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Renovating your home can be an exciting but costly project. Whether you want to give your house a new look, upgrade your appliances, or improve your energy efficiency, you may need some financial assistance to cover the expenses. Fortunately, there are many options for renovation loan in Singapore that can help you save costs and achieve your dream home.
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Here are some of the best places to get a renovation loan in Singapore in 2023.
1. OCBC EasiCredit
OCBC EasiCredit is a flexible and convenient way to access cash for your renovation needs. You can apply online and get instant approval and disbursement if you use Myinfo. You can also choose your repayment period and loan tenure according to your budget and preferences. The maximum loan amount is up to six times your monthly income, depending on your annual income. The interest rate is also competitive, ranging from 20.90% to 29.80% per annum. If you apply before 30 June 2021, you can enjoy a promotional interest rate of 6% per annum until 30 September 2021 and get S$60 cashback.
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2. DBS Green Renovation Loan
If you are looking for a green and sustainable way to renovate your home, you may want to consider DBS Green Renovation Loan. This loan is specially designed for homeowners who want to reduce their carbon footprint and energy consumption by using eco-friendly materials and appliances for their renovation. You can borrow up to S$30,000 or six times your monthly income, whichever is lower, at an interest rate of 4.68% per annum. You can also enjoy a longer repayment period of up to five years and a waiver of the processing fee.
3. Standard Chartered CashOne (Renovation)
Standard Chartered CashOne (Renovation) is another option for homeowners who need a personal loan for their renovation project. You can apply online and get approval within 15 minutes and cash disbursed within an hour. You can borrow up to four times your monthly income or S$250,000, whichever is lower, at an interest rate of 3.48% per annum. You can also enjoy a flexible repayment period of up to five years and a cashback of up to S$1,088.
4. RHB Renovation & Furnishing Loan
RHB Renovation & Furnishing Loan is a comprehensive loan that covers both the renovation and furnishing costs of your home. You can borrow up to S$30,000 or six times your monthly income, whichever is lower, at an interest rate of 4.18% per annum. You can also enjoy a repayment period of up to five years and a processing fee waiver.
5. Friday Finance
Friday Finance is a licensed moneylender that offers renovation loans for homeowners who need fast and easy cash. You can apply online and get approval within an hour and cash disbursed within the same day. You can borrow up to S$30,000 or six times your monthly income, whichever is lower, at an interest rate of 4% per month. You can also enjoy a flexible repayment period of up to three years and no hidden fees.
6. HSBC Personal Line of Credit Balance Transfer
HSBC Personal Line of Credit Balance Transfer is a way to consolidate your existing debts and enjoy lower interest rates for your renovation loan. You can transfer your outstanding balances from other banks or credit cards to HSBC and pay a one-time processing fee of 1.88%. You can also enjoy a promotional interest rate of 0% per annum for the first six months and 18.5% per annum thereafter. You can borrow up to four times your monthly income or S$100,000, whichever is lower.
7. Citi Quick Cash
Citi Quick Cash is a personal loan that you can use for your renovation project. You can apply online and get approval within an hour and cash disbursed within the next working day. You can borrow up to four times your monthly income or S$250,000, whichever is lower, at an interest rate of 3.99% per annum. You can also enjoy a flexible repayment period of up to five years and a cashback of up to S$1,000.
8. CIMB CashLite
CIMB CashLite is a personal instalment loan that you can use for your renovation needs. You can apply online and get approval within 10 minutes and cash disbursed within the next working day. You can borrow up to 90% of your credit limit at an interest rate of 4.5% per annum. You can also enjoy a repayment period of up to five years and a processing fee waiver.
9. Maybank Renovation Loan
Maybank Renovation Loan is a dedicated loan for homeowners who want to renovate their property. You can apply online or at any branch and get approval within three working days and cash disbursed within the next working day. You can borrow up to S$30,000 or six times your monthly income, whichever is lower, at an interest rate of 6.53% per annum. You can also enjoy a repayment period of up to five years and a processing fee waiver.
These are some of the best places for renovation loan in Singapore that can help you finance your home improvement project in 2023. Before you apply for any loan, make sure you compare the interest rates, fees, terms and conditions, and eligibility criteria of different lenders and choose the one that suits your needs and budget best.
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