Looking for a Renovation Loan in Singapore?
You arrived on this page because you were searching for a Renovation Loan in Singapore.
Congratulations, you’ve arrived at the right place.
We understand that a renovation is extremely important.
An average person only has few renovations in their entire lifetime.
Moreover, since we spend more than 50% of our time at home in an entire lifetime, it is important for us to make our homes as conducive and as comfortable as possible.
That is why you require the financial resources to fund a beautiful renovation.
With extremely quick loan approval timings of 30 minutes, no other company comes close to our loan approval timing!
Why consider taking a renovation loan?
Usually, most couples face some financial constraints after splurging on their wedding.
Furthermore, taking up a renovation loan also frees up cash flow for other activities such as your honeymoon, your getaway and your vacation.
Couples do consider taking up a renovation loan to ensure that they get the home of their dreams, while being financially prudent in paying back that loan.
3 Things To Look Out For Before You Apply For Your Renovation Loan
Have an estimate of how much your renovation will cost
By budgeting out the amount it would cost for you to renovate your home, it ensures that you will be able to pay back the loan amount.
If you have a stable paycheck that is coming in every single month, there would be no issue in paying back the loan.
Discuss with your partner and finalize on the details
Sitting down and having a discussion with your partner is important to align your expectations of the renovation. This would also justify the need for taking up a renovation loan.
Prepare documentation and apply for the renovation loan
Documentation such as your latest 3 months of payslip and your identity card is required for the application of a loan. Additionally, if you combine the payslips of you and your partner, your loan quantum will naturally be higher as well.
Frequently Asked Questions About Renovation Loans in Singapore
No, CPF savings cannot be used for renovation loans.
It depends on what you intend to do during your renovation. As a rough guide, it could cost as low as $4,888 all the way to $110,000 for a 4-room HDB flat.
A renovation loan has an extremely low interest rate. This makes it attractive for most homeowners to take up a renovation loan.
If your credit score is acceptable and you have a stable income, chances are you will be eligible for a renovation loan.