“We report on phase-shifted holographic interferogram demodulation by singular value decomposition. Numerical processing of optically-acquired interferograms over several modulation periods was performed in two steps : 1- rendering of off-axis complex-valued holograms by Fresnel transformation of the interferograms; 2- eigenvalue spectrum assessment of the lag-covariance matrix of hologram pixels. Experimental results in low-light recording conditions were compared with demodulation by Fourier analysis, in the presence of random phase drifts.”