Renovation Loan in 2018: Singapore Homeowners Definitive Guide
The process of owning a home in Singapore is like taking a long journey. There are so many phases and while you know you will enjoy the destination, which is home ownership, there is a lot of hard work to do before you get there. Most people work for years and save in order to get the required amount for a mortgage down payment.
However, when you get keys to your new house, you realize there are still renovations to be done to get the property to your standards. Renovations in Singapore cost on average $15,000 to over $100,000 depending on the size of the project. By that time you have exhausted all your cash reserves and the journey is still not complete. This is where a home remodeling grant comes in handy.
Fixer upper loans are now very popular with homeowners because they give them freedom to customize their living spaces. Renovations loans are also more affordable and they are flexible unlike other financing options in the local market. It gets even better, you can carry out all types of renovations ranging from physical additions to the property, installing new flooring systems, repainting, buying furniture, electrical and wiring works, roofing, interior décor among other renovations.
3 Things to Look For In a Singapore Renovation Loan in 2018
There is no overemphasizing the importance of a homestyle loan whether you are moving to a new house or you want to bring your old house back to life. There are many loan products in the market and finding the best can be overwhelming, especially for a first time customer. Below are some things to consider when shopping for a loan:
Low Interest Rates
As a homeowner, you are already under a lot of financial strain and as such, you should compare as many loan products as possible to find the best rates. Check whether the rates are flat or monthly because this determines the actual cost of a renovation loan. While the advertised flat rate might appear lower, remember to calculate the effective rate, which gives the actual rate.
Types of Fees
Other than renovation loan interest rate, look out for other charges that might affect the amount you are paying. These include processing fees, penalties for full or late repayments and disbursement fees. Confirm any of these charges on the loan agreement and go for a loan provider with minimal charges.
How To Renovate A House With No Money? Look For The Best Renovation Loan Providers
Go for a reputable renovation loan provider with a track record in the industry. Seek referrals and recommendations from other homeowners and specialists in financing and real estate. Assess the quality of customer service, flexibility of the loan products, licensing, and reliability of the loan company.
A renovation loan gives you the power to truly complete the journey of home ownership. Apply with the top licensed moneylenders here in Singapore and access the most flexible renovations loans today.
Apply for Home Renovation Loans with Fast and Easy Approval
Ask everyone in Singapore about their dreams and most likely they will mention owning a home. With your own home, you have more security in terms of residence and you have more freedom to customize your place to reflect your personality. However, home ownership also comes with more added responsibility one of the major ones being home maintenance.
Here’s Everything You Need to Know about a Singapore Renovation Loan
With time, your new, beautiful HDB home or condo will require retouching to reclaim lost glamour and this is where a Singapore renovation loan comes in handy. There is no denying that major construction works in your home can dent your savings, hence the need to look for an alternative source of funding.
What is Renovation (Reno) Loan?
Even the most beautiful house will over time require a facelift. With home décor trends changing every other day, you might also feel the need to upgrade a part of the structure in order to fit into the trending styles. Whatever you have in mind, there is the issue of cost and truth be told, this will eat away into your savings. Luckily, there are many registered money lenders in the country who offer financing for home renovations to all types of homeowners.
A Reno loan covers a broad range of areas including:
1) Extensive Repairs
Over time, the effects of weather, use and age will become apparent and extensive repairs including repainting, change in décor, roof repairs, floor re-installation among others will give your home the much needed facelift.
2) Room Re-modelling
How would you like to have your bathroom redecorated in the latest European design? Maybe you would like a skylight for your kitchen? Whatever you have in mind, a Reno loan covers all types of remodels.
3) Home Additions
Probably, you need a deck or patio added to your home? Maybe you need the basement finished to get more space? Whatever additions you need, your renovation loan will cater for it all.
4) Interior/Exterior Décor Changes
There are many trending décor designs that can bring your house back to its former glory and their cost can be catered for using a Reno loan.
Why Opt for a Reno Loan?
Truth be told, there are many other loans available to a property owner in Singapore. You can go for a personal loan from your bank or opt to use a credit card. However, all these loans are very expensive with PR going up to 24%. Reno loans are cheaper, customizable and more flexible. Application is easy and if you should find a reputable lender to ensure you find a competitive rate, isn’t it time you gave your home a new lease of life?
3 Invaluable Tips before taking a Singapore Renovation Loan
Fabulous bathroom tiling, beautiful wallpaper, resplendent chandelier lights, new wall painting, a sunroom; all these are common renovation ideas that homeowners in Singapore have. The problem comes when they try to implement their ideas due to the high cost.
For most people, the process of purchasing a new home is already a tough one financially and hence trying to renovate their new property is not easy. Luckily, renovation (Reno) loans are now readily available to help homeowners customize their living spaces. They are more affordable than say, credit cards and personal loans.
Like with all financial products, it is important to do due diligence before finally buying a loan. After, there is a legally binding contract accompanying the loan and the product will also affect your finances. To get the most out of this loan product, below are some factors to consider:
1) Identify the Design Needs
It is now common for most homeowners in the country to quickly apply for renovation loans even before they have completed purchase. The urgency to renovate is understandable considering these homeowners have probably been living in a rental they never liked anyway. However, it is advisable to first look at your new house and identify every area that requires initial remodelling. Remember there is a lot to be done and as such, you have to get the most immediate areas that require reworking before applying for a loan.
