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Personal Loans in Singapore

A renovation loan is one of the needs-based personal instalment loan you can take up with the financial institution of your choice. As they are special-purpose loans meant to help you finance your home renovations, the interest on renovation loans tend to be lower than personal loans. However, renovation loans come with restrictions on the type of renovations that can be paid with the loan. This is because of the lower interest rate you enjoy, and the fact that the money will be disbursed to the contracting party directly.
Loan repayment tenures usually range between 1 to 5 years.
No, unless your renovation costs was incurred under the Optional Component Scheme (OCS).
New BTO flat owners have the option to enhance their flats with OCS, so they a flat close to move-in condition when they collect their keys. With this feature, you may be eligible to pay for the components with your CPF savings, depending on your loan repayment arrangement.
This depends on the type and number of renovations you need to get done. The loan often comes with various processing, handling, or administrative fees on top of the loan amount. If your renovations involve multiple contractors, some banks may charge extra fees as your loan needs to be disbursed in stages or to multiple vendors.
Compare the type of loans in the market with these factors in mind. Sometimes, banks also extend better rates to renovation loan applicants if they are already existing home loan customers.
The maximum amount you can borrow for a renovation loan is 6 times your annual salary, or $30,000, depending on which is higher.

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