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Renovation Loan

A home renovation loan offers homeowners the necessary funds to improve their homes without the requirement of collateral, making it an unsecured loan in Singapore. This means you won’t risk your property when applying for such a loan.

It’s crucial to differentiate a home improvement loan from home equity and home refinance loans, which are more mortgage-oriented. Unlike renovation loans, these options involve longer repayment periods, larger sums, and stricter approval criteria.

When seeking the best renovation loan in Singapore in 2023, banks typically require you to specify the intended maintenance project. Whether it’s repainting, roofing repairs, electrical system upgrades, extensions, or plumbing works, lenders vary in the amount they’re willing to lend. Hence, comparing different offers is advisable.

What Can You Use a Home Renovation Loan For?

Fixing Crumbling Roof

If you spot issues like crumbling or leaks in your roof, it's crucial to have it inspected by a professional. Consider using a renovation loan in Singapore to address any necessary repairs.

Restoring Dilapidated Flooring

Your home's flooring withstands continual wear and tear. If you detect any signs of strain, cracks, or dents, it's vital to address them promptly.

Repainting Worn Out House Walls

If your house's paint is fading due to factors like dirt, sunlight, or chemicals, repainting can be costly. Opting for an in-house renovation loan in Singapore enables you to afford quality paints and professional assistance, rejuvenating your walls with a fresh look.

Fixing Damaged Electrical System

If your home's electrical system is faulty, it can disrupt appliance usage and pose a fire risk. Skilled electrical work can be expensive. An in-house renovation loan in Singapore offers a solution, allowing you to manage costs and repay in installments.

At a Glance

Hassle-free application

Apply online using your digibank credentials.

Attractive rates

at 4.88% p.a.* for Lendy Renovation Loan

Peace of mind

We cover you with comprehensive insurance coverage

Renovation Loans FAQ

You can borrow up to 6 times your monthly income or S$30,000, whichever is lower, subject to approval based on your credit eligibility.

Main Applicant: Minimum annual income of S$24,000.
Joint Applicant: Minimum annual income of S$12,000 (parent, spouse, child, or sibling of the Main Applicant).

In a joint application, the loan amount is based on the lower monthly income (up to 12 times) of the two applicants, with a maximum loan consideration of S$30,000.

For instance:
If the Main Applicant’s monthly income is S$4,000 and the joint applicant’s monthly income is S$1,500, the maximum loan amount would be S$18,000 (S$1,500 x 12).

Your Renovation Loan can be used for:

  • Installation of Solar Panels
  • Electrical and wiring works
  • Built-in cabinets
  • Painting and redecorating works (e.g. wallpaper)
  • Structural alterations
  • External works within compound of the house
  • Flooring and tiling
  • Basic bathroom fittings

Kindly be aware that the Renovation Loan is strictly designated for renovation purposes and cannot be utilized for furnishings or any other use. If you require financial assistance for home furnishings, consider obtaining ready cash through Lendy Personal Loan.

Although the renovation loan is unsecured and does not involve collateral, it is necessary to submit a renovation invoice/quotation with your application. This demonstrates that the loan will be utilized specifically for home renovation purposes.

If all submitted documents are in order, you can expect to receive a letter regarding the outcome of your renovation loan application at your mailing address within 5-7 working days.

The approved loan amount will be disbursed in cashier’s orders as specified in your application.

In case additional information or documentation is needed, you will receive an email outlining the requirements.

We appreciate your patience, especially if the processing time extends due to necessary follow-ups.

Your monthly repayment amount will be deducted automatically from your loan servicing account on the 1st working day of each month. It’s important to maintain sufficient funds in your account to avoid incurring late payment fees.

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