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Singapore

Renovation Loan & Furnishing Loan

We help you create your dream home

Loan amount up to 6 times1 your monthly salary

Let us help turn your house into your dream home a reality. The best part is, it does not stop at renovations, you will also have the option of additional financing for your home furnishing too.
High loan amount
Our Renovation Loan offers an amount up to 6 times1 your monthly salary or S$30,000, whichever is lower, with affordable interest rates.
Flexible repayment period
Choose from ranging from 1 year to 5 years.

Affordable Interest Rate Package

Choose from a Flat Rate Package or a Monthly Rest Package. Take control of your finances and decide what suits you best.

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Loan TenureLoan Amount below $15,000Loan Amount $15,000 to $30,000Estimated Monthly Repayment Approved Loan Amount^
Interest Rate (%p.a.)Effective Interest Rate (%p.a.)#Interest Rate (p.a.)Effective Interest Rate (%p.a.)#$10,000$15,000$20,000$25,000$30,000
1 year3.688.602.987.32$864$1,288$1,716$2,145$2,575
2 years3.687.902.986.60$447$662$883$1,104$1,325
3 years3.687.602.986.31$308$454$605$757$908
4 years3.687.412.986.14$239$350$466$583$700
5 years3.687.272.986.02$197$287$383$479$575
PLR is Prime Lending Rate currently at 5.70% p.a. Rate is subject to change.
# Effective interest rate is inclusive of 1% processing fee
^ The calculations are for illustrative purposes only. The figures (rounded off to the nearest dollar) are computed based on the interest rates quoted and are subject to change when the interest rates change.

Exclusive furnishing loan

Making your dream home a reality doesn’t get any easier than this. You can now easily renovate and furnish your home with the option of additional financing for home furnishings. Depending on your annual income, you will be able to receive a loan of anywhere between 4 to 6 times your monthly income.

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Loan
Tenure
Interest Rate (%p.a.)Effective
Interest Rate (%p.a.)#
Estimated Monthly Repayment Approved Loan Amount^
$10,000$15,000$20,000$25,000$30,000
1 year8.80
(PLR+3.10)
10.59$874$1,311$1,748$2,184$2,621
2 years9.71$456$684$912$1,140$1,368
3 years9.40$317$476$635$793$952
4 years9.24 $248$372$496$620$744
5 years9.14$207$310$414$517$620
PLR is Prime Lending Rate currently at 5.70% p.a. Rate is subject to change.
# Effective interest rate is inclusive of 1% processing fee
^ The calculations are for illustrative purposes only. The figures (rounded off to the nearest dollar) are computed based on the interest rates quoted and are subject to change when the interest rates change.

Build your dream home with us

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Eligibility
  • Singaporeans or Singapore Permanent Residents
  • 21 to 55 years old
  • Main Applicant must be earning at least S$30,000 per annum
  • Joint Applicant must earn a minimum income of at least S$30,000 for the income to be computed as part of the loan quantum
  • Joint Applicant (if any) must be gainfully employed and a spouse, parent, sibling or child of the Main Applicant
  • Either the Main or the Joint Applicant must be the owner of the property to be renovated
Documents Required
  • A copy of your contractor’s quotation/Invoice duly signed by Applicant(s) and Contractor(s)
  • Photocopy of NRIC (both sides)
  • Proof of Income:
    • Salaried Employee:
      • - Latest Computerised Payslip OR
        - CPF Contribution Statement for past 12 months OR
        - Latest Income Tax Notice of Assessment (NOA) and any of the above two income documents
    • Variable Income/Commission Based Earner:
      • - Latest 6 months Computerised Payslip OR
        - CPF Contribution Statement for past 12 months OR
        - Latest Income Tax Notice of Assessment (NOA)
    • Self-Employed:
      • - Income Tax Notices of Assessment (NOA) for latest 2 years
  • Proof of ownership on property to be renovated e.g. HDB Letter of Approval/Flat Information, CPF Property Withdrawal Statement, Certificate of Title (for private property), Sales and Purchase Agreement, property tax bill, etc.
  • For joint application: Proof of relationship for joint application e.g. marriage/birth certificates
  • For Furnishing Loan : Copy of receipt/invoice of fittings purchased under the Main Applicant’s Name for disbursement of loan
Fees and Charges
Processing Fee1% of the approved loan amount
Disbursement Fee
  • Free 1st Cashier’s Order for disbursement to your contractor
  • Subsequent Cashier’s Orders are chargeable at $10 each
  • A maximum of 3 Cashier’s Orders allowed
Late Payment Fee5% above Prime Lending Rate (currently at 5.70%) on any overdue instalment
Cancellation Fee 1% on the undrawn loan amount cancelled (maximum $200)
Full Repayment Fee2% on the outstanding loan amount
Partial Prepayment Fee 2% on the prepaid amount
Terms & Conditions

Interest rates and product features are subject to change without prior notice.
1 Minimum annual income of SGD 30,000 is required.
The total loan amount for your RHB Renovation Loan will be capped up to 6 times your monthly income as indicated in the income documents, subject to a maximum of SGD 30,000 or amount RHB Bank may in its absolute discretion determine.
2

For RHB Furnishing Loan:
For annual income of SGD 30,000 to SGD 119,999, loan amount will be up to 4 times your monthly income. For annual income of SGD 120,000 and above, loan amount will be up to 6 times your monthly income.

RHB Bank reserves the right to amend these terms and conditions, with or without prior notice to the customer, at any time. The mode of notification of suspension, termination or variation shall be at RHB Bank’s sole discretion, including but not limited to branch display and statement inserts.The Bank may at its sole discretion request for additional documents. Applications not accompanied by required documents or with incomplete information will cause a delay in processing.

Other terms and conditions apply.

MoneySENSE Guide

Before committing to a financial product, you are encouraged to read the ‘Understanding Financial Products’ by The Association of Banks in Singapore and MoneySENSE guide. Learn more