Home Renovation Loan

As its name may suggest, a home renovation loan is a loan that homeowners can apply for if they need money specifically to fund their home renovation project.
The main benefit of a home renovation loan is that it provides you with the funds to make your dream home a reality. Considering that home renovations in Singapore typically cost anything from $20,000 to $70,000 — depending on the extent of work required, materials, the size of your home, your contractor and interior designer etc — a home renovation loan could come in handy if you are short on cash savings.
Getting a home renovation loan may or may not be something that’s right for you, everyone’s different and have different priorities. If you just need some extra funds for the renovation and are sure you can pay off your home renovation loan in time according to your repayment schedule, why not consider beautifying your home or doing what it takes to make your home more livable and inviting while you are at it?
*terms and conditions apply
A home renovation loan in Singapore can be used to pay for renovation works such as flooring and tiling; painting and redecorating works (e.g. wallpaper); carpentry work and built-in cabinets; electrical and wiring works; basic bathroom fittings; structural alterations; external works within the compounds of your home, such as the roof, balcony, backyard, or front porch.
Bear in mind that a home renovation loan is strictly for renovation works. It cannot be used for purposes beyond a renovation. This means that you cannot use the funds to pay for things like furniture, tables, household appliances, curtains, mattresses, sofas, chairs, fittings, decorative accessories, plants, artwork, smart home features etc. In short, a renovation loan is strictly meant for renovation works.
*terms and conditions apply
No, you cannot pay for your home renovation loan with your CPF monies.
Banks and licensed moneylenders like us at Soon Seng ML offer renovation loans. Do not go to illegal moneylenders or loansharks!