OCBC Eco-care Renovation Loan Monthly Rest

OCBC Eco-care Renovation Loan Monthly Rest Review: Best for Non-homeowners with Speed-up Application Process

OCBC eco-care renovation loan offers speedy approval response(60-second time) and doesn’t require a homeowner to be an applicant. But the interest rates pricing is average in the market, and the promotions are no surprise overall.

What to consider before you apply for a renovation loan?

1. Affordable renovation loans available for you

What’s worse than not being able to repay the loan? A pile of bills is threatening to fall on you and your family. You should avoid the nightmare and see how much you can pay up the loan from your income. A 2% to 5% monthly income is the comfort and safe zone in meeting your obligations.

2. Loan uses

A renovation loan is for home and renovation only, no others. The bank request a loan borrower commits himself to the funds for renovating and maintaining his flat but not shopping or paying bills other than the home repair ones. 

A regular review is not unusual to make sure he sticks to the rule. Therefore, you have to adhere to the rules throughout the entire process.

3. Lowest interest and administrative costs

Better search, better deal. You may save substantial interest and processing costs by looking for a low-interest package with promotion offers. Of course, luck may be a necessary factor. Industry sources like Instant Loan also help you find a better deal. 

If you are on the lookout for updates from the website, they regularly publish the most updates and comparisons related to personal and renovation loans offered by financial institutions in town.

4. Application procedures

You must have had the experience: many delays and bureaucratic procedures may scare, irritate you, and you back off once for all, even if a financial institution has delightful products you like. 

Today, most banks reduce the red tape to compete for more customers. The requirements from banks differ in some aspects, so you should review and scrutinize the bank you want to do business with before putting your signature on a paper.


Key Features of OCBC Eco-care Renovation Loan

  • Approved loan amount up to 6 times monthly salary or S$30,000, whichever is lower: It is an industry practice for the highest loan limit an applicant can apply.
  • 60-second approval: It is an online application system, and OCBC pledges to let applicants know the results in the shortest time.
  • Assessment by the Tropical Home Energy Efficiency Assessment(THEEA): Developed by the Building and Construction Authority(BCA), it verifies that an applicant’s home reaches an energy-efficient standard and is qualified for the promotional offers.
  • Loan tenure can be up to 5 years, with 3.98% p.a. interest rates: The interest rates are promotional and in the lower range in the market.
  • A free first-year home insurance policy by Great Eastern General Insurance Limited is available to clients.
  • Point accumulation for rewards: Clients take part in the bank’s reward program in which they get and accumulate points by saving energy at home. Clients use the accumulated points to redeem dining, shopping discounts, and coupons. 
  • The First 3 cashier’s orders are free for loan disbursements: Competitors’ common and usual practice.



  • Speedy approval time: OCBC’s 60-second approval pledge is the express service available in the market, while few financial institutions can do this. It reduces bureaucratic application procedures and speeds up progress in getting funds.
  • A renovation loan applicant is not necessarily a homeowner: OCBC broadens the applicant’s definition, so even a tenant can use the funds to make redesign and maintenance work on his mansion. OCBC is the bank offering the service in the market.
  • Free first-year home insurance reduces an applicant’s initial costs and financial pressure. 
  • Reward points for gifts: OCBC enrolls successful clients in the STACK program to earn reward points by saving energy from their homes. Clients get welcome gifts after registration and use reward points for consumption and travel.


  • Few attractive promotional gifts: Compared with other contenders, OCBC has fewer promotional offers to clients, like credit card cashback offers.
  • Moderate minimum loan amount: The minimum loan amount of S$5,000 is in the middle range of the market. Applicants for lower loan amounts are unqualified.
  • Moderate interest rates: OCBC’s renovation loan interest is still in the middle range of the market. The bank does not have active promotion strategies for new applicants.
  • Online applications are for MyInfo applicants only. People with MyInfo have to go to OCBC in person to apply. 
  • OCBC doesn’t offer existing home loan customers promotions. This group is more likely to become customers of renovation loans. Or else, they become customers of others. 


What Makes OCBC’s Eco-Care Renovation Loan Stand Out?

Banks for renovation loans Processing fees Renovation interest rates for a 5-year loan tenure  Monthly payments for a S$30,000 loan amount Gifts
OCBC ECO-Care 0.5% 3.98% S$552 Free first-year GreatHome insurance policy & 

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
CIMB 0 til Dec 31,21 4.2% S$556 3 complimentary cashier’s orders
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


What’s the Verdict?

OCBC renovation loan is average. Though the interest rate is competitive, they offer fewer rewards to attract applicants. Besides, it charges 0.5% of a loan amount as a handling fee. What makes it unique is an applicant needs not a homeowner. The promotional strategy may appeal to some customers.

However, besides his higher-than-average minimum loan amount, OCBC has to compete for personal loan applicants despite the non-homeowner requirements. Without attractive promotional gifts, applicants may not be interested in the bank’s offer.


Man Renovating A House


How to Apply


  • Singaporeans or Permanent Residents aged 21
  • A minimum annual income of S$24,000 for principle or joint applicants(if any) or monthly income 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 for renovation;
  • 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


  • Step one: Sit and Pass the Tropical Home Energy Efficiency Assessment(THEEA) test
  • Step two: Apply for the loan on the OCBC website using MyInfo system(joint applicants have to do so)
  • Step three: You’ll get the results from the bank within one working day.
  • Step four: OCBC will send out specified cashier’s orders the next working day after approval, and you may receive them in 2-3 working days.
  • Step five: Your free home insurance policy will be effective upon loan approval.



  • Processing fee: 0.5% of a loan amount
  • Insurance premium: 1% of a loan amount
  • Cancellation fee: 2% of a loan amount
  • Prepayment fee: 2% of a prepaid amount
  • Redemption fee: 2% of an outstanding balance of a loan
  • Late fee: S$80
  • Re-issue cashier’s order fee: S$20 per order


Common questions on renovation loans

1. What are the works covered by a renovation loan?

A renovation loan usually covers the following home maintenance and repair works:

  • Basic bathroom fittings
  • Built-in cabinets
  • Redecorating works
  • Structural alterations
  • External works within a home compound
  • Tilting and flooring

You cannot use renovation financing to buy home furniture, appliances.

2. How does the bank make sure the use of a renovation loan complies with its purposes?

A bank sends the loan in cashier’s orders to contractors(provided by the applicant), making home renovations only after loan approval. Besides, a bank’s staff may visit a client’s renovation site to ensure clients carry out the renovation works stipulated. So. you expect to do more work during the loan tenure.

3.What to do if I need more than S$30,000 to renovate my home?

Financial institutions cap the renovation loan limit on S$30,000, so if you need more to do your job, you may consider another alternative: a personal loan. You may apply for a personal loan to supplement your renovation deficit. More than that, a personal loan does not restrict you regarding the use of funds.


Final Thoughts

OCBC eco-care renovation loan monthly rest is a middle-range in pricing and services. What’s impressive is the 60-second approval service and non-homeowner applicant requirement. However, few promotions are available to existing and new loan customers.

  • 60-second approval time
  • Reward points for energy-savings loan customers
  • Non-homeowners can apply.
  • Free first-year home insurance

Need a loan but don’t know where to get the best loan package suitable to your needs? Let Instant Loan connect you with the top financial institutions in Singapore, and get up to a loan 6x your monthly salary. Take advantage of our free loan quotes today!

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