Dream Big, Renovate Smart: A Renovation Loan Like No Other
Flexible loan amounts. Affordable interest rates. 90% approval rate. Renovation made worry-free.
An easier path to your dream home with a renovation loan in Singapore
Make your dream abode happen with a home renovation loan that meets your needs.
A home renovation loan in Singapore can give you the financial flexibility to transform your living space into one that reflects your style and preferences. With streamlined processes and tailored consultations, obtaining a reno loan can relieve significant financial stress from your renovation.
Get a reno loan with confidence, and ease.
Whether you’d like to create an urban loft or a Japan-inspired Zen paradise, we’re all ears. Turn your dream home into reality with a renovation loan in Singapore.
You might benefit from a renovation loan in Singapore if:
- You need flexible repayment options: Enjoy the ability to repay your loan in a way that fits your budget. We are flexible when it comes to customising loans that fit your financial requirements — whether it’s offering a longer tenure or permitting a larger borrowing sum (subject to a borrower’s income).
- You need to supplement your savings: Supplementing your savings lets you do more or cover extensive renovation projects. Let your imagination run wild so you can plan out whatever home makeover you have in mind!
- You seek competitive interest rates: Reno loans are widely known for their low rates — benefit from attractive rates designed to make your renovation more affordable so you can focus on what’s really important — the revamp of a lifetime.
- You need urgent approvals: Planning around tight timelines or crucial events? Get quick approval and access to funds when you apply for our home renovation loan.
3 steps to secure your renovation loan
Elite Investment & Credit is here to support you through your loan journey — with easy and quick financing.
Apply securely online
Visit our online application page and complete a simple form, or opt for an instant application via Singpass. This way, we can understand your renovation loan requirements and process your application quickly.
Consultation within 24 hours
Once we receive your application and documents, our team will briskly review your renovation loan needs and craft a customised loan package for you.
Receive approval and cash disbursement
Our renovation loan process usually takes less than 30 minutes, with a 90% approval rate. We strive to offer competitive rates and flexible terms suited to your financial needs.
Home Renovation Loan in Singapore — Frequently Asked Questions
Considering a renovation loan in Singapore? Here’s a collection of frequently asked questions that might help, based on Elite Investment & Credit’s extensive experience with our customers.
What’s the cost of a home renovation loan in Singapore?
You’re excited to unlock your home’s true potential. But first, let’s understand how reno loans in Singapore work so you feel confident and well-equipped.
Renovation costs in Singapore continue to go up year after year. The cost of BTO flat renovations is expected to rise across 3, 4, and 5-room types with the latter going up the most.. A home renovation loan provides the money you need to achieve your vision without financial strain.
Renovation costs can vary depending on the type of home you have and the scope of work. Here are the typical renovation costs in Singapore:
- New/BTO HDB Flats: from SGD 36,000 to SGD 82,000.
- Resale HDB Flats: from SGD 51,000 to SGD 97,000.
- New condominiums: from SGD 15,000 to SGD 181,000.
- Resale condominiums: from SGD 37,000 to SGD 181,000.
- Landed properties: from SGD 200,000 to SGD 800,000.
These costs can arise from a multitude of factors, depending on your needs. For instance, you might only be considering minor cosmetic upgrades, like repainting the walls or replacing key furniture pieces. On the other hand, you could be restructuring your entire house, which might involve wall hacking or a complete overhaul of your bathrooms and the kitchen to replace old fixtures. These larger projects will definitely incur higher costs.
Whatever your scenario, a home renovation loan can help you transform your house into the home you want it to be. A loan that’s tailored to your renovation needs will ensure that you have the necessary funds to complete your dream project.
How can you use a home renovation loan in Singapore?
A renovation loan can help you with various home improvement projects, ranging from kitchen and bathroom upgrades to flooring and carpeting, painting or wallpapering, electrical works, and restructuring to expand or reconfigure your home.
Imagine you’re the new homeowner of a 3-room HDB resale home. You adore the unit, but you’re not fond of the previous homeowner’s design choices, and an additional priority for you is creating your dream open-concept kitchen to host dinner parties for friends and family. Well, there’s nothing that some renovation can’t fix.
Here’s a look at some estimated costs, rounded up in $500 increments.
Data visualisation suggestion: The suggested method of presenting this data is to present a simple HDB floor plan (three-room apartment). Info bubbles help to depict the areas and costs of renovation matching the description below (see reference). Alternatively, a simpler option could be along these lines, breaking the icons down by the categorisations established below (ie kitchen and bathroom upgrades, flooring and carpeting, etc). Source: Qanvast renovation calculator.
Kitchen overhaul (1x kitchen to turn into an open-concept kitchen)
- Hacking, carpentry, plumbing, tiling,masonry: SGD 1,000 to 16,500.
Bathroom overhauls (2x bathrooms)
- Hacking, carpentry, plumbing, tiling, masonry: SGD 2,500 to 12,000.
Bedroom and living room upgrades (3x bedrooms and 1x living room)
- Light hacking, carpentry, tiling & masonry, ceiling, partitions: SGD 1,000 to 8,000
Whole-house renovation aspects
- Painting or wallpapering the entire house: SGD 1,000 to 8,000
Total costs: SGD 5,500 to 44,500.
In this scenario, renovations might cost you up to SGD 44,500. To avoid significantly impacting your cash flow, you could consider taking a renovation loan. This allows you to spread the large sum into manageable instalments over a period you’re comfortable with.
Who can apply for a home renovation loan?
Anyone, including employed individuals and self-employed professionals, locals and foreigners, is eligible to apply for our SG renovation loan. Our consultants are equipped to provide advice based on your financial situation and needs.
What documents are required for a renovation loan?
You may need to provide your NRIC, proof of income, renovation quotes, and any existing loan documents. Our consultants can offer their advice on what is required based on your unique situation. Your documentation and information will be safeguarded with strict confidentiality.
What’s the interest rate and processing fee for a renovation loan in Singapore?
Interest rates vary based on your profile, loan amount, and needs. Processing fees are minimal and are outlined with transparency during the application process. Our interest rates will never go beyond 4% a month, while processing fees will never be more than 10% of your approved loan sum.
How much can I borrow from a reno loan in Singapore?
Your renovation loan amount will depend on your renovation needs and income, but it’s typically up to six times your monthly salary.
Is there an early repayment fee for Elite’s renovation loan?
We offer flexibility with early repayments without additional charges.
Can I still get a renovation loan in Singapore with a low credit score?
While a good credit score helps, we assess each application individually and offer solutions even if your credit score isn’t perfect. We’ll create customised loan options to help you with your home renovation journey.
Can a self-employed individual get a renovation loan?
Yes, self-employed individuals can apply, and specific income needs will be accommodated. Be sure to provide your income documentation when applying!
Can I get renovation loans from multiple providers?
You can, but managing multiple loans can be difficult and complicated. It’s advisable to consult with financial experts to streamline your borrowing. At Elite Investment & Credit, we’re more than happy to assist you with your renovation loan in Singapore — feel free to drop us any questions you may have.
Never settle for less — the sky is the limit.
Your home is one of your most meaningful investments. With a reno loan in Singapore, remake your house to your heart’s desire.