Fulfill Your Home Improvement Project With A Renovation Loan!

Apply Today and Get Fast Renovation Loan Offers!

Fulfill Your Home Improvement Project With A Renovation Loan!

Apply Today and Get Fast Renovation Loan Offers!

The Fastest Way to Get Renovation Loan Offers

MoneyIQ - Renovation Loan Singapore

Apply for Renovation Loan Singapore

Let our loan matching system find the best loan offers in less than a minute. Get started by completing the form below.

Thank you for your interest! As much as we want to extend our help, the loan offers are NOT available for foreigners in Singapore for the time being.

Please come back and check it out again in the future.

Terms and Conditions

Only 21 years old and above is eligible for loan application.

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email and permitting to do a search on the Credit Association Singapore (CAS) web portal for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

No need to spend the day to shop around for loans. We’re making it easier and faster to find for personalised renovation loan offers.

No need to spend the day shopping around for loans. We’re making it easier and faster to find for personalised renovation loan offers.

Your Ultimate Guide to Finding Renovation Loan
with the Best Interest Rates in Singapore (2024)!

After buying a house, the next major decision that you’ll make to achieve your dream home is embarking on a home renovation. After all, we want our homes to be welcoming, relaxing, and a safe place to live in. We want to go home to a cozy place after a tiring day, rest comfortably, and spend quality time with our family. Simply, we just want to own a place that we can call our home!

Additionally, most Singaporeans work on renovation to make their homes aesthetically pleasing and to increase their resale value. Although they already made a big investment after buying a house, they still want to achieve the perfect picture of their dream home. They wanted to revamp their houses by applying the home inspiration they found online.

home renovation loan

Even though you are among the many who are excited for a home revamp, in reality, home renovation in Singapore is not cheap. An average home renovation or improvement costs about S$30,000 and if you are aiming for a high-quality one you can end up spending over $100,000 for a Resale flat. You can spend from S$30,000 to S$60,000 for a Built to Order (BTO) flat and at least S$10,000 for an Executive Condominium.

If you have spent all your savings on buying your home, you need a financial help in achieving the look of your dream house. Acquiring a home renovation loan can help you turn your dream into a reality. It can help you with financing your home improvement plan. Whether it is building your dream living room, kitchen, or bedroom, a home improvement loan will provide funds to upgrade your home design.

What is a Renovation Loan in Singapore?

This is a type of financing dedicated to home improvement. This loan is needed to personalise your home designs or revitalise your home. You can use the loan for the following:

  • Painting the wall
  • Electrical wiring and other wiring jobs
  • Flooring and Tiling
  • Redecoration
  • Bathroom fittings
  • External works e.g. Roofing
  • Carpentry/Built-in cabinets or cupboards
  • Structural Alterations

This financial product is also available at local licensed private moneylenders. By securing this loan it can lessen your financial worries when comes to attaining the renovation that your home needed the most. Whether it’s a new or an old place – upgrades are possible with a renovation loan. Additionally, with a home revitalization loan, you can add value to your house since its value will significantly increase.

home-renovation

How to qualify for a home renovation loan?

A home revitalization loan involves a large amount of money, thus it essential that you have think it carefully before applying. If you have already decided, these are the eligibility requirements:

  • A Singaporean or a PR
  • 21 years old and above
  • NRIC/PR Proof
  • Income Stability Proof

How much Renovation Loan I can Get?

There are numerous factors that affect the amount that you can receive from this loan. Among the factors that you need to consider when getting this loan are the type of housing and renovation level.

To cite a scale, the average cost of renovating an HDB flat is about S$53,000. The other factors that you may need to consider are the fees and charges coming from a contractor, an interior designer, or a design and build contractor. The maximum loan you can borrow is up to S$100,000, and some private lenders may allow you to borrow up to six times your monthly salary.

What are the Benefits of Taking a This Loan?

Turn Your Dream House into a Reality

You might be keeping the preferred look of your dream home and you are just lacking some funds. Getting a home revitalisation loan is ideal to add a personal touch to your home and achieve the perfect picture of your dream house.

Increase Your Home's Resale Value

With a this loan, you can apply all the improvements you have planned. As you add features to your home, it increases your home resale value and boosts your returns on investment (ROI) over time.

Longer Repayment Plan and Tenures

A renovation loan can have a tenure of up to 5 years. It is much longer than personal loans offered by licensed money lenders. And, this is the reason why you have longer repayment since it is spread over the chosen loan tenure.

Turn the Picture of Your Dream House into a Reality

You might be keeping the preferred look of your dream home and you are just lacking some funds. Getting a renovation loan is ideal to add a personal touch on your home and achieve the perfect picture of your dream house.

Increase Your Home's Resale Value

With a renovation loan, you can apply all the improvements you have planned. As you added additional features to your home, it increases your home resale value and thus, boosting your returns on investment (ROI) over time.

Longer Repayment Plan and Tenures

A renovation loan can have a tenure of up to 5 years. It is much longer than personal loans offered by licensed money lenders. And, this is the reason why you have longer repayment since it is spread over the chosen loan tenure.

