Singapore Licensed Moneylender for Renovation Loan


Singapore renovation loans are renovation loans that are specifically designed for homeowners who want to improve their property. Singaporeans can turn standard properties into dream homes by borrowing a set amount to put towards essential or non-essential home improvements with the right renovation loan with a good monthly repayment rate and low fees.

Singapore Licensed Moneylender for Renovation loans can help homeowners access the funds they need to make their dream home a reality in a world where typical renovations can cost up to $100,000.

Whether you need a new roof, a mid-range bathroom renovation, or just want to brighten up your kitchen, Instant Loan can help you secure a renovation loan with great monthly repayment rates, a generous payback loan tenure, and unparalleled flexibility, regardless of your credit score.

1. Rates of interest

When applying for a loan, one of your primary concerns should always be the overall cost of borrowing. Naturally, a higher interest rate and fees may result in a higher monthly repayment rate and overall cost, so choosing a low interest deal is critical.

What can you use a renovation loan for?

While it may be tempting to use a renovation loan to pay off your mortgage or home loan, there are several things you cannot do with it, including pay off your mortgage or home loan or purchase new furniture or appliances.

For those, you should consider taking out a personal loan, the proceeds of which can be used to meet your needs and desires, such as purchasing a washing machine or installing curtains.

·        Carpentry

·        Bathroom remodeling

·        Painting or tiling walls and floors

·        Roofs and fences are examples of external enhancements.

Factors to Consider When Choosing a Renovation Loan ​

When comparing the best renovation loan Singapore has to offer right now with other competitive quotes, several factors must be carefully considered.

2. The loan amount

You should also consider how much money you require and how it compares to how much money you can realistically afford to borrow.

Different moneylenders will offer different maximum and minimum approved loan amounts, so this must also be considered. In most cases, the maximum loan amount is six times your monthly salary (subject to legal requirement).

3. Fees and expenses

In Singapore, renovation loans are rarely fee-free. When you apply for a renovation loan, it is not uncommon for money lenders to charge a processing fee. When a renovation loan is approved, the processing fees should be less than 10% of the loan principal.

If the payment is not made on time, it may incur late interest of 4% per month and a fee of up to $60 for each month of late repayment.

4. Provider of loans

Borrowers can always save money by shopping around because there are dozens of home loan and renovation loan providers on the market. For example, DBS currently offers a renovation loan with a low interest rate for two years, but licensed money lenders may offer better overall deals. It's also not uncommon for money lenders to lower their rates and offer one-time discounts, so it's always a good idea to shop around.

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