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OCBC Renovation Loan Review: Is This the Best Loan for You?

OCBC does not offer the most affordable renovation loans, but is a decent backup option for borrowers that are unable to obtain a loan elsewhere.

OCBC Renovation Loan Review: Is This the Best Loan for You?

OCBC does not offer the most affordable renovation loans, but is a decent backup option for borrowers that are unable to obtain a loan elsewhere.


ValueChampion Rating ValueChampion Icon


  • Good alternative renovation loan when denied by other lenders


  • Not the cheapest renovation loan available

OCBC's renovation loans charge competitive interest rates (4.18%) than other lenders in Singapore. Additionally, it charges more in fees than its competitors. For these reasons, homeowners should view the bank as a backup option to other renovation lenders.

Summary of OCBC's Renovation Loans
Competitive rest rates: 4.18% p.a.
Higher fees than competitors: 1.5% administrative fee
Low minimum loan requirement: S$5,000
Loan disbursed in 1 working day
Current Promotions: S$100 UNIQGIFT e-Vouchers & up to S$120 in NTUC FairPrice vouchers

Table of Contents

What Makes OCBC's Renovation Loans Stand Out to Borrowers

OCBC charges competitive rates for its renovation loans (rest rate: 4.18% p.a., flat rate: 2.20% p.a.); however, the bank charges higher than average processing fees (1.5%), making it a relatively expensive option for homeowners. With that said, OCBC offers renovation loans to individuals with annual incomes of at least S$24,000, which is a lower requirement than other banks. It also has a lower minimum loan requirement (S$5,000) and disburses loans in one business day upon approval.

Summary of OCBC's Renovation Loan

MaturityFeesInterest Rate (Rest Rate)Monthly InstalmentTotal Cost
*Assuming loan of S$15,000, total cost includes impact of promotions and fees

OCBC is also offering a promotion of S$100 UNIQGIFT e-Vouchers (minimum loan amount of S$15,000) and up to S$120 in NTUC FairPrice vouchers (for OCBC Renovation Loan customers who sign up for an electricity plan with Tuas Power Supply). Therefore, OCBC is a decent backup option for those that are unable to obtain a more affordable loan from a different lender.

Who Can Apply: Eligibility Criteria

Consider this if you are unable to obtain another renovation loan
  • Maximum Principal
    • 6x Monthly Income or S$30,000
    • Rest Rate
      • 4.18%
      • Cashier Fee
        • 3 free, S$20/each after

        Singaporeans ages 21 to 59 with annual incomes of at least S$24,000 are eligible for OCBC's renovation loans. The bank offers loans of S$5,000 to S$30,000 or 6 times your monthly income, whichever is lower.

        Other Charges & Fees

        OCBC charges more in initial fees than most renovation lenders. While most other banks charge an administrative fee, OCBC also charges a processing fee of S$200. In addition to its processing and administrative fees, OCBC charges a handful of standard fees for early repayment, late payments and cashier orders.

        Processing FeeN/A
        Administrative Fee1.5%
        Cashier OrderS$20, first 3 are free
        Partial Prepayment Fee2% of amount prepaid
        Full Redemption Fee2% of outstanding loan balance
        Late Payment FeeS$80

        How to Apply: Application Process

        Individuals interested in applying for OCBC's renovation loans must submit an application form as well as income and property documentation. For income documents, salaried employees must submit payslips for the latest 6 months, CPF contribution statement for the last 6 months, or their latest income tax statement. Commission-based and self-employed applicants are required to submit their CPF contribution history for the past 12 months or income tax statements for the last 2 years. Successful applicants will receive loan 1 day after their loan is accepted.

        Other Required Documents:

        • NRIC photocopy
        • Contractor's quotation (signed by homeowner and contractor)
        • HDB Sales Order
        • Marriage Certificate or Birth Certificate (joint applicants)
        Stephen Lee

        Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.