Renovation Loan in Singapore | Urgent Cash for HDB & Condo
Looking to refresh your HDB flat or upgrade your condo interior? A renovation loan in Singapore can make your dream home a reality without depleting your savings. Whether you’re modernising your kitchen, revamping your bathroom, or furnishing a new space, 1-Money offers flexible home renovation loans tailored to your financial needs.
(99% loan approval rate)*
What Is a Renovation Loan?
A renovation loan is a flexible financing option that helps homeowners cover the cost of improving or upgrading their property — from electrical works and carpentry to flooring, painting, and more. Instead of using your savings or high-interest credit cards, a renovation loan allows you to borrow a fixed amount and repay in bite-sized monthly instalments.
Here are some everyday situations where renovation loans in Singapore can help:
HDB Renovations
For homeowners improving resale flats or new BTO flats. Covers works such as rewiring, tiling, reconfiguring layouts, painting, and built-in cabinetry — all in compliance with HDB renovation guidelines.
Condo Renovations
Ideal for condo owners upgrading interiors or modernising their layout. Suitable for custom carpentry, luxury fittings, or space reconfiguration while maintaining building management requirements.
Major Home Repairs
Cover costs for electrical rewiring, plumbing replacements, or structural works that improve safety and comfort.
Expansion or Upgrades
Considerations may include building a study room, upgrading the kitchen, or creating a new living room space.
Our renovation loans can also be used to purchase furniture or appliances! Items such as sofas, electrical appliances, air conditioners, or kitchenware fall within the approved usage.
Why Choose 1-Money’s Renovation Loans?
1-Money is a licensed moneylender regulated by Singapore’s Ministry of Law, providing accessible and transparent lending solutions tailored for your home renovation.
What makes us different:
Fast approval and funding
No hidden fees or unclear terms
Personalised loan options to meet any renovation needs
Up to 24 months loan instalment plan
Who Can Apply for a Renovation Loan?
Applying for a home renovation loan in Singapore is a simple, straightforward process. To qualify, you must meet the following criteria:
Age
You must be 18 years old and above.
Employment Status
Applicants should be either employed or self-employed with a stable source of income.
Residency
Open to Singapore Citizens, Permanent Residents (PRs), and eligible Foreigners (S Pass or Employment Pass) residing in Singapore.
How Much Can I Borrow for My Renovation Loan?
When considering a renovation loan, one of the key questions is how much money you can borrow. Understanding the factors that influence your borrowing capacity is essential for planning your renovation project effectively.
At 1-Money, your eligible loan amount depends primarily on your annual income:
| Annual income | Singaporeans / Singapore PRs | Foreigners |
|---|---|---|
| Under $10,000 | $3,000 | $500 |
| $10,000 to $19,999 | $3,000 | $3,000 |
| $20,000 and above | 6X monthly salary | 6X monthly salary |
Example:
- A homeowner earning S$3,000/month can borrow up to S$18,000 for a full kitchen and bathroom upgrade.
- A part-time worker earning S$1,200/month can borrow up to S$3,000 for minor painting and flooring works.
What Are the Necessary Documents for a Renovation Loan?
Preparing the right documents helps speed up your renovation loan application and ensures a seamless approval process. Depending on your employment and residency status, you may need to submit different sets of documents. Here’s a quick guide to what you’ll need:
For Singaporeans and PRs Employed (Full-time or Part-time):
- NRIC (Front and Back)
- Latest 3 months’ CPF contribution statements (Priority)
- Notice of Assessment (NOA) – may be requested
- Latest 3 months’ bank statements showing proof of income – may be requested
Self-Employed (e.g. commission-based earners, gig workers, freelancers)
- NRIC (Front and Back)
- Latest 3 months’ bank statements showing proof of income (Priority)
- Notice of Assessment (NOA) – may be requested
For Foreigners
- Valid work pass (S Pass/E Pass)
- Latest 3 months’ bank statements showing proof of income
- Proof of address (e.g. tenancy agreement, utility bills, phone bills)
What Our Customers Say
Many homeowners in Singapore have relied on 1-Money for their renovation loans. Read our reviews to learn more about their experiences.
3 Steps to Apply for a Renovation Loan
Submit Your Application
Apply online via our website or visit our office with the necessary documents.
Verification & Discussion
Visit our office for face-to-face verification and discuss your loan terms and requirements.
Finalise & Receive Funds
Once approved, sign the loan contract and receive your funds via cash or bank transfer.
FAQs for Renovation Loans in Singapore
How fast can customers get their loan after applying?
Funds are disbursed immediately upon approval and signing of your contract
What is the interest rate for your renovation loans?
Under the Ministry of Law’s regulations, licensed moneylenders in Singapore can charge a maximum of 4% per month. At 1-Money, we offer renovation loans at lower rates — up to 3.92% per month.
How can I improve my chances of approval?
Maintain a good credit score, provide accurate information, and ensure proof of stable income when applying for a reno loan in Singapore.
What is the repayment period?
We offer flexible instalment plans of up to 24 months, subject to approval.
Are there early repayment penalties?
No. We do not impose early repayment fees for our home renovation loans or other loan products, including wedding loans, business loans, medical loans, and short term loans.
How can I select the best licensed moneylender for a renovation loan in Singapore?
When choosing a licensed moneylender, consider:
Check their legal status
Ensure the lender is registered with the Ministry of Law, like 1-Money, a trusted licensed moneylender offering renovation loans for both HDB and condo properties.
Read verified reviews
Reference 1-Money reviews to see what other homeowners say about their renovation loan experience and our service quality.
Compare interest rates & terms
Look for transparent interest rates and repayment plans that fit your renovation scope — whether you’re upgrading a BTO flat or remodelling a condo interior.
Consider customer service
Choose a lender who is responsive, helpful and easy to reach.
Compare loan options
Consider your project scale — from minor HDB improvements to complete condo makeovers — and choose a loan amount and tenure that align with your budget and renovation timeline.
How can I learn more about 1-Money’s renovation loans?
You can reach us by phone, WhatsApp, or visit our office — details are available on the Contact Us page. Whether you’re exploring options or ready to apply, our team is ready to assist you every step of the way.
Are licensed moneylenders open on Sundays in Singapore?
Not all are, but 1-Money is open every Sunday from 11 am to 4:30 pm to support urgent financing needs.
Upgrade your HDB or Condo hassle-free.
Get your renovation loan with 1-Money today.
*Subject to terms and conditions