Remodel Your Home With Our Renovation Loan in Singapore
Online applications available 24/7. Fast loan approval in minutes. Affordable rates from 2% monthly.
What Does “Renovation Loan” Mean??
A renovation loan in Singapore is an unsecured loan specifically for home makeovers (repairs, fixtures, etc.). Due to how expensive renovations generally are, a home renovation loan can take a large financial burden off you. You can remodel your home and not worry about a single large bill waiting to be paid.
Home renovation loans from legal money lenders in Singapore also come with low interest rates and flexible loan tenures, allowing borrowers to fund home makeovers comfortably. While reno loans are appealing for securing sufficient financing, it can only be used for home remodelling and renovations, and not for any other purposes.
Give your home the makeover it deserves. Apply for a renovation loan here!
How Does a Home Renovation Loan in Singapore Come in Handy?
When you need urgent access to renovation financing
Home renovation loans in Singapore are specifically designed to fund home remodelling projects, so the chances of approval are much quicker and higher. This means you’ll get immediate access to funds from a reno loan and speed up your home makeover project.
When you seek flexibility and control over loans
We know how important it is to build your dream home, but even more so, to do it without breaking the bank. Renovation loans in Singapore are fully personalised to meet your requirements regarding loan amount, repayment schedules, and repayment options.
When you need funding but don’t want to provide collateral
As home renovation loans in Singapore are unsecured loans, you need not provide any collateral. Simply focus on planning the renovation works while our reno loan provides the funding!
When you plan to increase the value of your home
If a potential resale is what you’re aiming for in the future, a renovation loan may be the way to go to fund your home makeover. Start working out your ideas and planning ahead — it’s really never too early!
Why Apply for a Renovation Loan With Us?
Experienced, professional, and passionate
We’ve been a renovation loan provider since 2010, and our loan consultants possess over a decade of experience. It’s safe to say we’ve had our fair share of experience and strive to do even more for future customers. We’re dedicated to learning about your financial requirements and situation so you can get a renovation loan that best meets your needs.
Attractive interest rates
It’s always essential to compare private lenders’ interest rates, as the higher they are, the more you have to fork out monthly. At Galaxy Credit, our renovation loans’ interest rates start as low as 2% so that monthly repayments can be made comfortably without burning a hole in your pocket.
Borrow on your own terms
Our home renovation loans’ terms and conditions are always discussed upfront because we hear you, and we’ll only suggest a loan amount and repayment schedule that’s within your financial capabilities. Every loan is fully customised to each individual’s financial requirements, so you never have to worry about hefty monthly repayments that you can’t afford.
Fewer documentations, quicker loan approval
As a home renovation loan in Singapore is unsecured in nature, you don’t need to give collateral. A reno loan from money lenders is also more flexible in terms of eligibility requirements, so it’s likely that you’ll receive approval and funds much more quickly compared to loans from major banks or financial institutions.
Your dream home is only a click away. Apply for a renovation loan here!
FAQs About Home Renovation Loans in Singapore
How do I budget effectively for my home renovation costs?
Even with a home renovation loan in Singapore, do manage your renovation’s budget. A simple indicator to assist you is the limit for your renovation loan in Singapore; your renovation cost shouldn’t exceed six times your monthly income.
What are the general costs of home renovation works these days?
Thanks to rising costs, a renovation loan in Singapore, also known as a reno loan in short, has become increasingly more important for homeowners. Here’s the indicative renovation cost for various home types:
| HOME TYPE | COST |
| New 3-room HDB flat | S$36,000 to S$43,000 |
| Resale 3-room HDB flat | S$51,000 to S$61,000 |
| New 4-room HDB flat | S$51,000 to S$61,000 |
| Resale 4-room HDB flat | S$64,000 to S$80,000 |
| New 5-room HDB flat | S$67,000 to S$82,000 |
| Resale 5-room HDB flat | S$84,000 to S$97,000 |
What does a renovation loan in Singapore cover?
Galaxy Credit’s home renovation loan in Singapore can be used for:
- Painting
- Installation of built-in storage (cupboards, cabinets, etc.)
- Flooring and tiles
- Solar panel installation
- Bathroom fittings
- Electrical wiring
- Other renovation works
What sets Galaxy Credit’s reno loan apart from other reno loans in Singapore is that you can use the funds to purchase furniture. Rest assured, we won’t penalise you for this if we conduct a site visit.
How do I know if I’m eligible for a renovation loan in Singapore?
To apply for a home renovation loan in Singapore, you need to meet these criteria:
- Be 18 years old and above
- Be a Singapore Citizen, Permanent Resident, or S Pass or Employment Pass holder
- Draw a stable income
- Legally reside in Singapore (rent or own a home)
Is a home renovation loan better than a personal loan?
One key advantage of a reno loan in Singapore over a personal loan is the possibility of a lower interest rate. However, the rate you’re offered for your renovation loan is subject to our discretion.
Are renovation loans in Singapore commonly taken up by homeowners?
Homeowners who need assistance funding a renovation, especially shortly after buying a house, often take up a reno loan in Singapore.
What’s the tenure of a renovation loan in Singapore?
A renovation loan’s tenure from Galaxy Credit ranges from 1-24 months. This isn’t set in stone and you can request for a tenure that meets your needs.
How does a renovation loan from a licensed money lender differ from a bank’s?
A renovation loan from a licensed money lender usually boasts faster approval than a bank’s. Additionally, a licensed money lender’s renovation loan doesn’t require credit score checks (just basic credit assessment). If you can prove your income is stable and you haven’t exceeded your loan limit, you can obtain a renovation loan.
Just so you know, a renovation loan from a licensed money lender is also more flexible — you can use it to pay for furniture or appliances. This will not be possible if the reno loan is from the bank!
Read our guide to learn the differences in renovation loan interest rates between banks and licensed money lenders.
Is there a processing fee to obtain a home renovation loan quickly?
Galaxy Credit charges a processing fee of up to 10% of the principal loan amount when we grant it. We do not accept additional payments to expedite approvals for renovation loans.
What’s the maximum amount I can borrow for a renovation loan?
The maximum amount for your renovation loan depends on your annual income:
Annual Income | Singapore Citizen/Permanent Resident | Foreigner in Singapore |
Below S$10,000 | S$3,000 | S$500 |
S$10,000 to S$19,999 | S$3,000 | S$3,000 |
S$20,000 and above | Six times your monthly income | Six times your monthly income |
Can I take up multiple home renovation loans for my house’s makeover?
Yes, you can. However, each renovation loan has to be from a different licensed money lender. The total amount you borrow across all firms for your renovation loan cannot exceed the limits stated above, too.
Does Galaxy Credit offer same-day disbursements for renovation loans in Singapore?
Yes! To boost the odds of you enjoying a same-day disbursement, ensure you:
Apply for your renovation loan online along with your supporting documents.
Wait for our update on your reno loan application status, usually within 20-30 minutes.
Go to our office to review and sign the loan offer, and then receive cash through PayNow or in hand.