Applying For A Quick & Fuss-free Renovation Loan In Singapore
A good renovation is a solid building block of your dream home, of which it literally makes or breaks it.
After successfully purchasing your resale flat or moving into your BTO for the first time, the next hurdle that homeowners need to face is renovations. If you are planning to buy a flat, you will also need to take into consideration the renovation costs, which can be expensive. The average cost of renovating a 4-room HDB flat in Singapore is about $44,000 to $67,000. This is a substantial amount, which you cannot use your CPF for.
If you are planning to buy a flat and making it your forever home, you will probably want to spend a little bit more on it to make it homey since you’ll be staying in it for a long time. With that said, there are renovation loans in place to help lighten your financial strain.
Factors That Affect Renovation Costs
When it comes to renovating your dream home, the sky’s the limit, right? Renovation costs are highly subjective and dependent on the aesthetic and extent of work you want to get done. For example, if you are planning on doing demolition work such as hacking of walls, installing false ceilings and partitions, installing new bathroom fittings and more, and using more premium and customizable materials can add to the renovation costs. Who wouldn’t want to invest in a cozy and furnished nook to call our own? However, not everyone can easily afford the dream home we want but that doesn’t mean you can’t achieve it with a little help.
A renovation loan is a personal loan specifically meant for financing your home renovations. As it is used specially for renovations, if you are taking out a bank loan, the interest would be lower since the bank knows that you already own a home (an asset), and the money is used to enhance the value of this asset. However, bank loans also come with certain restrictions such as the kind of enhancements you can use the renovation loan for, and that the money would be disbursed to your interior designer or contractor directly. This means the main bulk of your loan would go straight to a third party, leaving you with restricted options as to what you can use the remaining loan (if any) for. Banks can also charge extra if your loan has to be disbursed in stages or to different vendors.
What Renovation Loans From Goldstar Credit Can Be Used For
At Goldstar Credit, we offer renovation loans tailored to your every need. Be it a small sum for buying furniture or a lump sum to pay your contractors, we have got you covered.
Our renovation loans have affordable and low interests from 2.27% and flexible repayment terms of up to 12 months. You can borrow up to $50,000 or even up to 6 times your monthly salary. You will not be restricted to how you spend the loan and can even explore hiring different vendors and contractors for different renovation procedures.