SmartLoans does the job for you by generating a report that ranks the current top 3 banks in Singapore providing renovation loans with the lowest interest rates (among other features and benefits). We also make life easier for you by connecting you directly to a renovation loan specialist from the top bank.
You need to be Singaporean or a Singaporean PR, between the ages of 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.
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 also provide an additional "furnishing loan" to supplement your renovation loan.
You can choose to repay your renovation loan anytime between 1 to 5 years.
Banks usually revise their renovation loan rates from time to time. Fill in the enquiry form (on the right) and our system will automatically generate a report that ranks the current top 3 banks with the lowest interest rates (among other features and benefits). This report will be emailed to you immediately so please make sure you key in your email address accurately.
Waiting period will take up to 6 months before you can re- apply for renovation loan.
Our service to you is 100% free because we are paid by the banks separately.
Once your loan application gets approved, 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 in acceptance of the approved loan amount.
