Renovation Loan

Renovation Loan

Renovation Loans

To help you with your dream home, AutoMoneyBack connects you to the top 3 banks in Singapore providing renovation loans with the lowest interest rates (and benefits). We simplify your process by getting the renovation loan specialist from the top bank to contact you.

 

How do I qualify for a renovation loan?

You need to be Singaporean or a Singaporean PR, aged between 21 to 55 years, with a minimum income of $24,000 p.a. to qualify. If you do not meet the annual income of $24,000, you can apply for the loan with a joint applicant to meet the minimum income criteria. However, joint applicants have to be must be related as spouse, parent, sibling or child.

 

What is the loan amount I can get for my renovation?

The bank may extend a minimum loan amount of $10,000 up to 8 times of your monthly income up to a maximum loan amount of $30,000 (whichever is lower). Some banks may also provide an additional “furnishing loan” to supplement your renovation loan.

 

What is the loan tenure for my renovation loan?

The duration can be set between 1 to 5 years.

 

What is the lowest interest rate I can get for my renovation loan?

Banks usually revise their renovation loan rates from time to time. Fill in the enquiry form (click below) and our system will automatically generate a report that ranks the current top 3 banks with the lowest interest rates (and benefits). This report will be emailed to you, so please make sure your email address is correct.

 

I got rejected previously for a renovation loan. How long should I wait before I can re-apply again?

Waiting period will take up to 6 months before you can re-apply.

 

Are there any fees and/or charges if I get a renovation loan through AutoMoneyBack?

Our service to you is 100% free because we are paid by the banks separately. In fact, we give you rewards back for using our services.

 

Are there any extra charges from the bank?

The banks will usually charge a processing fee of 1.0% of the loan amount that has to be paid to the bank upfront upon signing the Letter of Offer, upon acceptance of the approved loan amount.

 

What are the Documents required to apply for a renovation loan?
  • Photocopy of NRIC (both sides)
  • For salaried person: Latest computerized payslip and CPF statement for the past 6 months or latest Income Tax Notice of Assessment
  • For self- employed: Latest Income Tax Notice of Assessment or CPF statement for the past 2 years
  • Original contractor’s quotation / invoice duly signed by customer and contractor
  • Proof of ownership of property to be renovated
  • Original receipts / invoices of fittings purchased (applicable for furnishing loan only)
  • Completed application form duly signed by applicant(s)

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