CIMB Renovation-i Financing

CIMB Renovation-i Financing Loan Review: Best for Cost-Conscious Applicants

CIMB Renovation-i Financing Loan is competitive with its moderate payment amounts, zero processing fee, and fewer additional fees. In addition, the renovation loan covers broad types of real estate, including completed, under-construction, private, and HDB properties. 

How A Renovation Loan Works

If you’re interested in a renovation loan, the chance is you must be a ready home buyer or an existing homeowner. Congratulations! It’s a dream for you and most of the others. The next is how to make it a better world!

A renovation loan helps fulfill a part, at least. The remaining is for the bond between you and your family members, including your pets. 

When you apply for a renovation loan for your home, a bank tells you it is a loan for strict use for home renovation only, not others. The flip is it gets you a better deal than a personal loan, and the flop is you have more paperwork to do and let the bank know you are serious.

Besides the details like a renovation contract and homeownership and income proof, you are committed to the use of funds for the purposes only: electrical wiring works; built-in cabinet; painting and redecorating activities; structural alterations; external works within the house compound; flooring; tilting; and basic bathroom fittings. Your bank may not allow anything other than these activities.


Key Features of CIMB Renovation-i Financing Loan

  • Zero processing fee until Dec 31, 2021 (it’s the only bank waiving the fee)
  • In-Principle Approval within 1 day from applying (one of only 3 banks in town offers the service)
  • Effective interest loan interest rate as low as 4.2% p.a. (the lowest rate applies to a loan tenure of 5 years only)
  • 5 years of a maximum loan tenure
  • Properties for renovation loans include completed and under-construction projects.
  • The financing covers all residential properties, including HDB properties.
  • 3 complimentary cashier’s orders



  • Reduced administration costs: Homeowners reduce the total costs using the CIMB renovation loan.
  • Fast approval time: You may move forward fast with the next step within 1 day of an application result.
  • Comprehensive coverage of property types: homeowners who possess multiple properties may benefit from the CIMB renovation loan terms.


  • High minimum loan amount: The minimum loan amount approved of S$10,000 is higher than the average of S$5,000 or lower in Singapore.
  • Above-average loan interest rate: CIMB’s renovation loan has the second most expensive plan. Though it phases out the processing fee, applicants should carefully review the terms and conditions.


What makes CIMB Renovation-i Financing Attractive?

Banks for renovation loans Processing fees Annual interest rates for a 5-year loan tenure  Monthly payments for a S$30,000 loan amount Gifts
CIMB 0 til Dec 31,21 4.2% S$556 3 complimentary cashier’s orders
DBS Handling fee: 1% of a loan amount and insurance

Premium: 1% of the loan amount

3.88% S$552 n/a
OCBC 0.5% 3.98% S$552 First-year complimentary or 50% GreatHome insurance coverage
HSBC(personal loan) 0 3.4% S$587 Cashback up to S$3,100
Standard Chartered(personal loan) S$199 3.48% S$587 Cashback up to S$2,400


The Verdict: What We Think about CIMB Renovation-i Financing Loan

The CIMB’s renovation loan is the most competitive in the market. First, the bank waives the processing fee and other fees. Second, though the annual interest rate is higher than the loan market, the monthly payment amount is still moderate. The reason is other banks have added additional costs to the payment amounts. Besides, CIMB offers 3 free cashier’s orders.

We think the product is competitive regarding lower payment amounts and zero processing fee irrespective of promotions, even if the promotion is not as exciting as others.


Renovation Tools and Plans

How to Apply


  • Singaporeans or Permanent Residents aged 21 to 55
  • A minimum annual income of S$24,000 for principle and joint applicants or monthly salary proof equivalent
  • Joint applicant must be an immediate family member (parent, spouse, or sibling)

Documents Required: 

  • Photocopy of NRIC (front and back) of the applicant(s);
  • Completed application form duly signed by the applicant(s); 
  • Original contractor’s contract/invoice duly signed by the applicant(s) and contractor; 
  • Proof of ownership of the property to be renovated;
  • Proof of Residential Address (cable tv, internet, utility bills, any bank statements); 
  • Proof of relationship between Principal Applicant & Joint Applicant (marriage certificate OR birth certificates, if applicable)

Income Documents Required: 

For Salaried Employee:

  • Latest 3 months’ computerized/electronic payslip; or
  • Latest 12 months’ CPF Contribution History Statement; or
  • Latest Income Tax Notice of Assessment 

For Commission-based/Variable Income Earner:  

  • Latest 2 years’ Income Tax Notice of Assessment; or
  • Latest 2 years’ computerized/electronic employer’s commission statements 

For Self-Employed: 

  • Latest 2 years’ Income Tax Notice of Assessment and,
  • Applicant must be in current business for at least 2 years


The application process is easy. Download an online loan application form from the bank’s website, then fill-up the form as requested. The last step is to submit to a designated email address with supporting documents.



  • Processing fee: 1% of the loan amount(waived until Dec 31, 2021)
  • Cancellation fee: 1% of the loan amount
  • Prepayment fee: 1% of the loan prepaid
  • Late payment fee: S$80
  • Cashier’s order: S$10 per order(first 3 free)
  • Cashier’s order cancellation/amendment fee: S$20 for each order


More Questions You Might What to Know About CIMB Renovation-i Financing Loan

1. Can I borrow the renovation loan for purposes other than a home renovation?

It is strictly for home renovation purposes, but the CIMB renovation loan covers various properties, including private and HDB ones.

2. Are the interest rates for renovation-i financing loans the same for all loan tenures?

No, the interest rates are 4.33% p.a. for one, two, and three years and 4.2% p.a. for four and five years.

3. What is the maximum loan amount for renovation financing?


4. How does a renovation loan differ from a personal loan?

A renovation loan is different from a personal loan in three aspects:

  • Loan purposes: A renovation loan is strictly for the use of renovation, so you should provide contractors’ information when applying. Besides, an applicant for a renovation loan must be a homeowner or sibling living together. A personal loan has no such restrictions.
  • Loan interest: Generally, the interest rates for personal loans are higher than renovation ones.
  • Approved loan amount: The personal loans can be 8 times more than the renovation loans. The available quantity maximum for renovation loans is S$30,000.


Final Thoughts

With zero processing fees, moderate monthly payments, CIMB renovation-i financing loan offers applicants competitive products from other financial institutions. The insurance premium for the property is not mandatory. Applicants benefit from budget savings.

  • Zero processing fee
  • Moderate payment installments
  • No mandatory insurance for property
  • Broad coverage of property types
  • Quick In-Principle approval in 1 day 

Looking for a loan but don’t know where to start? With Instant Loan, you can save time comparing hundreds of financial institutions in Singapore. Let us help you find the most suitable loan package for your needs. Get our free loan quotes today!

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