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
OCBC Renovation Loan

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.


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Maximum Principal
Rest Rate
Cashier Fee


  • Good alternative renovation loan when denied by other lenders


  • Not the cheapest renovation loan available
OCBC Renovation Loan
OCBC Renovation Loan

OCBC's renovation loans charge better 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.
Cheaper fee than competitors: 0.5% administrative fee
Low minimum loan requirement: S$5,000
Current Promotions: Get complimentary GreatHome Insurance (for OCBC Eco-Renovation Loan applicants) or 50% off your first-year of GreatHome Insurance (for OCBC Renovation Loan applicants) until 30 June 2022.

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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.). OCBC also 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 within 5 business days of 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

You can also opt for OCBC’s Eco-Care Renovation Loan to make your renovations more sustainable and energy efficient, and enjoy promotional interest rates of just 3.98% per annum.

OCBC is offering a limited time promotion of 50% off the first year of GreatHome insurance coverage for your house when you sign up for the OCBC Renovation Loan, or a complimentary first year for people who sign up for the OCBC Eco-Care Renovation Loan. 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

OCBC Renovation Loan
OCBC Renovation Loan
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

        In addition to its 0.5% admin fees, OCBC charges a handful of standard fees for early repayment, late payments and cashier orders.

        Processing FeeN/A
        Administrative Fee0.5%
        Cashier OrderS$20, first 3 are free
        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)

        Read Also:

        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.