Singapore Renovation Loans
SmartLoans can help you realize your dream home by helping you secure your renovation loan. We have tie ups with most banks in Singapore to help you get the best rates in the market.
Do I qualify for a renovation loan?
Singaporeans or Singaporean PR, 21 to 55 years of age with a minimum annual income of $24k can apply for a Renovation loan.
What is the minimum & maximum loan amount I can get for my renovation loan?
Loan amount ranges from 5 to 10 times your monthly income. Successful candidates can loan a minimum of $10,000 up to $30,000 maximum.
What is the lowest interest rate I can get for my renovation loan?
Banks usually revise their renovation loan rates from time to time. Send us an enquiry and we’ll help connect you to the banks with the lowest rate at that time. Our service is free as we are compensated by the banks directly!
I applied for a renovation loan before and got rejected. How long should I wait before I can re-apply again?
Waiting period will take up to 6 months before you can re- apply for renovation loan.
My annual income does not suffice for the minimum loan amount. Would it be possible to make a joint- application instead?
Yes. You can apply with a joint applicant to meet the minimum income criteria. However, joint applicants have to be legal owners of the property or must be related as spouse, parent, sibling or child. A proof of relationship is required for the renovation loan.
Are there any fees and/or charges if I get a renovation loan through SmartLoans.sg?
Smartloans.sg is completely free for you. As we refer a high volume of clients to our partner banks, we’re able to get you the best loan rates across all banks in Singapore. SmartLoans.sg gets paid by the banks directly. So it’s a win-win! You get the best rates and don’t have to pay us a cent!
Are there any extra charges from the bank?
Once renovation loan gets approved, the banks will usually charge a processing fee of 1.0% of the loan amount have to be paid to the bank upfront upon signing the Letter of Offer in acceptance of the approved loan amount.
What are the Documents required to apply for a renovation loan?
- Photocopy of NRIC (both sides)
- For salaried person: Latest computerised payslip and CPF statement for the past 6 months/ latest Income Tax Notice of Assessment.
- For self- employed: Latest Income Tax Notice of Assessment for the past 2 years.
- Original Contractor's Quotation/ Invoice duly signed by customer and contractor.
- Proof of property ownership between applicants (e.g. Marriage Certificate or Birth Certificate)
- Original Receipt/ Invoice of fittings purchased (applicable for furnishing loan only)
- Completed Application Form duly signed by applicants
