We offer unsecured home renovation loans up to $300,000 SGD with longer loan tenures to provide you with one of the best loans in town.
Recently purchased your dream home? The next step you might be considering is renovation works.
Most homeowners choose to renovate their homes to make it look more attractive and, in the process, improve the style of their humble abode.
However, you might have exhausted most of your savings through the purchase of your new home. This is where a home renovation loan can be pivotal.
A home renovation loan is a form of personal loan that provides you with the necessary funds to cover the cost of your home renovation works. It can help to cover for costs such as electrical and wiring works, painting and redecorating works and structural alteration.
Whether you are looking to make way for your growing family, build your dream kitchen or simply to spruce up your house, a home renovation loan might just be what you require.
Our home renovation loan stands out as we provide our borrowers with a wide range of unique benefits.
Frequently Asked Questions
After exhausting most of your savings on purchasing your dream home, a home renovation loan can come in extremely handy to aid you in your home renovation plans.
A home renovation loan ensures that the cost of your home renovation is accounted for. This way, you will not have to strain your finances to achieve the look and feel of your dream home.
A home renovation loan can be used for:
Depending on your type of dwelling, below is an estimate of how much you can expect to spend on your home renovation:
Executive Condominiums: $20,000 and up
1. Hacking / Demolition ($6,000): Labour needed to hack, touch-up and rebuild walls.
2. Masonry ($10,000): Tiling, flooring, wet works, and waterproofing.
3. Carpentry ($24,000): Built-in furniture. These include wardrobes, storage spaces, cabinets and other customized storage spaces.
4. Ceiling and partition ($5,000): Box-ups, false ceilings, partition walls, etc.
5. Plumbing ($1,000): Installation of water fixtures which include sinks, bathtubs, toilet bowls, shower sets, water filtration system, etc.
6. Electrical works ($4,000): Electrical outlets such as lighting, data, heater, power points and wire extensions.
7. Painting ($2,000): 2-3 coating paint job for walls and ceilings.
8. Glass and aluminium ($3,850): Used for window panes, mirrors, glass partitions,
9. Cleaning and polishing ($500): Cleaning of entire house, disposal of debris and dirt, polishing marble floor, etc.
1. Determine your budget
Consider your finances and be honest about what you can afford.
This doesn’t mean that you will have to limit your renovations based on your current account balance.
Home renovation loans allow you to borrow money specifically for financing your renovation project.
If you do decide to take a home renovation loan to finance the project, be cautious not to overstretch your finances.
2. Be realistic
It’s easy to do a simple google search and list down the various home renovation projects that catch your eye.
However, it’s important to get your head out of the clouds and stay grounded. You should remember to differentiate your needs from your wants.
Keep in mind that the renovation meets your basic needs.
These are those things that will make the home more functional for you and those living in it.
You can consider adding some extras if you can still afford to. These include those things that appeal to your vanity such as expensive tiles for your kitchen back splash.
3. Request and compare quotations
Requesting quotations is a great opportunity to compare different companies and determine which would be the best one to work with.
A reliable contractor will take the time to visit your property and discuss your needs.
They will then be better able to provide you with a quotation for their services.
Never go with a firm that offers to give you a quotation without visiting your home.
A simple online search will bring up various professional contractors.
Go through their websites or ratings and shortlist up to five of them.
Get in touch with the firms to find out what services they offer and how much they would charge for the renovation.
4. Consider doing some things yourself
There are some aspects of renovations that may not require technical skills.
Consider painting the walls yourself or installing IKEA shelves to customize your space.
Doing some tasks yourself can help to bring down the costs of the renovation.
You’ll also have a great sense of accomplishment from having contributed towards achieving your dream space.
5. Have a contingency fund
Often times, your renovation might likely run over budget.
This happens in a good number of projects. It often leaves homeowners frantically seeking extra funds in order to complete the project.
Don’t let this be your story. If you’ve received a quotation for S$30,000 on your renovation, you should budget to spend more than this.
This will ensure that you’ll have a buffer in case you end up spending more on the project.
To qualify for a loan with Lending Bee®, you’ll simply have to:
1. Achieve the look of your dream home
Your home is probably something that you are going to spend a considerable time of your life in.
Hence, it pays to spend a little more to design and furnish it to your liking.
With a home renovation loan, you’ll be able to make up for the deficit in funds and turn your dream home into a reality.
2. Increase the value of your home over time
With the borrowed sum, you’ll be able to spruce up and make improvements to your property.
Thereby, increasing the value of your home should you wish to sell it in the future.
3. No collateral required
As we do not require collateral for you to take out a home renovation loan, the equity of your home will not be taken into consideration.
That said, a tip is to prioritize renovation works that require more work to be done.
Does your bathroom require remodelling? Do you need to change the tiles of your living room? Does your apartment need repainting?
By prioritizing your renovation works, you will also in turn save on your renovation loan.
4. Receive your money in one lump sum
Rather than borrowing money from your friends and family who might not have the means to cover for the entire cost of your home renovation, you might wish to consider taking out a home renovation loan.
With a home renovation loan, you’ll be assured that you’ll receive the loan in one lump sum.
This allows for you to plan your home renovation costs and budget for any unexpected emergencies.
For Singaporeans / PRs:
At Lending Bee®, all applications for our home renovation loans are kept fast and simple.
We will disburse the funds to you immediately after you have accepted and signed our loan contract at any of our branches.
Yes, you are still welcome to apply for a loan with us!
Lending Bee® aims to help as many borrowers as possible and provide them with one of the best loan packages in the market.
We are here to serve your needs.
Yes, you can still apply for a home renovation loan with us. We aim to help our borrowers regardless of their credit scores.
This is why we do not have specific restrictions with regard to credit scores.
No, we do not charge any fees for early loan repayments.
Outstanding interests, if any, will also be nullified once you have finished repaying your loan earlier than the date stipulated in your loan contract.
No, we do not mail any of your loan information to your home.
All loan details will be kept digital, and private with us, unless a physical copy is requested.
Receive your loan within the hour!
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