Which Bank offers the Lowest Renovation Loan Package?

Nov 22, 2015

If you are thinking of getting a renovation loan, this post should prove helpful!

Based on the loan amount of $30,000, I have compiled a simple table which lists down the renovation loan packages offered by banks such as DBS, OCBC, CIMB, RHB and Maybank.

Renovation Loan Tip #1 If you have an existing mortgage loan with any of these banks, you should be able to secure a more attractive renovation loan package!

Renovation Loan Tip

This is the list of documents needed when you apply for the renovation loan!

NRIC of all applicant(s)

Income documents of all applicant(s)

Proof of relationship between main and joint applicants (required for joint application only)

Original Renovation Quotation or Invoice, signed by customer and contractor

Proof of ownership of property to be renovated

For salaried applicant(s)

Latest computerised payslip, or

Latest Income Tax Notice of Assessment, or

Past 6 months' CPF Statement of Account

For self-employed applicant(s)

Last 2 years' Income Tax Notice of Assessment

Lastly, please note that this compilation is meant as a reference only.

It is highly recommended that you check with the bank for the actual monthly repayment amount based on its prevailing interest rates.

Please click on the following picture to download the excel file compilation.

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