QV Credit Renovation Loan Singapore

QV Credit Renovation Loan Singapore

Apply for a Home Renovation Loan Singapore with us to get your dream house.
Best Renovation & Furnishing Loan Singapore; Flexible and Affordable

A house should be a home, even when there’s no one sitting there.
We all want to come back after a tiring day at work to a place of comfort. We want to come back to a space that we can call our own, one that we are proud of. We pour over countless interior design magazines or scouring Pinterest for dream house inspiration. Well, you can make that a reality!

More Singaporeans are renovating their homes to make it more beautiful, or simply to increase the house’s resale value. Everyone has their own ideas of what their dream house is, whether it be a tiled bathroom, pretty new furnishings, or new carpentry work. Or maybe you just want to redo a certain element of the house that is old and needs repair.

However, we all know renovation does not come cheap. A typical home renovation job in Singapore costs at least $30,000. If you want high-quality materials or special furniture, you might even spend up to $100,000. That is a lot of money. It’s not an easy amount to save up for, and neither do you want to take out such a large sum from your savings. This is where a QV Credit’s Home Renovation Loan Singapore comes in!

What is a Renovation Loan Singapore?

A renovation loan in Singapore is a loan especially for the renovations or improvements of an existing home. This money can be used for:

  • Painting your walls
  • Electrical wiring and other electrical works
  • Purchasing and installing built-in cabinets
  • Flooring and tiling
  • Bathroom fittings
  • External work on your compound
  • You can take on an additional Furnishing Loan with the renovation loan package to get new furniture

A renovation loan Singapore is ideal as you probably don’t have $50,000 readily available. Instead of exhausting your savings and spending it all on a home renovation, it would be wiser to consider taking up a home renovation loan. It will ease your financial burden, and more importantly, ensures the savings you have set aside can be used for future emergencies or more pertinent situations.

Am I Eligible for a Home Renovation Loan?

As this is a rather large sum of money, you should make sure you are committed and set on a renovation before taking on a loan. There are some requirements you will need to meet before applying for a home renovation loan in Singapore. These are:

  • Applicants MUST be at least 21 years of age
  • Proof of a stable income
  • NRIC/Permanent Resident Proof

You can borrow up to 10 times your income, but this figure is subject to each individual.

Benefits of a Renovation Loan Singapore

Taking a Home Renovation Loan is Cost-Effective

While a personal loan is more flexible than a renovation loan and is also unsecured, these benefits come at higher interest rates. The repayment rates will be much higher than taking a customized renovation loan. QV Credit wants you to have your dream home, and that is why we keep our interest rates low for a home renovation loan.

A Renovation Loan Singapore has Longer Tenures and Repayment Plans.

Home renovation loans have a longer loan tenure than personal loans. A home renovation loan tenure starts from 1 year and can go up to 5 years. This way, your repayment installment can be spread over a longer time period, hence making it more comfortable for you.

A Home Renovation Loan Singapore can Help Boost Your ROI (Return On Investment)

Taking up a renovation loan will give you the funds needed to make the renovation possible. You can also invest enough cash to ensure that the renovation is done well. This will boost your home’s value and ROI in the long-term if you ever decide to sell your home.

You Get Your Dream Home

Above all, the greatest benefit is really just getting that home you’ve always dreamed about. Having a home you are proud of is also important for you and your family’s happiness, so you’ll be making yourself and your loved ones happy by finally getting that dream house!

How Much Can I Expect a Renovation Loan Singapore to Be?

There are many factors to consider when taking up a home renovation loan, and you should take all of these into account in your budget. The type of housing and level of renovation will largely determine the cost. As a gauge, the average cost of a home renovation for an HDB flat in Singapore is $53,000. These are the other factors:

  • The Contractor:

    Professional contractors are highly recommended as they take away a lot of stress and time. They will take charge of the whole project — design, conceptualize and manage the renovation process itself. You should definitely look for a contractor with a good reputation, especially if you are investing in an expensive and extensive renovation job. Ask around friends and family for contacts. If you know someone with a beautiful home do ask them for their contractor. You must also budget in the contractor’s fee. They usually charge based on the cost of materials used.

