A renovation loan provides you with the necessary funds to cover the cost of your home renovations.
Renovation loans have a longer loan tenure than personal loans. This way, your repayment installment can be spread over a longer time period, hence making it more comfortable for you.
We all want to come back after a tiring day at work to a place of comfort and a space that we can call our own.
But we all know that renovations for home improvement do not come cheap. Tens of thousands of dollars isn’t an easy amount to save up for. This is where a 118 Credit’s Renovation Loan comes in!
While a personal loan is more flexible than a renovation loan, these benefits come at higher interest rate. 118 Credit wants you to have your dream home, and that is why we keep our interest rates competitive for a home renovation loan.
Renovation loans have a longer loan tenure than personal loans. This way, you have a longer runway to pay off your loan amount, making it more comfortable for you. At 118 Credit, we have different loan plans for you to choose from!
Taking up a renovation loan will give peace of mind, as the property owner, you have all the funds needed to realize your dream makeover! This will boost your home’s value if you ever decide to sell your home.
The greatest benefit is really just getting that home you’ve always dreamed about. Having a home you are proud of is also important for you and your family’s happiness! Everyone wishes for home and not just a house.
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You can borrow up to 6 times your income, but this figure is subject to each individual. Give us a call to find out more on your loan amount!
Chat with us for more information on home loans, home loan interest rates and the respective loan tenure.
Ensure you meet the criteria for a Renovation Loan
Apply for a Renovation Loan in Singapore through our online application form here.
Wait for our team to contact you; we will contact you within a day.
Set an appointment with our team to come down to our office. The loan assistant will also tell you exactly what documents we need you to bring.
Prepare the documents and come down to our office for the set appointment.
The loan assistant will check all the documents, and then explain clearly all the terms and conditions of the loan. They will help determine the loan amount to be given, and work out a comfortable monthly repayment schedule for you. The loan repayment amount will be determined based on your income, and we can customise this for you too.
Once the documents are in order, monthly repayment is set, and the loan contract is signed, you will get the money! It is fast, simple and efficient.
If you currently have a home loan, you should choose to take a renovation loan from the same lender. Lenders are more likely give a better interest rate to their existing home loan customers.
Don’t gloss over any details. These can include interest rates, processing fees, late payment fees and any possible cancellation fee.
While you might be tempted to max out the loan amount in order to get a perfect house, we strongly advise against that.
Do remember that you have to pay back the principal plus interest. Your loan assistant can advise you on further details regarding taking out a loan.
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
A renovation loan is a type of loan in Singapore specifically designed to cover the costs associated with home renovations, such as remodelling, flooring, painting, and other improvements. Unlike a personal loan, a renovation loan typically offers lower interest rates and longer repayment tenures, making it a popular choice for homeowners.
A personal renovation loan is intended solely for home renovation expenses. Compared to a personal loan, which can be used for various purposes, a personal renovation loan often comes with more attractive terms such as a larger loan amount, lower renovation loan interest rate and longer repayment periods **. At 118 Credit, we offer flexible personal renovation loan options to suit your needs.
An HDB home renovation loan is tailored for homeowners of HDB flats who need funds for their renovation projects. This loan ensures that your renovation costs are well-covered, allowing you to create a comfortable living space. At 118 Credit, our HDB renovation loan packages are designed to meet the needs of Singaporean homeowners. By providing a renovation quotation from your contractor or ID, we may be able to customise a loan plan for you!
The renovation loan interest rate in Singapore can vary depending on the lender, loan amount, and tenure. At 118 Credit, we strive to offer competitive interest rates and attractive loan tenures to help you manage your renovation expenses effectively. Our competitive interest rates start from 1% per month, with no penalties or extra charges if you decide to do an early full settlement of the loan!
The maximum loan amount you can borrow with a renovation loan in Singapore depends on various factors, including your income and the lender’s policies. At 118 Credit, you can borrow up to six times of your monthly income based on your financial profile. Additionally, if your spouse applies with you, you will be able to apply for a larger loan amount! **
A renovation loan is typically meant for structural and interior renovation work. However, some lenders may allow part of the loan to be used for purchasing furniture or appliances. At 118 Credit, you are able to purchase furniture and electrical appliances with our loans. Furthermore, our loan specialists can guide you on how your loan can be utilised.
To apply for a renovation loan in Singapore, you must meet the following criteria:
For more information or to apply for a renovation loan, reach out to our team at 118 Credit today!
** Terms & conditions applies, credit amount and term is subjected to live financial profile
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