OCBC Renovation Loan Monthly Rest

OCBC Renovation Loan Monthly Rest: A Decent Renovation Loan Back-Up

Versus other renovation loans, OCBC’s Renovation Loan Monthly Rest’s competitive loan rates place it as one of the best choices for Singapore’s homeowners. Only its high fees deter it from being one of Singapore’s best choices when it comes to renovating your properties.

Continue reading if you’d like to know more about the OCBC Renovation Loan Monthly Rest and everything it can do for you.

Key Features

  • A loan limit equivalent to six months of your monthly salary
  • Flexible loan tenure of 1-5 years
  • The first 3 cashier’s orders to your contractor are free of charge
  • Next-day loan application approval
  • Lower interest rate versus other bank renovation loans.


Current Promotions

Enjoy complimentary or 50% off first year GreatHome insurance coverage on your house when you sign up online for an OCBC Eco-Care Renovation Loan or OCBC Renovation Loan respectively.


OCBC Renovation Loan Monthly Rest Summary

Want to see how much you’ll spend in using OCBC Renovation Loan Monthly Rest? We’ve made a table to help you determine the actual costs you can get. Refer to the table below.

Maturity Fees Interest Rate Monthly Payments Total of Interest + Monthly Payments
1 1.5% 4.18% S $1,278 S $567
2 1.5% 4.18% S $653 S $887
3 1.5% 4.18% S $444 S $1,211
4 1.5% 4.18% S $340 S $1,540
5 1.5% 4.18% S $277 S $1,873

Note: This table uses a loan of S $15,000 to produce these figures.

Pros and Cons of OCBC Renovation Financing


  • Offers 6 times your monthly income for renovation financing.
  • Competitively low-interest rates versus the market
  • Loan approval in 60 seconds, loan release in one day
  • Low starting minimum loan amount of S $5,000
  • Competitively monthly low-income requirement of S $24,000 (versus the average S $30,000 requirement)


  • 1.5% administrative fee is much higher than other banks
  • S $20 per cashier’s check issuance after the 3 free checks expire.


OCBC Renovation Loan Monthly Rest Vs. Other Banks

Let’s take a look at how OCBC Renovation Loan Monthly Rest does against the financial products of other banks.

Bank Interest Rate Minimum Annual Income Requirement Processing Fee Maximum Loan Amount Maximum Loan Tenure
OCBC Renovation Loan Monthly Rest 4.16% S $24,000 (Singaporean/PR only) 1.5%  6x your salary up to S $30,000 1-5 years
RHB Renovation Loan Monthly Rest 4.18% S $30,000 (Singaporean/PR only) 1% 6x your salary 1-5 years
Standard Chartered CashOne 3.48% S $20,000 (Singaporean/PR only) n/a 4x your salary 1-5 years
RHB Renovation Loan Flat Rate 2.98% S $30,000 (Singaporean/PR only) 1% 6x your salary 1-5 years
Maybank Renovation Loan Monthly Rest 4.1% S $30,000 (Singaporean/PR only) 1% 6x your salary 1-5 years
CIMB i-Financing 4.2% S $24,000 (Singaporean/PR only) 1% 6x your salary or S $30,000 1-5 years


From this chart, it’s easy to see that OCBC Renovation Loan Monthly Rest has a competitively low-interest rate that is only second to Maybank Renovation Loan Monthly Rest’s low-interest rate of 4.1%. Even if RHB Renovation Loan Flat Rate and Standard Chartered CashOne may have lower interest rates, their flat rates, which calculate interest based on the original loan principal, will increase your loan repayments in the future than the 4.16% rest interest calculated amounts you’ll pay back for OCBC.


OCBC Renovation Loan Monthly Rest: Our Verdict

The OCBC Renovation Loan Monthly Rest automatically grabs attention immediately because a monthly rest loan means our interest rate payments are shrinking every month we pay the set amount, making it one of the cheapest renovation loan products out there. With the OCBC Renovation Loan Monthly Rest, you’ll be repaying higher during your first few months or years, which means you’ll be paying smaller sums by the end of the loan.

However, it doesn’t mean that you can pay a huge loan chunk when you receive your bonus and be done with the loan — you’ll have to pay a 2% partial prepayment fee for that, which is a high figure versus other banks.

Suppose you can handle the high initial interest rate plus principal loan payments, the S $20 per cashier’s check after the first three checks you pay back, and going with an unsecured renovation loan. In that case, the OCBC Renovation Loan Monthly Rest is a financial product suitable for your needs. Know more about the best renovation loans in Singapore here.


How to Apply for The OCBC Renovation Loan Monthly Rest

Let’s take a look at the requirements for the OCBC Renovation Loan Monthly Rest.

Eligibility Criteria

  • Applicants must be 21-59 years old
  • Applicants must be working in a salaried or self-employed position
  • Applicants must have a yearly income of S $24,000
  • Applicants must be Singaporean or PR


  • Latest 6 months of payslips
  • Latest income tax statement
  • CPF contribution history for the past year
  • Income tax statement for the last two years
  • NRIC photocopy
  • Contractor’s quotation (signed by homeowner and contractor)
  • HDB Sales Order
  • Marriage Certificate or Birth Certificate (for joint applicants)


  • Processing Fees: None 
  • Administrative Fee: 1.5%
  • Cashier Order: S $20 with first 3 transactions free of charge
  • Partial Prepayment Fee: 2% of amount prepaid
  • Full Redemption Fee: 2% of the outstanding loan balance
  • Late Payment Fee: S $80


Model House


Let’s answer some frequently asked questions about the OCBC Renovation Loan Monthly Rest.

1. What is The Monthly Rest Interest Rate?

A monthly rest loan is a short-term loan that is repaid monthly, with the most common repayment periods being between one and four months. Interest rates for this type of loan are typically higher than those for other types of loans because monthly rest loans are not typically secured by collateral and because the loaner assumes an increased risk of default.

2. Will OCBC Renovation Loan Save Me Much More Money?

We think that this renovation loan can give you better peace of mind than saving much more money.

Paying higher interest rates and loan principal during the first few months and years of the loan allows banks to lower their risk assessment profile and have their respective peace of mind.

On the other hand, paying higher interest rates and loan principal during the first few months and years of the loan allows you to lighten up your finances by the second half. Achieving this allows you to juggle your budgets much better than when you started paying for your renovation loan.

3. How Long Does OCBC Renovation Loan Get Approved?

According to the website and reviews from satisfied applicants, the OCBC Renovation Loan Monthly Rest loan approval decision only takes one minute to a single day, depending on how fast you submit your loan requirements and prove your eligibility.

Keep in mind that the loan approval speed is fast because this is an unsecured loan that does not require any collateral investigation and other due diligence on its borrower.


Our Final Thoughts

  • The OCBC Renovation Loan Monthly Rest is an easy-to-access unsecured renovation loan with competitively low-interest rates but a higher than average administrative fee.
  • You can get up to six times your monthly salary and have your first three cashier’s check issuance free of charge.
  • We believe it’s a renovation loan that’s almost perfect for any Singaporean homeowner who prefers unsecured monthly rest financing that’s easily accessible.

Unsecured loans that offer six months of your salary are often enough for home renovations. But, what if you want to use six months of your salary for something beyond renovation?

Good news! It’s easy to find a quick-approval personal loan that provides six months of your salary. Find out the best personal loans in Singapore here. Instant Loan works with Singapore’s top financial institutions to provide you with three of the best quotes free of charge. Just fill out our inquiry form, and you’ll receive your three free quotes in no time.

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