Other than the housing loan that commonly used by home owner when purchase the house, the next will be renovation loan from the bank or financial institutes. Some time you be able to bundle with the housing loan and renovation loan together as a package.
When you need Renovation Loan?
The renovation cost for the house can be ranging from $1000 to $100,000 depend the extensiveness of work involved. With renovation loan, the home owner can have a peace of mind to focus on other matters instead of financial when the process of the renovation may not be as easy and required intensive concentration with the contractor and sourcing.
Do take note that the quotation from the contractor shall properly breakdown in order to facilitate the proof of renovation, and all the invoices shall be well kept and for submission. Most of the cases, the renovation loan not required collateral when your credit record is good. The time taken for the renovation loan to be approved is relative fast due to the small sum and be able to released quick to meet your project needed.
The renovation loan is mostly calculated in flat interest rate, however, you may find some banks over innovative renovation loan also. The repayment can be in flexible or fix amount from one year to 5 years.
If you intend to look out for renovation loan in Singapore Bank, you may find it here by click the links below: