SELECTED PARTNERS
Standard Chartered CashOne
3.48%
Interest Rate (p.a.)
0%
Processing Fee (approved loan)
0%
Admin Fee
S$391.33
Per Month
- In 15 minutes, get your loan paid into your account!
- Borrow up to 4x your monthly income, subject to a max loan amount of S$250,000
- Enjoy interest rates from 3.48% p.a.!
- Note that the rates provided to you are customised and might differ from what is displayed here.
- Enjoy 0% interest rates for 1-year loan tenure, with 4.5% processing fees deducted from the total disbursed loan.
Citizenship Status | Singaporean / P.R. Citizenship Status |
Age Requirement | Age from 21 to 65 years |
Employment Status | Salaried Employee, Variable/Commission-based Employees, or Self Employed |
Guarantor/Collateral | N.A |
Minimum Annual Income | S$20,000 |
Principal Loan Amount | S$20,000 |
Total Interest Payable | S$2,197.60 |
Total Amount Payable | S$22,197.60 |
Monthly Instalment | S$369.96 |
Interest Rate (p.a.) | 4.18% |
Loan Tenure | 5 years |
RHB Renovation Loan Monthly Rest
4.18%
Interest Rate (p.a.)
1%
Processing Fee (approved loan)
0%
Admin Fee
S$369.96
Per Month
- Customers of RHB Renovation Loan can take an extra furniture loan.
-
Borrow up to 6x your monthly salary
-
Loan tenure of up to 5 years
Citizenship Status | Singaporean / P.R. Citizenship Status |
Age Requirement | Age from 21 – 55 years old |
Employment Status | Salaried / Self Employed |
Guarantor/Collateral | N.A |
Minimum Annual Income | S$30,000 |
Principal Loan Amount | S$20,000 |
Total Interest Payable | S$2,197.60 |
Total Amount Payable | S$22,197.60 |
Monthly Instalment | S$369.96 |
Interest Rate (p.a.) | 4.18% |
Loan Tenure | 5 years |
OCBC Renovation Loan Monthly Rest
4.18%
Interest Rate (p.a.)
0%
Processing Fee (approved loan)
1.50%
Admin Fee
S$369.96
Per Month
- The only bank in Singapore to allow the third-party borrower
- Loan disbursed one working day after approval
Citizenship Status | Singaporean / P.R. Citizenship Status |
Age Requirement | Age from 21 – 59 years old |
Employment Status | Salaried / Self Employed |
Guarantor/Collateral | N.A |
Minimum Annual Income | S$24,000 |
Principal Loan Amount | S$20,000 |
Total Interest Payable | S$2,197.60 |
Total Amount Payable | S$22,197.60 |
Monthly Instalment | S$369.96 |
Interest Rate (p.a.) | 4.18% |
Loan Tenure | 5 years |
RHB Renovation Loan Flat Rate
2.98%
Interest Rate (p.a)
1%
Processing Fee (approved loan)
0%
Admin Fee
S$383
Per Month
-
Customers of RHB Renovation Loan can take an extra furniture loan.
-
Borrow up to 6x your monthly salary
-
Loan tenure of up to 5 years
Citizenship Status | Singaporean / P.R. Citizenship Status |
Age Requirement | Age from 21 – 55 years old |
Employment Status | Salaried / Self Employed |
Guarantor/Collateral | N.A |
Minimum Annual Income | S$30,000 |
Principal Loan Amount | S$20,000 |
Total Interest Payable | S$2,980 |
Total Amount Payable | S$22,980 |
Monthly Instalment | S$383 |
Interest Rate (p.a.) | 2.98% |
Loan Tenure | 5 years |
Maybank Renovation Loan Monthly Rest
4.2%
Interest Rate (p.a)
0.75%
Processing Fee (approved loan)
0%
Admin Fee
S$370.14
Per Month
- Borrow up to 6 times your monthly wage or less $30Borrow up to 6 times your monthly salary or less $30
-
Loan tenure of up to 5 years
-
Attractive interest rates
Citizenship Status | Singaporean / PR Citizen or PR |
Age Requirement | Age from 21 – 55 years old |
Employment Status | Salaried / Self Employed |
Guarantor/Collateral | N.A |
Minimum Annual Income | S$30,000 |
Principal Loan Amount | S$20,000 |
Total Interest Payable | S$2,208.40 |
Total Amount Payable | S$22,208.40 |
Monthly Instalment | S$370.14 |
Interest Rate (p.a.) | 4.2% |
Loan Tenure | 5 years |
CIMB Renovation-i Financing
4.2%
Interest Rate (p.a)
1%
Processing Fee (approved loan)
0%
Admin Fee
S$370.14
Per Month
- Keep your monthly wages up to 6 times and lower S$30,000
-
Loan tenure of up to 5 years
-
Attractive interest rates
Citizenship Status | Singaporean / P.R. Citizenship Status |
Age Requirement | Age from 21 – 55 years old |
Employment Status | Salaried / Self Employed |
Guarantor/Collateral | N.A |
Minimum Annual Income | S$24,000 |
Principal Loan Amount | S$20,000 |
Total Interest Payable | S$2,208.40 |
Total Amount Payable | S$22,208.40 |
Monthly Instalment | S$370.14 |
Interest Rate (p.a.) | 4.2% |
Loan Tenure | 5 years |
ONE APPLICATION – MULTIPLE RENOVATION LOAN OFFERS
4 simple steps to a great renovation loan in Singapore:
1. Apply online in a few minutes
2. Receive offers from multiple lenders
3. Compare offers and select online
4. Sign the agreement and get the money
FR Capital Renovation Loan Guide
Why a renovation loan?