How to Find the Best Renovation Loan Provider

The number of loan providers continues to increase over time. Since there are numerous lenders available in the market, you must look for the best loan provider that can finance your home improvement needs. If you are on the hunt for the best loan provider, you need to consider the following:

How You can Apply Quickly for a Renovation Loan ?

Applying for a renovation loan is now much easier since most of the moneylenders uses an online application. Application and approval are fast but still, you have to consider the following to avoid delays:

Licensed under Registry of Moneylenders.

Each month the Ministry of Law – Registry of Moneylenders publishes the list of qualified moneylenders or you can easily access the list of licensed moneylenders here.

Good Track Record.

You can check over the existing reviews of a licensed lender to know its track record. You may also ask your friends or relative who have experience with this lender. Take in mind that the best moneylender has a good reputation in the industry.

Competitive Loan Offers.

The best provider offers a loans with a low-interest – from 1 to 4 % monthly and a flexible repayment plan. Take in mind that it must match your home upgrade needs.

Superb Customer Service.

When you are starting to make queries on your prospective providers, always observe how they answer. The best renovation loan provider only employs a loan expert who can comprehensively answer your question or provide you with sufficient information.

Use a Loan Matching Platform.

If you want to save time from searching online and doing some comparison, loan matching platforms exist to help you find the best loan provider that meets your renovation needs. MoneyIQ SG can help you find the best match for your renovation needs, just apply using the form.

Determine all your needs.

Before your loan application, it is vital that you have identified and list down all your needs so that you can get easily a quote from a contractor.

Contact a professional contractor for a quote.

A loan provider requires that you get your quotes from a certified contractor. This information is vital for your renovation budget and applying for financing.

Make sure that you are eligible to apply.

Check the qualifications posted by licensed moneylenders before application. Moneylenders require that you are a 21-year-old Singaporean or a permanent resident. Your proof of income and NRIC are also needed. They may also require ownership proof of your property, Central Provident Fund (CPF) statements and/or Notice of Assessment (NOA). Make sure that you acknowledge all the requirements before applying for a loan for a hassle-free process.

Apply Only to a Licensed Moneylender.

You are safe when you apply to a licensed moneylender. They abide by the strict rules set by the Ministry of Law – Registry of Moneylenders. To avoid falling from loan scams never apply to an illegal lender or an unlicensed moneylender a.k.a. loan sharks.

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Tips on How to Save Money on Renovation Loans

Loan installments can become difficult to pay, especially if you already dealing with other responsibilities. If you are dealing with financial constraints, here are a few things you can do to reduce the amount of money you plan to borrow.

Get Quotes from Different Contractors.

If you are trying to reduce the quotation amount, it is a good idea to get quotes from different contractors. Reach out to your friends who have taken repayment loans in the past and ask them for references. You can also ask your real estate agent to put you in touch with various contractors they know. It is easier to get the right quote and even discounts when you work through references. Once you have a few names on your list, reach out to each contractor and ask for a quote. This exercise will allow you to negotiate better with different contractors.

Renovate in Stages.

You don’t have to renovate your entire home in one go, especially if you are trying to reduce the loan amount. Start with the renovation of things and areas that are mandatory. For instance, installing wiring and heaters cannot be delayed. However, projects like roofing can be left for later.

Take a small renovation loan and take care of the most critical parts first. Once you have moved in, save each month and use the collected funds to renovate different areas of your home. This exercise will need time, dedication, and commitment, but it will also allow you to cut your loan amount to suit your budget.

Determine the Exact Fees and Charges.

Go over the terms and conditions of your loan. Make sure that you know the exact charges and rates. Only go with a licensed moneylender if its interest rate is not over 4%. Additionally, the late repayment fee must not be more than S$60, and the processing fee should not go over 10% of the principal loan. Obviously, overall fees and charges must not go over the total principal loan amount.

Take a Renovation Loan from Your Current Loan Provider.

If you already have a home loan, it is most likely that you would want to do your best to reduce the loan amount as well as the monthly installments. One way to do this is to apply for a renovation loan from the same loan provider from which you took your home loan. This way, the chances of you getting the best rates possible will increase.

Don't Borrow More than You can Repay.

Always analyse your financial condition and think carefully before taking out a renovation loan. It is advisable that you do not take the maximum loan amount so that you can easily repay it in the future. You can also avoid incoming financial conflicts.

Notes to Borrowers in Singapore

When it comes to borrowing for a fast cash loan it is essential to determine first the interest rates offered by the licensed moneylender. Thus, it helps if you begin by comparing rates and guidelines that can help you determine if the terms offered will meet your current financial situation.

Before signing any agreement, check if there are hidden fees, clauses, or other details you need to know. Choose money lenders that offer affordable interest rates and reasonable repayment schedules. If there is anything unclear in the contract, don’t hesitate to clarify these details with your lender before signing up for your loan application form.

Most importantly, be sure that you completely understand the details presented in the contract before you sign anything with money lenders. The draft given to you by the moneylender should be written in a language that you can understand. If you need assistance, consult a lawyer who can help explain the details to you.

Blindly signing any contract will only put you in deep trouble eventually. So, if there are doubtful items stipulated in the contract, you can always walk away and look for a better lender. After all, it is ultimately your choice whether to take out a loan from a particular lender or find another one that meets your concerns.