A new gleaming hardwood floor, a kitchen skylight, beautiful kitchen cabinets, antique bathroom vanities, a finished attic and a patio in the outdoors; these are just a few of the projects every homeowner in Singapore would like to start. However, the cost of buying and maintaining a house is already overbearing, especially in these tough economic times.
If you are a homeowner, you might find it impossible to carry out these amazing renovations due to the high cost, but luckily a renovation loan can change all this. One of the main reasons people save to own their own homes is in order to personalize their properties. The freedom to add your own style and features makes home ownership worth all the sacrifices. Well, a renovation loan from U Credit can make all this possible.
Give Your Home an Elegant Touch with a Singapore Renovation Loan
If you have been wondering how you can bring your home up to your own standards, it is time to get more insight on renovation loans available in Singapore. Here are a few pointers to guide you:
Renovations loans in brief: A renovation loan is given to a property owner who has a reliable source of income. The loans are offered by banks and other financial institutions. To qualify, you must be a Singaporean or a permanent resident (PR).
Why should I apply a loan for a “home facelift”?
One reason you bought your own place is to be able to give it a personal touch through your own styling and fixtures. Your savings might not be adequate for a major project, say going up to $30,000 at once. With a renovation loan, you are able to meet the costs of any renovation.
How can a renovation loan be utilized?
The beauty of these loans is that they are flexible; whether you want to add new flooring, repaint the walls, repaint your roof, add a sunroom or change tiling in your bathroom, the choice is yours.
What is the application process?
Renovation loans are easy to apply for as long as you are above 21 years old. While different money lenders have varying conditions, the common documentation requirements include proof of income and ownership of your home, NRIC copies, CPF statements, bank statements, official contractor’s quote and latest Income Tax Notice of Assessment (NOA) for salaried and self-employed people.
What are the loan terms?
For banks, the loan tenure varies between 1 and 5 years and the repayments will depend on the bank. The interest rates can either be flat or variable while the amounts lend-able will depend on your financial situation with the bank. For a better picture of how U Credit renovation loans work, give us a call today.
It is now possible to give your home a customized look using a Singapore Renovation Loan. This adds to its value and makes it even more welcoming, which is the dream of every homeowner.
Send us a loan enquiry here and our loan officers will get back to you to discuss the best loan package to suit your renovation needs.