CIMB Renovation-i Financing Loan Review: Singapore's Cheapest Renovation Loan?

CIMB's Renovation-I Financing renovation loan offers inexpensive loans for those seeking longer-term loans or for more expensive home renovation projects.
CIMB Renovation Loan
CIMB Renovation Loan

CIMB Renovation-i Financing Loan Review: Singapore's Cheapest Renovation Loan?

CIMB's Renovation-I Financing renovation loan offers inexpensive loans for those seeking longer-term loans or for more expensive home renovation projects.


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Maximum Principal
Rest Rate
Cashier Fee


  • Affordable renovation loans with tenure of 4 to 5 years
  • Flexibile disburment


  • Not the cheapest for short-term renovation loans of 1 to 3 years
  • Minimum loan of S$10,000
CIMB Renovation Loan
CIMB Renovation Loan

CIMB's Renovation-i Financing renovation loan offers some of the best rates for long-term renovation loans or projects more than S$25,000. Also, Renovation-i Financing offers some of the lowest effective interest rates and boasts a quick 1-day turnaround for homeowners looking for immediate funds.

Summary of CIMB's Renovation Loans
One of the cheapest interest rates for 4 to 5 year renovation loans
Low processing fee: 1.2%
Covers all renovation types, whether completed or under construction

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What Makes CIMB's Renovation-i Financing Stand Out to Borrowers

CIMB offers some of the cheapest effective interest rates (EIR) for renovation loans in Singapore for loans above S$25,000 with loan tenors between 4 to 5 years. The EIR for a 5 year loan of S$25,000 can be as low as 4.85%. These rates are great for individuals looking for lower monthly payments or for more expensive projects. The bank also has lower introductory fees as it charges a processing fee of 1.2% and no administrative fee. Borrowers are also able to choose flexible tenures for up to 5 years that cover all types of residential properties, completed or still under construction.

With that said, there are a few limitations of CIMB's renovation loans. First, borrowers that currently have a home loan with another bank may be offered lower renovation loan rates from their home lender than they would from CIMB. Additionally, CIMB's minimum renovation loan of S$10,000 is twice as high as many other lenders, which may be a deterrent for borrowers planning smaller home renovation projects. Finally, borrowers that seek a shorter renovation loan, either for smaller projects or to lower the total cost of the loan, could find lower rates from Maybank.

Summary of CIMB Renovation Loan Interest Rates at S$25,000

Financing Tenure (Years)Monthly Rest Profit Rate^ (p.a.)Processing FeeEffective Profit Rate (p.a.)Monthly Instalment Amount
14.48% (CPR-1.02%)1.2% of the approved financing amount (deducted upon financing disbursement)6.74%S$2,135
24.48% (CPR-1.02%)5.66%S$1,091
34.48% (CPR-1.02%)5.29%S$744
44.35% (CPR-1.15%)4.96%S$569
54.35% (CPR-1.15%)4.85%S$465
The above monthly instalment amounts have been simplified for illustration purposes

Who Can Apply: Eligibility Criteria

Consider this if you require a renovation loan of 4 to 5 years
  • Maximum Principal
    • 6x Monthly Income or S$30,000
    • Rest Rate
      • 4.35%
      • Cashier Fee
        • 3 free, S$10/each after

        To be eligible for CIMB's renovation loan, applicants must be Singaporean's or Permanent Residents. Borrowers must apply for a loan of at least S$10,000 and less than S$30,000.

        Other Charges and Fees

        Unlike other renovation lenders, CIMB does not charge an administrative fee. However, it does charge a 1.2% processing fee. The bank also charges a few standard fees, such as late payment, prepayment and cancellation fees. However, we advise that borrowers stick to their payment schedule to avoid these fees and keep their loan as inexpensive as possible.

        Processing Fee1.2%
        Administrative FeeN/A
        Cashier Order$10 per order (first 3 free)
        Prepayment Fee1% of amount prepaid
        Late Payment FeeS$80
        Cancellation Fee1% of the loan amount cancelled

        How to Apply: Application Process

        Applicants must provide a completed application form, proof of identification and home ownership. Additionally CIMB requires proof of income. For salaried employees, this includes their latest Income Tax Notice of Assessment and either their latest 3 months computerised payslip or last 12 months CPF contribution history. Commission-based individuals must submit their latest 2 years of employer's commission statements or Income Tax Notice of Assessments. Finally, self-employed individuals must submit their latest 2 years of Income Tax Notice of Assessments

        Other Required Documents:

        • Photocopy of NRIC (front and back)
        • Original contractor's contract/invoice duly signed by applicant and contractor
        • Proof of property ownership
        • Cable TV, internet or utility bills, any bank statements
        • Marriage certificate or birth certificates (for Principal and Joint applicants)

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        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.