generally 2.88% to 5.8% p.a., lower than personal loans
Usage: Must be used for home-related works like flooring, carpentry, electrical wiring, and painting
To be eligible, you typically need to be:
A Singapore Citizen or PR aged 21–65
Earning a minimum annual income (varies by bank, usually ~$24,000 and above)
Personal Loan vs Renovation Loan: Which Is Right for You?
Many homeowners wonder about the differences between a personal loan vs renovation loan. Here’s how they compare:
Interest Rates
Renovation Loan: Lower
Personal Loan: Higher
Usage
Renovation Loan: Home renovation only
Personal Loan: Flexible (e.g. furniture, appliances)
Loan Amount
Renovation Loan: Capped (~$30,000)
Personal Loan: Higher potential limits
Required Documents
Renovation Loan: Proof of renovation works
Personal Loan: Fewer restrictions
When to choose what:
Choose a renovation loan for essential works like flooring, tiling, electricals.
Opt for a personal loan if you need funds for new furniture or other non-eligible expenses.
How Much Can You Borrow? Use a Renovation Loan Calculator
Before you apply, use a renovation loan calculator to estimate your loan eligibility and monthly repayments. These calculators consider:
Your income
Existing financial commitments
Desired loan tenure
Interest rates
How to Apply for Renovation Loans in Singapore
Here’s a step-by-step breakdown on how to apply for a renovation loan in Singapore:
Obtain a renovation quotation from a HDB-registered or CASETrust-certified contractor (Visionary Interior qualifies).
Submit an application via the bank’s portal or in-branch.
Provide supporting documents, including:
Latest payslip/CPF statement
Renovation contract or invoice
Wait for approval, typically within 3–5 working days.
Funds are disbursed directly to the renovation contractor.
Most major banks (DBS, OCBC, Maybank, etc.) and financial institutions offer renovation loans.
Smart Renovation Planning: More Than Just Budget
While renovation loans help you cover the cost, a successful renovation depends on more than just financing. It requires strategic planning, cost awareness, and expert execution.
That’s where Visionary Interior stands apart. We design beautiful spaces and do it within your means.
From Day 1, our team works with you to understand your financial comfort zone, lifestyle needs, and renovation goals, so you’re never caught off-guard mid-project. Our clients appreciate how we blend creativity with cost-conscious planning, helping them make the most of every dollar.
Prioritise Where Your Loan Funds Go
Not all renovation work is equal in terms of necessity and impact. If you're working with a limited loan budget, we recommend prioritising:
Structural and functional upgrades: Electrical rewiring, plumbing, waterproofing, and flooring are best handled upfront and often covered by renovation loans.
Built-in carpentry: Wardrobes, kitchen cabinets, and storage units are considered essential and long-lasting.
Tiling and painting: These offer strong visual impact and are usually loan-eligible.
Save non-essentials like loose furniture, smart home gadgets, and décor for later or use a separate personal loan for those.
Visionary Interior helps you break down your renovation into “must-haves” and “nice-to-haves”, so you know exactly what to prioritise when allocating your loan.
Which Banks Approve Renovation Loans Quickly?
Several banks in Singapore offer fast and hassle-free renovation loan approvals, especially when documents are complete and contractors are certified.
Visionary Interior partners with the following brokerages to offer renovation loans:
DBS: 2 to 3 weeks processing time
CIMB: 1 to 3 working days processing time
SCB: 1 to 3 working days processing time
UOB: 1 to 3 working days processing time
HSBC: 1 to 3 working days processing time
Tip: Submitting a detailed quotation from a HDB-licensed contractor like Visionary Interior often helps expedite approval and disbursement.
Why Early Planning Matters
Renovations should never begin with guesswork. With Visionary Interior, you benefit from:
Personalised budget planning: We tailor renovation scopes based on your loan eligibility and goals.
Transparent quotes: No hidden costs or vague line items. Just clear pricing.
Milestone-based project management: We help you stage the renovation in phases if you need to split your costs or combine financing options.
Let us help you turn financial clarity into design confidence. Contact us early, even before your loan is approved. We’ll guide you from budget to build, every step of the way.
Conclusion: Financing Your Dream Home
Understanding how to fund your renovation is just as important as choosing tiles or paint colours.
With the right planning, budgeting tools, and access to renovation loans in Singapore, you can transform your space without financial strain.
Ready to take the next step? Let Visionary Interior help you plan a stylish, budget-conscious renovation tailored to your lifestyle.
Book a consultation with our team today and start your journey toward a beautiful new home.