2) Use a Qualified Contractor
Never try DIY renovations if you are serious about getting external funding. A lot of money is required for renovations and lenders only want to fund a project that is being managed professionally. Look for referrals and recommendations from other homeowners in order to identify a reputable contractor. These professionals will write a comprehensive quotation that you will use to access a loan. A qualified contractor also saves you a lot of money by recommending cost effective designs.
3) Create a Renovation Budget
One of the best ways to guarantee your renovation project is successful is by having a well prepared budget. Once you have identified the areas to be renovated, a quote will be prepared, but it is also important to talk to your loan assistant for further advice. Make sure the budget you draw covers all aspects of the project right from the consultation fees, designing charges, materials, labor, and permits among others.
These tips will help you out when shopping for a renovation loan. You are assured that the project will be run professionally and there is no risk of exceeding the budget. Talk to us for the cheapest Reno loan and let’s help you renovate your home up to your standards.
The post Apply for Home Renovation Loans 2018 with Fast and Easy Approval appeared first on Katong Credit Licensed Moneylender Website.
Give Your Home an Elegant Touch with a Singapore Renovation Loan
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.
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 renovation loans work, contact the respective licensed moneylenders for advice 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.
The post Give Your Home an Elegant Touch with a Singapore Renovation Loan appeared first on U Credit Licensed Moneylender Website.
Apply for a Renovation Loan 2018 for Homeowners with Fast and Easy Approval
Now that you have the keys to your new house, what is the first thing that comes to mind? If you are like most people in Singapore, renovation is the next big project. Of course, the home purchase process has drained you financially, but there is still a burning desire to customize your house.
Whatever renovation idea you have in mind, you must be concerned about the cost. Luckily, the local financial market now has a way out for homeowners seeking to renovate their houses. Whether your place is new or you want to give an old house a facelift, a renovation loan with Credit 21, a reputable and licensed moneylender will go a long way. Your home upgrade loan funds important renovations to give the property your personal style.
Leveraging On A Fast Approval Cash Loan For Your Renovations
A home revamp loan gives you a much-needed boost to personalize your home. You can transform an otherwise bland looking property into the most glamorous living space. With these loans, you have the freedom to undertake any renovations ranging from electrical, wiring and plumbing, new floor installation, roof remodelling, repainting, furniture purchases, bathroom and kitchen remodels among many others.
Another reason to go for a renovation loan is the fact that renovations done add value to your property. The best home revitalization will instantly make your home more comfortable and functional, which adds to the overall value. These loans are more affordable than personal loans and this is one reason to leverage them for renovations.
How Can I Get A Quick Renovation Loan Here In Singapore?
The process of renovation loan applications is now easier with most lenders providing online application options. To avoid unnecessary delays, consider the following:
Evaluate and identify your needs early: Make sure you already know what you need done to your place in order to make it easier for your contractor to give a quote.
Use a certified contractor: An official quotation from a certified contractor is required by your lender. These contractors will also provide an objective view about renovations you intend to carry out. The quote given is crucial in budgeting and accessing a quick financing.
Understand all requirements: You have to be a Singaporean or a permanent resident (PR) aged 21 years and above to qualify. Other requirements include proof of ownership of your property, proof of income for both salaried and self-employed people, documentation such as NRIC copies, and also CPF statements / NOA.
Take time to research what is required by different lenders in order to qualify for a loan on the 1st attempt. Contact the recommended list of licensed moneylenders and get all renovation loan assistance you require today.
How to Compare Singapore Renovation Loan Providers
Who wouldn’t like a fully furnished house with just the perfect lighting, gleaming hardwood floor boards, French windows, cement screening on the walls, illuminating lighting all around and tiled bathroom? If there is one thing most people in Singapore would like, it is the opportunity to own a house and make some of these additions. The beauty of owning your own place is the ability to give it your own personal style only that this costs a lot.
If you are like most homeowners in the country, you have most likely struggled a lot to pay a mortgage down payment. Most homeowners wait for years before they can move into their new places only to realize they still need more money to fully customize the new home. This is how a new house turns into a home by giving it your personal touch.
Renovation Loans as a Godsend
According to recent studies, a renovation to a new house in Singapore can easily cost between $10,000 to over $100,000, and sometimes even more. Most likely, you don’t have such money and this is where a renovation loan comes in handy. Home upgrading loans are highly versatile allowing you to carry out any type of renovations, such as floor instillation, physical additions, interior and exterior décor redesigns, lighting and plumbing, bathroom and kitchen remodels among others.
Finding the Best Renovation Loan Provider
Well, with so many lenders in the market, it is important to shop around carefully. Here are some factors you need to consider in order to identify the best renovation loan provider:
Licensing: The loan provider must be licensed and registered under the Ministry of Law (such as Credit 21). This guarantees that the services and products they offer are legal and you can also seek redress in case you are dissatisfied.
Reputation in the industry: Check the track record of the lender by reading reviews, testimonials and also seeking referrals and recommendations from family and friends.
Loan products: Look for a loan provider who is offering a low-interest, flexible and custom home upgrading loan that perfectly fits your needs.
Customer service level: The best loan providers have highly qualified renovation loan experts who are readily available to provide all the information you need.
The loan application process should also be easy and preferably online.
The post Apply for a Renovation Loan 2018 for Homeowners with Fast and Easy Approval appeared first on Credit 21 Licensed Moneylender Website.