Homeownership is an essential milestone in most people’s lives. This is not the end of the road, however. A couple of years after your purchase, the time may come when you’ll perhaps need to make specific improvements to your space. These improvements could be minor facelifts like retiling the floor and repainting the house, or they could be significant home renovations like adding another section to your house.
Now, significant renovations to your house can be costly, given the steep costs of materials and labour. Although it is a good idea to dig into your savings for minor repairs and facelifts, significant home improvements could erode a considerable portion of the money you’ve saved up. Here’s where home renovation loans come to the rescue.
Suppose you’re a homeowner looking for additional funding to carry out a significant home renovation. In that case, it’s a good idea to get to know all the details about renovation loans before you apply for one. So, without further ado, let’s get into the details.
Who is eligible for a renovation loan?
Before you apply for a home renovation loan, you need to check if you are eligible for the funding. The exact criteria for eligibility may vary slightly from one lender to another, but broadly speaking, these are qualifying factors that you may be required to fulfill:
- You must be the owner of the property that you are planning to renovate – this is true for all kinds of properties like individual homes, condominiums, apartments, HDB, or any other type of residential property
- It would help if you were a Singaporean citizen or a Singaporean Permanent Resident
- It would help if you were aged between 21 and 61 years of age to qualify for the loan
- You must also meet the requirements regarding the minimum annual income – most banks and lenders will require that you have a minimum yearly income of $19,200, but in some cases, this limit may be higher, coming in at $24,000 or $30,000
- You must possess a decent credit score
What are the documents that you’ll need to submit as a part of your application?
If you meet the qualifying criteria, the next step is to apply for a renovation loan. And when you use this kind of funding, you’ll be required to submit certain documents to the lender. Knowing what these documents are can help you get them ready on time, so the loan application process becomes smoother.
Generally, these are the documents that you’ll need to provide:
- A copy of both sides of your original National Registration Identity Card (NRIC)
- A statement of your contribution to the Central Provident Fund (CPF) for the 6 months preceding the date of your application
- Your most recent payslip in a computerized format
- Proof that you are the owner of the property that is to be renovated
- An official quotation from the contractor handling your renovation project, complete with their stamp and signature
What can a renovation loan be used for?
Some borrowings, like personal loans, can be used for a variety of purposes. But renovation loans come with specific clauses attached, and they can only utilize them for a particular set of specific goals.
Here’s an illustrative list of some of the things that the money borrowed through a renovation loan can be good for:
- Repainting the walls, interior surfaces, and exteriors of your home
- Flooring and tiling works
- Mending or redoing the electrical and wiring works
- Carpentry works such as remodeling the kitchen cabinets, bedroom, or wardrobes
- Jobs related to the external components of the house, such as the roofing and fences
At this point, it’s also essential to make a note of some things that you cannot use a renovation loan for. You cannot use this kind of funding to meet the costs of home furnishing. That includes the costs associated with purchasing furniture like tables or cupboards, furnishings like curtains and linens, and other electrical appliances used around the house. Essentially, any expense that does not fall under the category of home improvement works cannot be funded using this product.
Conclusion
Therefore, you can buy the market to find the lender whose terms and conditions best suit your requirements now that you know all the basics of restructuring loans. To make a comparison like this easier for you, head over to Lendela’s online application and shop for the ideal renovation loan for your home improvement project.
A lower loan ceiling is one of the advantages that renovation loans bring to the table. This helps keep renovation expenditures in check at the right level. Also, in most cases, renovation loans come with insurance included in the package, so if anything happens to the borrower, the insurer takes care of the outstanding amount.
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About FR Capital
FR Capital is a Singapore consultancy firm that helps SMEs to secure business loans from banks and financial institutions. We concentrate on SME finance, and through our expertise and network, we help clients secure funding with low-interest rates efficiently and hassle-free.