Revivify Your Space With A Home Renovation Loan in Singapore
Easy application. Fast approval. Low interest rates.
Ready to start on a grand home makeover? Our renovation loan will cover the funds while you work out ideas to remodel your home!
What Is a Home Renovation Loan in Singapore?
Home renovation loans in Singapore are financing solutions convenient for homeowners looking to upgrade or revitalise their living spaces without having to dip into their savings. A reno loan can be useful for a variety of renovation purposes such as remodelling a part of a residence, painting, flooring, or other home improvements.
How Does a Renovation Loan in Singapore Work?
An alternative to your savings — a renovation loan is flexible and offered with affordable interest rates. A typical home renovation loan in Singapore has a repayment plan that stretches up to 12 months on a monthly basis based on the agreed contract terms.
The monthly repayment for a reno loan reduces with time because the interest rates are calculated based on the monthly outstanding balance.
The Perks of a Renovation Loan
Flexible Loan Tenures and Repayment Plans
While the loan amount and interest rates for a renovation loan are important, so is your loan tenure and repayment schedule. Get your funds instantly and repay your loan in fixed monthly instalments without being financially stretched.
Boost Resale Value in the Future
Taking out a renovation loan to refresh your home not only increases its market value and future capital gains but also improves your living conditions and quality of life. This is the chance to secure the present and future.
Save Costs in the Long Run
A typical renovation can cost anywhere from S$20,000 to S$100,000, which can be a hefty sum. This is where a home renovation loan in Singapore can help pay for such costs to avoid disrupting your personal funds.
Renovate to Your Heart’s Desire
Reno loans in Singapore are designed to finance the rebuilding of your home as you brainstorm for interior design ideas. Don’t ever feel like you have to hold back when you’re planning to have the biggest upgrade of your humble abode.
What Can a Renovation Loan in Singapore Be Used For?
A home renovation loan in Singapore can be used to pay for renovation works such as:
- Ceiling works
- Flooring and tiling
- Structural changes
- Painting and wallpaper
- Carpentry
- Electrical and wiring
- Plumbing
- External works (e.g. the balcony, roof, front porch, or backyard)
Eligibility Criteria and Required Documents
Eligibility Requirements
- Singapore Citizen or Singapore Permanent Resident
- Age 21 to 65 years old
- Minimum yearly income of S$24,000
Documents We’ll Need
- Proof of identity (e.g. NRIC or passport)
- Proof of homeownership for the property to be renovated
- Income statement (e.g. CPF statements for the last 3 to 12 months or payslips for the last 3 months and latest income tax statement)
- Original quote/s from certified contractors duly signed by the applicant(s) and contractor
Spruce up your space without worrying about a penny! Our renovation loans are here to help.
All to Know about Home Renovation Loans in Singapore (FAQs)
Where can I get a renovation loan in Singapore?
You can obtain a renovation loan from banks and licensed money lenders like Soon Seng Credit. To apply for a home renovation loan from us, simply fill in the online application form and our loan officer will be in touch with you to arrange a face-to-face meeting.
How much can I borrow from Soon Seng Credit’s renovation loan?
You can borrow up to 6 times your monthly salary.
What are the interest rates, and fees on Soon Seng Credit’s home renovation loan?
We charge fees and interests within the Ministry of Law’s approved limits. Processing/admin fees would not exceed 10% of the principal loan sum and late fees would not exceed S$60 for each month of late repayment.
What to consider when getting a renovation loan in Singapore?
When comparing reno loans in Singapore between different lenders, these are factors you must consider to ensure you are getting the best loan package:
- Interest rates* for the renovation loan
- Minimum/ maximum loan amount
- Chargeable fees* (e.g. processing fees, late fees, early repayment fees, cancellation fees and any other charges)
*Note that interest rates and chargeable fees must be within the Ministry of Law’s regulated limits.
How soon can I get my renovation loan from Soon Seng Credit?
Once your loan is approved, you may receive the amount almost instantly. The entire loan application process takes less than 30 minutes, and you can choose to receive your loan sum in cash or via PayNow.
Is a renovation loan an unsecured loan or a secured loan?
Reno loans in Singapore are unsecured loans that are not backed by collateral or a guarantor. It is a convenient financing solution for home improvements.
Is it easy to qualify for a renovation loan in Singapore?
You can qualify for a renovation loan with us as long as you meet our basic criteria:
- Singapore Citizen or Singapore Permanent Resident
- Age 21 to 65 years old
Can I get a renovation loan if I have existing loans?
Yes, you can still get a renovation loan if your total loan sum from money lenders does not exceed 6 times your monthly income. This is a limit imposed by the Ministry of Law, Singapore.
Will Soon Seng Credit approve my renovation loan application if I have a bad/poor credit score?
Yes, you may receive a loan approval since we do not rely on traditional credit checks when assessing renovation loan applicants. Instead, a basic credit assessment will be conducted using details taken from your MLCB Loan Information Report.
However, those with good credit scores may receive preferred interest rates and repayment terms.
