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How To Get A Loan For House Repairs – Now that you’ve received the keys to your new home and have scoured countless websites for decorating inspiration, it’s time for the next step. Imagine returning to your furnished and personal home just the way you like it after a long day at work. Isn’t that funny?
Unless you’ve seriously saved up for a home renovation, you may not have enough money to cover the costs involved. So what can you do in such a situation? Well, a personal loan can come in handy for a fix.
How To Get A Loan For House Repairs
Broadly speaking, there are two types of loans that can be used to finance a remodeling project: a personal loan and a renovation loan.
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There are many factors that come into play, making the final renovation cost difficult to determine. Based on the factors below, a renovation of a 4-bedroom HDB can range from SGD 4,888 to as high as SGD 110,000.
Did you know that the most expensive parts of remodeling are chopping, bricklaying and carpentry? And the most expensive areas to renovate in your home are often the kitchen and bathrooms!
Home improvement loans are especially important when financing home renovations. On the contrary, personal loans are a fixed amount of money that can be borrowed for any purpose.
Want to know more? Learn more about the other differences between a refinance loan and a personal loan here.
How Soon After Buying A House Can You Get A Personal Loan?
So, is using a personal loan to renovate your dream home in Singapore a good idea?
Here is a list of situations where Singapore personal loans may be more beneficial than a refinance loan:
If you want to renovate your home beyond the usual renovation projects, a personal loan may be your best option.
In the case of a revolving loan, the bank needs to know that you spend money mainly on the above-mentioned services. Therefore, it will be necessary to submit a renewal contract or a detailed statement from the counterparty. Once approved, the money will go directly to the contractor or interior design firm.
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In addition, the bank may also conduct post-loan visits to verify that the loan has been used for the renovation work specified in the contract or valuation.
On the contrary, a personal loan gives you the flexibility and freedom to spend your money on whatever you want! This means that you can use the money to buy furniture or pay for the installation of curtains.
Thinking of getting a personal loan for renovation? Find out more about what to consider when getting a personal loan here.
The next question you may have is, “Can I borrow more with a refinance loan or personal loan?”
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In general, there is a lower limit for refinance loans in Singapore compared to personal loans. Singapore renovation loans have a maximum of $30,000 or 6 times your monthly income, whichever is lower.
This means that even if you are able to get the best renovation loan in Singapore with a large loan amount, it may not cover the full cost of the renovation.
When it comes to the amount you can borrow, personal loans bring you an edge. Personal loans can be beneficial as a typical HDB renovation in Singapore costs around $53,000.
As long as your annual income is over $20,000 per year, you can borrow up to 6 times your monthly income from licensed lenders such as .
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Are you thinking of borrowing from a licensed lender? Here are some things to consider before applying for a loan.
Perhaps the result is beyond your worst nightmares, so you decide to fire them and hire a new contractor (fingers crossed that this doesn’t happen to you).
If you have already used an employee refinancing loan, you cannot apply for a refinance loan again. In this case, you can get a personal loan to finance the renovation.
Because built-in services like closets, kitchen, and electrical services are tiring and messy to work with once you move in, prioritize them early on to avoid extra work.
Avondale Home Improvement Program — Avondale Development Corporation
In addition to the fact that flooring is expensive, there are cost-effective options such as vinyl flooring. It is inexpensive, hard, waterproof and can be covered with existing tiles!
They require a lot more effort and work, which will certainly raise prices. Instead, opt for a cabinetry that is simple and linear in a Scandinavian style.
All of this helps to brighten your home while reducing the need to install more light points.
This will save you a lot of money and reduce costs in the event of future repairs.
Financial Tips To Help You Handle Expensive Home Appliance Repairs
Plumbing is one of the most expensive parts of a renovation, so you should try to work with your existing setups.
Keep your eyes peeled for good deals! If you’re lucky, you can get a nice dining table for a fraction of the original price.
If you are looking for a personal renovation loan, you may be able to get one that suits your needs. Apply now.
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