  • The Interior Designer:

    If your renovation project is large-scale and includes remodeling, you might want to hire an interior designer to bring to life your dream space. They will give you a 3D design to see exactly how your house will look like, and you can make customized tweaks with a professional artistic eye to guide you. You can also save time and money this way as you can make changes before the renovation begins. Interior designers will also charge a consultancy fee, as well as the cost of materials used.

  • The Design-and-Build Contractor

    This is a contractor that will do the double job of an interior designer and a contractor. It is a good option if you don't want to spend money on hiring an extra interior design team. They will also charge a consultancy fee for the design, and the build fee will be based on the materials' cost. Likewise, ask around for contacts when finding a good design-and-build contractor.

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Why Should I Take a Renovation Loan Singapore with QV Credit?

QV Credit’s home renovation loans are less costly than home equity or a personal loan. Our Home Renovation Singapore packages are customized for renovation projects; hence the loan tenures are longer and interest rates are lower. We are committed to making your dream house come true, and hence our packages are flexible and customizable to suit your renovation needs! We will work out a repayment scheme that is comfortable for you.

What’s more, QV Credit’s Renovation Loan application process is easy and quick. This is how the loan process works:

1. Ensure you meet the criteria for a Renovation Loan Singapore:

  • You are a Singapore National or Permanent Resident (PR)
  • You have proof of steady income

2. Apply for a Renovation Loan Singapore through our online application form here.

3. Wait for our team to contact you; we will contact you within a day.

Set an appointment with our team to come down to our office. The loan assistant will also tell you exactly what documents we need you to bring.

4. Prepare the documents and come down to our office for the set appointment.

The loan assistant will check all the documents, and then explain clearly all the terms and conditions of the loan. They will help determine the loan amount to be given, and work out a comfortable repayment schedule for you.

5. Once the documents are in order, repayment is set, and the loan is signed, you will get the money! It is fast, simple and efficient.

QV Credit only takes your personal documents in person as we know your data is important. We will keep these protected and confidential. We are also a licensed and legal moneylender and follow the rules set by the Moneylenders’ Act. Our clients are of utmost importance and hence we keep everything transparent and explain all terms and conditions clear. No hidden fees or surprises. We know renovating your home is a stressful project, hence we want to make at least the funding part stress-free.

QV Credit’s Additional Tips for Taking a Home Renovation Loan Singapore

Here are some additional tips when undertaking a home renovation loan in Singapore!

  • Use your current lender

    If you are currently on other loans, such as a home loan, you should choose to take a home renovation loan from the same lender. You will likely get a better interest rate on your renovation loan if you go back to the same lender as an existing client.

  • Know exactly what the fees and charges on the loan are

    Don’t gloss over the terms & conditions. A reliable lender like QV Credit will be very thorough with all the fees and charges that are payable on the loan. These can include processing fees, disbursement fees, fees for late payments and cancellation fees. From October 2015, licensed moneylenders in Singapore are not allowed to charge an interest rate above 4%, regardless of secured or unsecured loans. If there are late repayments, the maximum late interest rate moneylenders can charge is also 4% per month. Licensed moneylenders are also not allowed to charge a processing fee of more than 10% of the principal loan amount. Click here for more information on licensed moneylenders in Singapore.

  • Don’t go for the maximum loan amount

    While you might be tempted to max out the loan amount in order to get a perfect house, we strongly advise against that. Do remember that you have to pay back the loan, so if you take out a loan that is out of your financial range, you will struggle to pay it back. Your loan assistant will advise you on an appropriate amount of money to take so you do not have problems paying it back in the future.

With all the information above, you are ready to take on a Renovation Loan Singapore! As you can see, the process is simple and quick, and it will allow you to fulfill your dreams! Apply for a Renovation Loan Singapore with QV Credit today!

Your Dream Home is Waiting… Apply for a Renovation Loan Singapore Today with QV Credit!

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Phone Number

  • 6835 7666

For other loan enquiries, please email us.

How to Locate QV Credit

  • Bus Services to Opposite Burlington Square 64 / 65 / 131 / 139 / 147 / 166 / 857
  • Near Fortune Centre 56 / 980
  • Downtown Line DT13 at Rochor MRT Station, Exit A one minute walk to Burlington Square
  • If from Novena MRT Station take Bus Services 56 / 131 / 166 / 980
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