At here Credit king helps you find the best renovation loan for your home improvement project, we have reviewed and analysed the best loans from all of Singapore’s top lenders. Over here we highlight the most affordable loan based on your preference of loan amount and tenure.
Whether you need more room for your growing family or simply don’t like the look or feel of your home, renovating your home is a great option to get exactly what you need out of your current home. However, anyone who’s ever had to renovate their home will tell you that though exciting, it isn’t an easy process. The costs of renovating can be quite high.
You don’t have to drain your savings getting your home in the right shape. A renovation loan Singapore from Credit King can help to tide you over.
Renovation Loan vs Personal Loan
Why not simply take a personal loan and use it for renovation? Isn’t a personal loan a general purpose loan? Won’t it suffice for renovation projects too?
While applying for a personal loan for your renovation project may seem like the easy option, it may not be the best thing to do for several reasons:
- The interest rates on personal loans are much higher than those for renovation loans. You would therefore end up spending much more on repaying the loan than you would if you had borrowed the same amount under a renovation loan.
- The processing fees for personal loans are also much higher than those for renovation loans. The processing fee is charged at a percentage of the total sum of the loan. We offer a competitive percentage on processing fees for loans.
- We offer additional perks with a renovation loan that you wouldn’t be able to access with a personal loan. These include complimentary cashier orders and discounted processing fees.
Here’s Everything You Need to Know about a Singapore Renovation Loan in 2019
With time, your new, beautiful HDB home or condo will require retouching to reclaim lost glamour and this is where a Singapore renovation loan comes in handy. There is no denying that major construction works in your home can dent your savings, hence the need to look for an alternative source of funding.
What is a Renovation (Reno) Loan?
Even the most beautiful house will over time require a facelift, a new upgrade, a new look. With home décor trends changing every other day, you might also feel the need to upgrade a part of the structure in order to fit into the trending styles. Whatever you have in mind, there is the issue of cost and truth be told, this will eat away into your savings. Luckily, there are many registered money lenders in the country who offer financing for home renovations to all types of homeowners.
A Reno loan covers a broad range of areas including:
1) Extensive Repairs
Over time, the effects of weather, use and age will become apparent and extensive repairs including repainting, change in décor, roof repairs, floor re-installation among others will give your home the much needed facelift.
2) Room Re-modelling
How would you like to have your bathroom redecorated in the latest European design? Maybe you would like a skylight for your kitchen? Whatever you have in mind, a Reno loan covers all types of remodels.
3) Home Additions
Probably, you need a deck or patio added to your home? Maybe you need the basement finished to get more space? Whatever additions you need, your renovation loan will cater for it all.
4) Interior/Exterior Décor Changes
There are many trending décor designs that can bring your house back to its former glory and their cost can be catered for using a Reno loan.