Renovation Loan
Eligibility Criteria
Main / Joint Applicant:
- Singapore Citizen or Singapore Permanent Resident
- Age between 21 and 60 years old
- Earning a minimum monthly basic salary of $1,200
- Open to salaried or contract staff, self-employed, private hired drivers
- TCC Membership application will be processed together with loan application (for non-members)
- Main/ joint applicant must be one of the property owners
Surety (if any):
- Singapore Citizen
- Age between 21 and 55 years old
- Earning a minimum monthly basic salary of $2,000
*Inspection of premises must be conducted before renovation work is commenced.
The Complete Guide to Renovation Loans in Singapore
Who can apply for a renovation loan?
TCC offers renovation loans to Singapore citizens and Singapore permanent residents, either salaried or contract employees, self-employed and those in gig economy. For renovation loans, at least one of the applicants must be the owner of the flat.
Is there a required minimum salary to apply for a renovation loan?
Generally, as long as they earn a minimum monthly basic salary of $1,200.
Can non-members apply for a renovation loan from TCC?
Non-members are welcome to apply with us. We will process their membership applications together with the loan applications.
What documents are needed to apply for a renovation loan?
(1) Credit bureau report (https://www.creditbureau.com.sg/buy-my-credit-report.html)
(2) NRIC, front & back
(3) Renovation Quotation
(4) Proof of Ownership
(5) TCC Application form
For salaried employees:
(1) Latest month payslip
(2) 15 months cpf contribution statement
For self-employed individuals:
- Latest 2 years tax notice of assessment
For gig economy individuals:
- Latest 2 years tax notice of assessment
- Last 6 months of income statements
Can you apply for a renovation loan without owning the property?
For renovation loans, at least one of the applicants must be the owner of the flat.
What is the maximum amount you can loan?
The maximum loan amount for renovation loans is up to 6x of your monthly income and capped at $30,000.
How long can I take to repay the renovation loan?
You can choose a repayment period between 1 to 5 years.
How much is the interest rate for renovation loans?
The interest rate for renovation loans is at a flat rate of 4% per annum.
How can I contact TCC to apply for a renovation loan?
You can contact us at 6319 3700 or email us at marketing@tcc.org.sg
