Home Renovation Loans
A renovation loan gives you a much-needed boost to personalize your home into the dream designs that you have dreamt of for a while. You can transform your ideas into realization, from a dull-looking property space into the most outlandish living space. With these loans, you can have the freedom to undertake any kind of renovations that range from the electrical, plumbing, wiring, floor installation, repainting, purchasing of new furniture, kitchen, and bathroom remodeling and any other adjustments that need to be made.
How can I get a renovation loan in Singapore?
The process of getting a loan application for Home Renovations purposes is much easier with most money lenders in Singapore, as most of the application process takes place online. To avoid any unnecessary delays, do make sure that you consider the following:
- Source and identify your needs early as possible, make sure you already know what you need to be done so that when you place your order this makes it easier for your contractor to have a quote ready for you.
- Use a contractor that has been certified by the authorities, an official quotation from a certified contractor is required by your lender in order to process the application. These contractors will also provide an objective view about your renovations that you are about to carry out. The quotes that are given are crucial in budgeting and accessing your finances quickly.
- Understand all requirements, kindly take note that you would have to be a Singaporean or a Permanent Resident of Singapore (PR) aged 21 years and above to qualify. Other requirements include proof of ownership of your property, proof of income for both salaried and self-employed personnel, documentation such as NRIC copies, and also CPF statements/NOA.
We also do provide private property loans, we try to make it perfect for savvy investors or home owners looking for some additional funds to tide over when selling their private properties. Over at S G CREDIT PTE. LTD., we understand that sometimes you may just lack that little bit of extra cash to pay for the down payment of your next dream property, this is where we can help you. We can provide you the cash to roll and buy your next dream investment property or dream home. Our private property loan package can be customised to meet your financial situations and needs. Timing is important when buying and selling a private property, don’t let a lack of funds deter you from making good profits out of private properties.
While you are deciding, let us share with you the benefits of Private Property Loan
• Affordable repayment rates
• High cash upfront as compared with weekly or bi-weekly plans
• Up to $500,000 loan amount
• Easier and more simple to understanding
• 100% online application cuts unnecessary travelling time
• Super-fast approvals with minimum paperwork
What types of home renovation loans are available?
With a renovation loan, you can finance everything from creating a larger kitchen to giving your home a complete makeover. You can choose from a flat rate or Monthly Rest option. Flat rates are fixed throughout the loan tenure whereas Monthly Rest varies from month to month but generally tend to be lower. Renovation loans do not cover furniture and appliances.
Do you qualify for a renovation loan?
Here are some qualifying criteria you must fulfill:
- You need to be a Singaporean/PR aged 21-65
- Main applicant must be earning at least $24,000 per annum
- Joint applicant must be employed and a spouse, child, parent or sibling of the main applicant.
- Either main or joint applicant must be the owner of the property to be renovated.
What documents are needed to apply for a renovation loan?
These are the usual documents you will need to submit
- Photocopy of your NRIC (both sides).
- If you are a salaried employee, you’ll need your latest e-statement, or your CPF contribution history statement for the last 12 months, or your latest Income Tax Notice of Assessment.
- If you are self employed, you’ll need your latest 2 years of Income Tax Notice of Assessment.
- The Contractor’s quotation or invoice signed by you and the contractor.
- Proof of ownership of the property to be renovated, such as your HDB flat information or your CPF Property Withdrawal Statement.
With a simple application process and affordable repayment plans with a tenure of up to 36 months, achieving your ideal sanctuary is no longer beyond your reach. Also we understand that mortgage is a huge decision. Whether it’s about getting the best rates, or understanding what you are getting into, we S G CREDIT PTE. LTD. is here to help. Apply with us today!