Is your renovation starting to cost more than planned? You’re working out how to fund it and weighing a renovation loan against a personal loan, unsure which option may cover what you need.
Transform your dream home hassle-free with swift approval and competitive interest rates on our renovation loan.
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A renovation loan can fund permanent home improvement works — such as flooring, tiling, built-in cabinetry, wiring, and painting — typically between S$15,000 and S$30,000. You must own the property being renovated and earn at least S$24,000 a year, subject to assessment. It cannot be used for furniture or appliances; a personal loan may be considered for those expenses instead.
The average cost to renovate a house in Singapore varies depending on factors like the scope of work, property size, material quality, and labor fees. A basic renovation can start at around $20,000, while more extensive or high-end projects may range from $50,000 to several hundred thousand dollars. This cost encompasses essential elements like flooring, painting, and basic fixtures. Additional expenses may include custom features, appliances, and furniture. It's essential to plan and budget carefully, considering both essential and aesthetic aspects, to avoid exceeding your financial limits. Keep in mind that obtaining necessary permits may also contribute to the overall cost.
Your Renovation Loan can be used for:
1. Installation of Solar Panels
2. Electrical and wiring works
3. Built-in cabinets
4. Painting and redecorating works (e.g. wallpaper)
5. Structural modifications
6. External works within compound of the house
7. Flooring and tiling
8. Basic bathroom fittings
Please note that the Renovation Loan cannot be used to pay for furnishings or for any other purpose besides renovation. If you need help with financing those, you can take up a friday finance personal loan instead.
Given that a renovation loan falls within the category of personal loans, any borrowed amount contributes to the overall loan limit specified by MinLaw restrictions for personal loans, similar to a standard personal loan.
Friday Finance is a product of IFS Consumer Services Private Limited, a licensed moneylender regulated by the Registry of Moneylenders of the Ministry of Law in Singapore
