Renovation Loan

Best Home Renovation Loan 

Home is a place where the heart belongs. We all know that home is probably the biggest investment we have to make in our lifetime. It is a place where we can relax after a long hectic day and the place where our families are built. Whether we are buying a new or refurbished home, we will still need to carry out renovation works such that our home suits our lifestyle and taste. And that is where Singapore Legal Money Lender (SLML) Home Renovation Loan policy comes into play.

There are so many things in a house that needs renovation from time to time. Whether it is the paint, refurbishing the bathroom, replacing the floor, or carpentry work, there is always something that needs to be personalized.

But the problem with renovation is that it does not come cheap. The typical renovation cost in Singapore is at least $30,000 and is usually around $100,000, being a conservative estimate. And unless you have been planning and saving for the renovation, there is no way you will have that much money on hand, since most Singaporean couples would need to spend on their weddings right before, or after they purchase their new homes. So, you will certainly need financial help with the renovation. This is what the Singapore Legal Money Lender (SLML) Home Loan Renovation scheme will do for you. 

Renovation Loan Will Help You Make Your Dream Home:

There are many options for the Renovation loan in Singapore. However, they are specifically available for the improvement of the existing homes. The job could involve:

  • Interior design fees
  • Hacking, erecting and painting the walls
  • Electrical wiring or other electrical work
  • To purchase and install new cabinets
  • Flooring or tiling works
  • Bathroom fixtures and fittings
  • For landed properties, works may be extended to the exterior of the home

So, to overall personalize your home according to your needs, you can seek help from the best Home Renovation Loan plans. You can easily complete all these jobs with your budget, financed by our home renovation loan. Keep in mind that unless stated in the loan, you cannot use the money to purchase loose furniture or fittings for the home.

Benefits of Taking A Home Renovation Loan:

Generally, people are torn apart from the choices they have to make. They can either take a personal loan or get a home renovation loan. Some individuals prefer personal loans as they are more flexible and unsecured. So, you do not need to put up any collateral for the amount you wish to borrow. If you are getting away from home renovation loans in Singapore, then take a look at the benefits you will get with them. 

ü  Cost-Effective:

Singapore Legal Money Lender (SLML) provides home renovation loans at lower rates. We understand that home is not just a place, it is a feeling. And every homeowner wants the best for the place they call home. If you have decided to renovate your home, we will help you to make the best out of it. Do not limit your budget or give up on your dream house.  

ü  Longer Tenures and Repayment Plans:

Home Renovation loans provided by Singapore Legal Money Lender (SLML) have longer tenure that starts from 1 year to 5 years. So, you will get a flexible loan repayment plan so that it does not become a burden for you. 

ü  Help to Boost Return on Investment:

Along with getting access to the funds that you need to renovate your home, you will boost your return of investment in the long-term as you pay back the loan. It will also increase the value of your home. 

ü  Help You To Get Your Dream Home:

Every person wants to renovate their home so that it will have a special touch and feel more like their comfort zone. After all, it is the place you will be living for the rest of your life. So, it is better that you choose the Best Home Renovation Loan from Singapore Legal Money Lender (SLML) and start making your dream into reality. 

How to qualify for Home Renovation Loan?

You should understand that taking a home loan is a big commitment. Make sure that you read all the terms and conditions carefully before taking the loan. Verify the loan repayment plan and make sure that you meet the following criteria:

  • A citizen of Singapore or have PR.
  • At least 21 years old and have a stable income.

And that is it. You will be able to borrow a loan which is up to 10 times your income. But be smart about the decision and choose a verifiable amount for the loan.

How Much You Need For Home Renovation?

This is a sum that is determined collectively by your requirements and the cost of the renovation. So, prior to the request and approval, you have to create a budget for the home renovation loan. The average cost for home renovation in Singapore is around $53,000. But there is a slight chance that your cost might be less or more. The factors that determine your budget for home renovation are:

  • The contractor you choose to work with;
  • The Interior designer and their requirements;
  • The design and build contractor.
  • The choice of materials used

Follow Some Tips While Getting The Home Renovation Loan:

1: Use Your Current Lender:

If you have already partnered with Singapore Legal Money Lender (SLML), then you might get a better interest rate for the home renovation loan. So, stick to your current lender unless you are getting a better offer from some other source. 

2: Compare the Loan Rates Before Deciding:

Different lenders offer different rates, so, take your time and review all options. It is good if you compare them and see what they have to offer. 

3: Understand the Loan Terms and Conditions:

Do not rush things up when you are getting approval for the loan. The terms and conditions for the loan should be understood properly. From the processing fees, disbursement fees, fee for late payment, to the cancellation fees, you must have proper knowledge of the course of action you need to take.

4: Do Not Opt Out For Maximum Amount:

The lenders will provide you many options for the home renovation loan in Singapore. They also offer you a maximum amount for a loan, but it is advisable not to opt-out for the highest amount. Just choose the amount which is needed otherwise you will have to face some strain with your finances while trying to pay the loan back. 

Whether you want a small help for renovation or it is a jumbo home renovation loan that you need, Singapore Legal Money Lender (SLML) can fulfill your needs. We are a reliable and experienced loan provider in Singapore. Get in touch with us and we will provide you customized loan packages according to your needs.