Renovation Loan

Transform your dream home hassle-free with swift approval and competitive interest rates on our renovation loan.

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Renovation Loan vs
Personal Loan

Consider these factors when contemplating opting for a renovation loan instead of a personal loan
Eligibility Criteria
Coverage
Loan Amount
Documents
Renovation Loan

Eligibility Criteria:

1. Ownership of the residential property being renovated is a requirement, regardless of the property type. (Must provide proof of ownership)
2. Singaporean/ PR
3. Min annual income: $24,000
Personal Loan

Eligibility Criteria:

1. Don't need to own property
2. Singaporean/ PR
3. No min income requirement
Renovation Loan

Have strict usage policies

Renovation loans enforce stringent usage policies, restricting the funds obtained to be utilized solely for permanent renovation-related tasks, such as repainting and tiling. These funds are not permissible for purchasing appliances and furniture. If you opt for a renovation loan, it's crucial to meticulously calculate and budget for your renovation expenses to mitigate the risk of financial strain.
Personal Loan

No restrictions placed on usage

The funds disbursed can be utilized based on the borrower's preferences, covering home renovations or addressing any unexpected issues that might emerge during this period.
Renovation Loan

Min: $15,000

Max: $30,000

Since there is a maximum loan quantum of $30,000 for renovation loans, be sure to budget your renovation project carefully to ensure that your renovation loan is able to cover the cost of your project.
Personal Loan

Min: $1000

Max: 6x monthly salary

The loan amount for a personal loan is determined as a multiple of your monthly income. If you need a larger sum of funds, a personal loan is more suitable, allowing you to borrow beyond $30,000.
Renovation Loan

Documents required to submit:

1. Your NRIC
2. The most recent IRAS Assessment Notice
3. Your most recent three months’ pay stubs; or
4. The previous 12 months’ CPF contribution statements
5. Original contractor quotation signed by both you and the contractor
6. Proof of ownership of the property to be renovated
7. Proof of the principal applicant’s and joint applicant’s relationship (for joint applications)
Personal Loan

Documents required to submit:

1. Don't need to own property

Frequently Asked Questions

How much do I need to put aside for my renovation?

The average cost to renovate a house in Singapore varies depending on factors like the scope of work, property size, material quality, and labor fees. A basic renovation can start at around $20,000, while more extensive or high-end projects may range from $50,000 to several hundred thousand dollars. This cost encompasses essential elements like flooring, painting, and basic fixtures. Additional expenses may include custom features, appliances, and furniture. It's essential to plan and budget carefully, considering both essential and aesthetic aspects, to avoid exceeding your financial limits. Keep in mind that obtaining necessary permits may also contribute to the overall cost.

What can I use my renovation loan for?

Your Renovation Loan can be used for:
‍
1. Installation of Solar Panels
2. Electrical and wiring works
3. Built-in cabinets
4. Painting and redecorating works (e.g. wallpaper)
5. Structural modifications
6. External works within compound of the house
7. Flooring and tiling
8. Basic bathroom fittings

Please note that the Renovation Loan cannot be used to pay for furnishings or for any other purpose besides renovation. If you need help with financing those, you can take up a friday finance personal loaninstead.

Will this count towards my loan quantum cap?

Given that a renovation loan falls within the category of personal loans, any borrowed amount contributes to the overall loan limit specified by MinLaw restrictions for personal loans, similar to a standard personal loan.

Friday Finance is a product of IFS Consumer Services Private Limited, a licensed moneylender regulated by the Registry of Moneylenders of the Ministry of Law in Singapore