At Reno Pro, we understand Renovation Works can be stressful as it is. We want to make your entire experience better for you and have compiled the following Renovation Loan information for your convenience.
With your financials settled, how about Requesting a Quotation from us for your Renovation Project?
Try our Mortgage and Loan Calculator! Interest computed is based on Monthly Rest and not Flat Rate.
| Bank | Loan Term | Interest Rate (per annum) |
Processing Fee | Minimum Annual Income | Citizenship | Age Requirement | Additional |
|---|---|---|---|---|---|---|---|
| |
Choice of 1 - 5 Years |
OCBC Home Loan Customers 4.98% Monthly Rest 5.53% - 7.08% EIR Non-OCBC Home Loan Customers 5.38% Monthly Rest 6.25% - 8.88% EIR |
$200 + 1% Approved Loan (minimum $100) | SGD24,000 for Single and/or Joint Applicants | Singaporean & Singapore PR | 21 - 59 Years Old |
Loan up to 6 times your monthly income (capped at SGD30,000 or whichever is lower)
Includes Free Insurance Only Singapore Bank that allows a Third Party Borrower |
Notes
- A Guarantor is not required for all listed Renovation Loans indicated above
- EIR = Effective Interest Rate
- Effective Interest Rate: Reflects the total cost charged for taking the loan
- Monthly Rest Rate: Interest is charged based on the previous month's outstanding loan
- Flat Rate: Interest is charged on the original loan amount
Usually, flat rate interest is lower than monthly rest but it does not mean that you pay less interest. What should be considered is the effective interest that you need to pay and the total interest for the renovation loan that you take up.
Disclaimer
For precise information based on your unique needs, please contact the relevant banks. Rates are subject to changes and promotions.
Reno Pro's loan calculator is only a guideline. Please confirm with the relevant bank for final figures.
Information is accurate as of 15 Nov 2016.
CONTACT US
Questions? We will love to hear from you!
Email: info@singaporerenovationcontractor.com
Mobile: +65 8816 7521
No obligations meet up to view your property
We will be happy to arrange a meet up with you to have a look at your property and discuss more if you have more reno plans or require Interior Design services.