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Raffles Credit Pte Ltd is a licensed moneylender (License No. 40/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Renovation Loan

The home you envisioned is within reach. All you have to do is reach out.

  • Loan up to 6 times your monthly income
  • Pay off your home remodeling projects
  • Hassle-free application
  • Flexible repayment terms
apply for loan now
singapore renovation loan officer

Turn Your Dream Home Into Reality With Our Renovation Loan

Whether you need cash for home maintenance or for major home remodeling, there is a fast and hassle-free solution. Raffles Credit Home Renovation Loan will provide you with the financing you need to cover your renovation costs. With a loan of up to six months’ worth of your monthly income, the approved loan amount can surely help you achieve your dream home. 

two men discussing home renovation work

Application Process

Person using computer
Call or Apply Online

Apply from the comfort of your home at You may also reach us at 6235 1788.

Visit Our Office For In-Person Consultation

Upon confirmation, you will be asked to come to our office to customize your loan plan

Receive Your Money on the Same Day

Get your cash as soon as the loan agreement has been signed

Eligibility & Requirements

no loan with other money lender icon

No loan with
other moneylenders

home owner icon

Home owner must be
involved in the loan

contractor's quotation or invoice icon

Contractor's quotation or invoice signed by customer and contractor


You must be at
least 21 years old


For Singaporean/PR residents: Minimum salary of $2,000 and above per month.


For Foreigners/Expats working in Singapore: Minimum salary of $3,000 and above per month.

For Singaporean / Permanent Residents(Minimum income > $2000)
  • Identity card / NRIC
  • Proof of residences such as a recent bill or letter addressed to you (only applicable if you do not own the residence)
  • Tenancy agreement (only applicable if you are renting a flat)
  • Recent 3 months payslip and employment letter if your current employment is less than 6 months
  • Know your SingPass (to log into CPF, HDB, IRAS website
For Foreigners
(Minimum income > $3000)
  • A valid work permit / S Pass / Employment Pass
  • Passport
  • Proof of employment (staff pass or company pass)
  • Recent 3-month payslips & employment letter if your current employment is less than 6 months
  • Proof of residence such as a tenancy agreement, recent bill or letter addressed to you
  • Latest bank statement of account to which yearly or monthly salary is credited
  • Singpass (to download IRAS NOA)
Apply For a Loan Online

Ready To Get Started?

Request for a quotation from our friendly officers by filling out the form below

Frequently Asked Questions

A home renovation loan is designed only for the financing of renovation of both new and existing homes.

Renovation loans are different from personal loans despite their similarities – both offer loan tenures that range from 6 to 12 months, and provide loans up to 6x your monthly income. However, renovation loans have certain restrictions in terms of where you can use the funds. Unlike a personal loan, a renovation loan can only be used to cover renovation costs, like structural alterations, painting, etc. Read to learn more about the difference between renovation loans and personal loans.

A renovation loan is also different from a home loan. The latter is used to finance the mortgage of your new property and can be taken with a bank or the Housing Development Board (HDB).

You can use the total loan amount for the following renovation activities:

  • Electrical and wiring works
  • Flooring and tiling
  • Basic bathroom fittings
  • Painting and redecorating works
  • Carpentry works, such as installing built-in cabinets
  • Structural modifications
  • Installation of Solar Panels

 You can’t use a renovation loan for any other items other than renovation.

There are a lot of factors that need to be considered when we talk about the total costs of renovating a home. For instance, it will vary depending on the size of the property as well as the scope of the renovation project. Additionally, we also need to take into account the raw materials and labor costs.

However, on average, home renovation costs in Singapore can range between S$20,000 to S$70,000. But it could always go higher. For example, renovating a 4-room resale HDB flat can cost approximately S$45,000. This ballpark figure includes the raw materials and labor required for the project.

To keep your total renovation expenses within budget, be wise in choosing the raw materials you’re going to use. Aside from the material costs, you can also consider completing house renovations in stages. Start renovating areas in your property that badly need an upgrade.

Renovation loans in Singapore can provide you with quick cash to finance your house renovation project. This financing is especially helpful for those who recently bought a resale flat that needs major fixing up. With a renovation loan, you can start making the changes you want even when you don’t have enough cash saved up.

The best renovation loans can provide you with a tailored loan plan with flexible repayment terms.

Raffles Credit is one of the top licensed money lenders in Singapore with the best selection of loan packages for our clients. With more than a decade of experience, we continue to be committed to providing equal and easy access to financial services.

To provide some of the best loans for our clients, we offer unsecured loans of up to six times your monthly income with the lowest interest rates. With our fast approval process, we make it easier for anyone who needs financial assistance to apply.

Ethical lending is at the top of our core values and we adhere to the law in Singapore.

Best of all, we have been praised for being a financial agency that treats our clients with the utmost professionalism and exceptional customer service experience.

The application process at Raffles Credit is fast and straightforward. You can expect to receive your loan within an hour or upon signing the loan contract. Our friendly loan officers will invite you to come in for the signing of the contract.

There are several factors that determine how much you can borrow from us. If you are taking out a secured loan with us, you would be able to borrow any amount with us. However, if you are taking out an unsecured loan with us, there are several factors that determine the amount. 

If you are a Singapore citizen or PR with an annual income of less than $20,000, you would only be able to borrow up to $3,000 with us. If your annual income exceeds $20,000, you would be able to take out a loan up to six times of your monthly income with us. 

If you are a foreigner or expat working in Singapore with an annual income of less than $10,000, you would only be able to loan up to $500 with us. If you have an annual income of less than $20,000, you would be able to loan up to $3,000 with us. Foreigners or expats with an annual income of $20,000 and above would be able to take out a loan up to six times of your monthly income with us. 

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