Getting your home renovated is a big decision. You’ll need to make a plan, hire a contractor, and discuss materials. You might even have to move for a few weeks depending on the extent of your renovations.
The last thing you want at this stage is money problems.
That’s why you should find a dependable and quick loan provider. Did you know that you can get free loan quotes from Direct Financial?
Also, read the article below to learn more about renovation loans and the factors to consider.
What Is A Renovation Loan? How Does It Work?
For renovation loans in Singapore, there is a maximum amount of $30,000 you can borrow from banks. This amount might not be enough for your home renovation.
Renovation loans in Singapore are sums of money you can only borrow to remodel your house. However:
- The maximum amount you can borrow is $30,000 or up to six times your monthly income – whichever is lower
- You can’t use the money for something else, even if you don’t use the entire sum
- You receive this loan based on an evaluation made by your contractor
- The loan money gets delivered into your contractor’s account
- You can’t use the loan for specific purchases, such as furniture or decorations
You should also check the other conditions, such as:
- The age limit, usually at least 21 years old, but sometimes a maximum of 65 yo
- The tenure is 1-5 years
- Eligibility conditions include being the property’s owner or relative with written consent from the owner
Here’s the good news, though:
Renovation loans have much lower interest rates than personal loans because they’re less risky.
How To Pick The Best Money Lender Singapore For Renovation Loans?
As you can see from the section above, renovation loans have stringent conditions. That’s why you should find a licensed moneylender that:
- Streamlines the application process
- Is transparent about your obligations and their offer
- Has zero hidden fees
- Includes certain perks, such as allowing you to purchase furniture too
- Strives to find you an affordable loan that meets your needs. For instance, $30k barely makes a dent if you’re doing extensive renovations. That’s when you need a savvy loan officer that advises you on how to use the money wisely to fix the most critical things in your home.
Warning: Never borrow money from loan sharks in Singapore.
Contact a licensed money lender directly if you need more than $30K or don’t meet some other eligibility criteria. Expert loan officers will find legal solutions to get you the renovation loan you need.
Top 5 Licensed Money Lender Singapore For Larger Renovation Loans
Now you know what to expect from a renovation loan and a reliable licensed moneylender. Let’s see who you can count on:
1. Lending Bee Renovation Loan
Lending Bee is a reliable money lender Singapore has to offer, especially if you’re looking for a renovation loan. Their customer-centric perspective and streamlined SingPass application process are exactly what you need when you’re already under extreme stress.
Besides, they guarantee customised loan options and expert assistance throughout your tenure.
That means you can get a renovation loan from Lending Bee quickly and make sure that loan fits you like a glove. Even if your credit score and income aren’t high, your loan officer will still find the right solution for your needs.
Bonus: Lending Bee’s website is the most intuitive you’ve ever seen.
2. Credit 21 Renovation Loan
Credit 21 is a reliable money lender Singapore has to offer because they have a lot of experience on the market. Being in the financial industry for close to 20 years, they’ve helped people from diverse backgrounds with very different needs, so that’s why they have high customer satisfaction levels.
Understandably, Credit 21 wants to keep that excellent reputation.
That’s why you can count on the same stellar treatment from them. Here’s what you can expect from Credit 21:
- Personalised loans
- Expert loan officers
- Stellar customer service
Besides, Credit 21 is one of the best choices if you need a renovation loan with low rates and flexible tenure. If you’re planning extensive remodelling work, these two factors are essential.
3. Credit Thirty3 Renovation Loan
Credit 33 is a worthwhile alternative if you need emergency renovation done and have a small budget. The agency specialises in helping people with low incomes through various loan schemes.
Credit 33’s unique selling proposition is its low-interest rates.
While other licensed moneylenders in Singapore get to 4%/month – the maximum legal limit – Credit 33’s rates are as low as 1%/year. It’s no wonder this agency is highly valued by its customers. Satisfied clients praise the loan agent’s availability, expertise, and friendliness.
As such, getting a convenient loan without hassle allows you to focus more on your renovation work and other essential things in your life.
4. 1AP Capital Pte. Ltd. Renovation Loan
1AP Capital is a licensed money lender Singapore has with specialised renovation loans and other packages. Thus, 1AP Capital can assist you with plenty of options if the $30k renovation loan limit isn’t enough for your needs.
And you’re in luck, too, because the loan officers at 1AP Capital adopt a unique customer-oriented perspective.
These officers will tailor uniquely customised loan options that target your needs. As such, a renovation loan for businesses looks utterly different from a renovation loan for regular households.
Bonus: The entire process is fast and seamless.
5. BST Credit Renovation Loan
In case you were wondering, BST doesn’t stand for “best” as you’d expect; in fact, it’s an acronym for “Begin with Service and Trust.” And if you think about it, those two things should be the cornerstone of any expert licensed money lender Singapore has.
Even better, the company respects the values stated in its name.
BST is a trustworthy partner for the public because it strives to help everyone. So, if you need quick cash to tackle a renovation emergency, BST is there to help, even if your credit rating or income is low.
Renovation is already stressful, but emergency repairs take an additional toll. That’s why you need someone who respects your worries and tries to find the best solutions for your needs.