Renovation loans to help you achieve that Instagram-worthy abode
There’s no place like home. After a long and hard day at work, all we really want is to retreat to a place we can call our own and recharge; a place that screams comfort and reflects our quality of life.
Many millennials in Singapore put great emphasis on having a high quality of life and especially so when it comes down to renovating their dream homes. Creating an Instagram-worthy home is not only important in terms of aesthetics but how well the place complements their lifestyles with functionality too.
With so many factors to consider, having good planning and budgeting is crucial when it comes to renovation and buying furniture. However, it is easier said than done. For many first-time homeowners, renovating a new or resale flat can be daunting.
The average renovation in Singapore for a simple 4 to 5-room HDB flat can cost at least $30,000 and some even go beyond $100,000. Unless you have been conscientiously saving up for your renovation, this sum of money isn’t something that many people would readily have.
Here’s how a renovation loan from an authorised money lender in Singapore can help finance your dream Instagram-worthy home.
What is a renovation loan and what can it be used for?
While there are many renovation loan options in Singapore, Galaxy Credit’s renovation loan is designed for renovations or home-improvement projects. It is a flexible and convenient loan for homeowners as it covers a wide range renovation works and furnishing needs.
Our renovation loan can be used for the following:
- Plumbing and electrical works such as installation of lights, fans, sinks and bathtubs
- Carpentry works such as building and installation of kitchen cabinets, featured walls, custom-made furnitures, roofing and other ornamental works
- Masonry works such as tiling or brick work, overlaying of ceramic, marble or other preferred types of tiles onto walls and floors, and decorative finishes
- Remodelling and restoration works
- Painting and redecoration works
- External work on your compound
- Purchasing of furniture
Before signing on any renovation packages, you should do ample research and budgeting on how much you are willing to spend on different components. The type of housing and scale of renovation will largely determine the cost. Other factors you will need to consider would be the contractor you are looking to engage, the interior designer and the design-and-build contractor.
When you apply for a renovation loan with Galaxy Credit, our loan officers will assess your finances and needs before working out a customized loan package best suited for your renovation requirements.
Benefits of a renovation loan
Thinking of renovating or upgrading your home? Here are some reasons why a renovation loan from Galaxy Credit can come in handy.
Renovation loans are a good alternative, as you need not exhaust your savings solely on renovation or home-improvement works. Taking out a renovation loan allows you to split your payment into smaller repayment amounts every month, thus easing your financial burden while ensuring that you have ample savings set aside for other emergencies. At Galaxy Credit, we offer flexible repayment tenure of up to 12 months, subject to approval.
At Galaxy Credit, we offer unsecured renovation loans with simple interest rates from just 2.27% per month, and a loan amount of up to 6x your monthly salary. These terms are subject to approval. When you apply for a loan with us, our loan officers will carefully assess your loan amount and finances to work out a customized package for you.
It is important to consider interest rates when taking out any form of financial loans as snowballing high interest rates can cause you to pay more in interest rates over time. At Galaxy Credit, our loans and interest rates are kept transparent so you can apply for a loan with us with a complete peace of mind.
Galaxy Credit strives to keep our loan process as efficient as possible. We understand the urgency of loans and are always striving to ensure a smooth and fuss-free application process for our customers. We offer quick approval and less than an hour to process our loans. When you are in need of quick financial assistance, do not hesitate to contact us to find out more about your loan options and we are always here to help.
The greatest benefit of a renovation loan is the freedom to build and achieve your dream home, according to your own terms. We all know how sensitive it can be to borrow from our friends and family. If taking out a loan can help you avoid awkward conversations and naysayer comments, it is worth the investment.
You can also choose to renovate your home in stages or complete it within a few months with a renovation loan in hand.
A renovation loan can come in handy for new and existing homeowners for any form of renovation and home-improvement works. With our customizable loan packages, anyone can achieve their Instagram-worthy abode that will not only look good but feels good as well. Contact us today to find out more.
