Renovation Loan in Singapore: Get the Home of Your Dreams

Whether renovating your BTO, or refreshing a pre-loved home, a home renovation loan in Singapore is what you need. As a top reno loan provider, we’re determined to help get the funds you need to build the home of your dreams.

What is a home renovation loan in Singapore?

A home renovation loan (or reno loan) in Singapore is a type of financial loan that is used to pay for the costs of a home renovation. Renovation loans are highly versatile unsecured loans, as you can use them to pay for various costs involved in your home makeover.

These include contractor services, painting and carpentry work, tiling, etc. Additionally, you can also use your renovation loan to pay for new furniture for your home, bedroom and bathroom fittings, and new appliances like aircon systems, washing machines and refrigerators.

Why do you need a home renovation loan in Singapore?

Given the high rate of home ownership in Singapore, home renovations are customary for those moving into their new flats or those who want to refresh a property that has been lived in for a while.

However, due to the scale of work, furnishings and materials involved, home renovations do not come cheap. This is where Cash Direct shines with our reno loans in Singapore as we provide the necessary funding to help you achieve the home of your dreams.

How you can benefit with a renovation loan by Cash Direct

Speedy online applications

We offer convenient and fuss-free home renovation loan applications online with fast approval of 30 minutes or less.

Industry veteran trusted by thousands

Since 2010, Cash Direct has been faithfully serving the needs of thousands of borrowers from all backgrounds along with garnering countless 5-star Google reviews.

Attractive rates and flexible tenures

We offer low interest home renovation loans in Singapore — ranging from only 2-4% — allowing you to have affordable monthly repayments.

Discreet office location

Our conveniently located yet discreet office in Jurong is designed to offer a professional environment while safeguarding your privacy.

Versatile purpose

A renovation loan in Singapore with licensed money lenders doesn’t only let you fund reno works, but even any sort of household-related purchase; be it furniture, kitchenware or decor.

Eager to embark on your home makeover? Our renovation loans provide the essential funds in under 30 minutes.

Frequently Asked Questions (FAQs) about renovation loans in Singapore

What can a renovation loan in Singapore be used for?

Renovation loans in Singapore are used to pay for the cost of renovating your home. For bank renovation loans, you are only allowed to pay for actual renovation works, such as contractor bills, carpentry works and tiling, etc, but not for related expenses like new furniture or home appliances.

Home renovation loans from licensed lenders like Cash Direct offer more flexibility as there is no restriction on how you use the loan. You can pay for renovation works, and well as purchase new furnishings and appliances with a home renovation loan from us.

How does a home renovation loan work?

You can apply for a home renovation loan from a licensed lender like Cash Direct. After your loan has been granted and disbursed in a lump sum, you can use the funds to pay for the cost of your renovation.

Interest is charged on your renovation loan, and you may repay the loan and interest charges in monthly repayments. Be sure to negotiate the terms of your renovation loan, including loan amount, loan tenure, interest rate, fees and charges, with your lender so as to ensure manageable monthly payments.

Is a renovation loan a secured or unsecured loan?

Renovation loans in Singapore are offered as unsecured loans. No collateral is required to get a home renovation loan.

How much does it cost to renovate a home in Singapore today?

Home renovations in Singapore can range from tens of thousands to hundreds of thousands, depending on the scope and complexity, materials chosen, design elements and more.

Is it easy to qualify for a home renovation loan?

To qualify for a home renovation loan in Singapore, you will need to fulfil eligibility requirements such as income level and citizenship status. Banks will also require a thorough credit check, but licensed lenders do not. Instead, licensed lenders will take a quick look at your Loan Information Report at the Moneylenders Credit Bureau.

Generally, you will be able to qualify for a home renovation loan as long as you meet the eligibility requirements, and can furnish proof of consistent income.

Who can get a renovation loan in Singapore?

Property owners that meet the eligibility requirements can get a renovation loan in Singapore. As home renovations are undertaken by landlords and homeowners, only property owners would apply for a renovation loan.

What documents do I need to apply for a renovation loan from Cash Direct?

You may apply for your renovation loan online without any documents, and use Singpass to submit your personal data. When paying a visit to our office to sign your loan contract, please bring along:

Your identification documents
Proof of income such as latest payslips
Proof of residence such as a utilities bill slip
Renovation quote from an interior design company or renovation contractor

How much can I borrow in a renovation loan in Singapore?

If you are borrowing from a bank, your home renovation loan is capped at S$30,000. This is regardless of your income level.

If you’re borrowing from Cash Direct, you can borrow up to 6x your monthly income for your home renovation loan. This is provided your annual income is S$20,000 or more.

How does a renovation loan from a bank and licensed lender differ?

A renovation loan from a bank in Singapore is restricted only to paying for renovation works, and you are not allowed to pay for furniture and appliances using the loan. To enforce this clause, an official quotation from a contractor or renovation firm is required to be submitted during the loan application.

In contrast, a renovation loan from a licensed lender like Cash Direct comes with no such restriction. You are free to use your loan to pay for renovation costs, as well as items such as new furniture and home appliances.

Does Cash Direct charge an early repayment fee if I repay my renovation loan early?

No, we do not charge early repayment fees if you repay your reno loan in Singapore before the loan tenure is up. In fact, repaying your loan early means paying less interest overall, so we encourage our borrowers to repay their loans as early as they can.

Does Cash Direct offer renovation loans to people with bad credit?

Cash Direct strives to serve the needs of all borrowers. We do not conduct credit checks based on your Credit Bureau Singapore credit report when processing your renovation loan application, so even those with bad credit can qualify for our renovation loans.

What’s the interest rate of renovation loans in Singapore?

Cash Direct offers low interest rates on our renovation loans, ranging from 2% to 4% per month. The actual rate on your loan will depend on your borrower profile. Reach out to our friendly team to work out the best home renovation loan package for you.

How can Cash Direct help with your home reno loan in Singapore?

You can apply for a reno loan in Singapore from Cash Direct — simply fill out our online form and our friendly staff will get in touch with you to discuss a renovation loan package that best suits your budget and needs.

For your convenience, we’ll disburse your home renovation loan in a lump sum right after you’ve signed the loan contract. You may repay the loan, with interest, in monthly instalments over your preferred loan tenure. Our loan tenures are typically up to 12 months long.