A home renovation project can be a lot of work for any homeowner. It is tempting to go with the first lender that you find, but this could turn out badly in the long run. Why not take some time and do your research? This blog post will outline what steps you should be taking during your search for a loan to finance renovations on your home in Singapore so that you can get the best possible deal!
Aside from improving your current house’s aesthetics, there are other benefits of going for a renovation loan. One, you can create more room in your home by dividing the living area into rooms for an office and a study room. You may also consider converting one of the bedrooms into another bathroom if there isn’t already one in the house. This is a good way to save on space without having to live in cramped conditions.
Another great benefit of going for the best renovation loans Singapore has to offer is that you can add value and resell your house at any time should you decide it’s no longer as much of a dream home as it was before.
There are also different kinds of renovation loans that you can choose from. One is a construction loan, which will give you enough cash to build the house or renovate your current one. Another type is a refinance loan, which lets you tap into the equity in your existing home for cash to be used for renovations and improvements.
1. POSB Renovation Loan
If you’re looking for a home renovation loan in Singapore without complicated requirements, then POSB’s Renovation Loan would be the perfect match. As long as you earn no less than S$24,000 annually and have an existing or new customer account with them, your interest rates start from 2.88% p.a., depending on which type of customer you are (existing vs new). Meanwhile some other banks cover only limited aspects within their renovations loans such as electrical works instead of having wide coverage like at POSB where they also include floorings and tiling among many others; it is considered to be one of the best bank-provided renovation loans because its higher percentage offers more benefits! If you’re an existing POSB customer and would like to apply for this loan, contact their branch today! Highlights- Flexible repayment
- Lower income requirement
- Easy and fast application
2. Lendela
One of the hardest parts of getting a home renovation loan in Singapore is finding the right lender, as well as monitoring the progress your application. Fortunately, Lendela solves those problems by ensuring that you get not only an accepted but also processed fast enough to suit your lifestyle and budget. You can count on them every step for help with making sure you know all about what type loans are available from their partnered lenders or if it’s still wondering which bank is best for a renovation loan in Singapore- they will find one perfect match for you! Highlights- Personalised offers
- Multiple Lenders
- Full Customer Support
- Easy Online Comparison
3. OCBC Renovation Loan
OCB Renovation Loan has the most simplest application and approval process among all of your options. All you need to do is obtain the contractor’s quotation, apply for OCB’s renovation loan, then wait on their approvals- as simple as that! Above all else when it comes to reviews about this specific type of loans in Singapore there are many reasons why people who take them home find themselves satisfied with what they have done; including how low its interest rates can be or how fast one will get an answer from OCBC after getting approved (1 day). It also offers a flexible payment plan which some customers may prefer over other types out there because these allow more room for negotiation. And lastly but not least important fact: transfers happen within a day. That’s really impressive and an example of what customer service should look like in our modern world. Furthermore, the principal can be paid monthly spread-out at a balance of up to 6 times your expected income; which is one less thing to worry about when planning out your budget for this expense. Some would even go as far to claim that OCBC is the best bank in Singapore. The secret of their success lies in the fact that they aim to satisfy every single customer with friendly approach and great service. They proved this even more by implementing different payment options so you can choose which one suits your needs best. Highlights- Low interest rate
- Fast disbursement
- Easy application and approval
4. Maybank Renovation Loan
The OCBC Renovation Loan is the perfect bank to ask for money because it considers your financial situation. This means that you can get a larger loan with better interest rates and longer tenure, especially if you have been an existing customer of Maybank before. It also offers easy approval without many requirements; all you need to do is submit basic information like income levels (no less than S$30k). If you’re not sure what bank to go to to apply for a renovation loan, we have made it easier for you by presenting the best options out there. The banks above will give you great service and reasonable interest rates- now all that’s left is for you to make your decision! Highlights- Hassle-free approval
- Longer loan tenure
- Frequent promos and discounts
5. DBS Renovation Loan
DBS’s Renovation Loan doesn’t have much difference from other options on our list, except that its interest rates are among the lowest for this type of loan in Singapore. This is why we believe it offers one of the best renovation loans out there! Eligibility: At least 21 years old and a monthly income S$30,000 or more; with qualified clients allowed to borrow up to 6 times their salary each month (not too bad considering some banks only allow you 3). Conditions: The first year has an increased rate but as time progresses your annual percentage will decrease incrementally until meeting at 0%. You also get control over how long your tenure lasts so that way you can plan out your expenses for the next couple of years. Highlights- Flexible repayment period
- With insurance coverage
- Quick disbursement
Ovon Design For Your Renovation Needs!
Planning of doing a major or minor renovation for your living room? whicever the bank you will take out renovation loan for, Call Ovon Design for your renovation contractor! Our professionalism in interior dressing and build are able to tailor a design to suit your needs and requirements. Visit Ovon Design interior designer in 53 Joo Chiat Place Singapore, Singapore to take a look at our portfolio and blueprints!
