A Renovation Loan in Singapore Designed for Your HDB or Condo
Bought a house and plan to turn it into your dream home? Make this come true with our renovation loan!
- Enhance your home without depleting a huge chunk of your savings.
- Our home renovation loan acts as a buffer against unforeseen issues or additional reno work requirements.
- Loan from a moneylender licensed by the Ministry of Law. Plus, we’re a member of the Singapore FinTech Association.
What Are Renovation Loans and How Do They Work?
Renovation loans are funds you borrow from a bank or licensed moneylender for home improvement projects. For example, installing new toilets and showers. After borrowing funds, you’ll repay the principal sum and interest across a fixed number of monthly instalments.
How a Renovation Loan Works
Create your renovation plan and budget.
Apply for renovation loans and select the best option.
Get approved. Then, accept the loan offer and funds.
Use the loan to pay for your home renovation.
In the meantime, repay the monthly instalments.
Once you pay the last instalment, your account closes.
An Alternative to Banks:
Renovation Loans From 1-Fund
Enjoy greater flexibility when you take up a Singapore renovation loan from a licensed moneylender like 1-Fund! You don’t need to worry about credit scores, and your application can be approved in minutes.
Banks vs 1-Fund
Banks vs 1-Fund
Banks
Why a Bank May Reject Your Renovation Loan Request
- Your annual income does not meet the minimum requirement (S$20,000 - S$30,000) for a bank’s Singapore renovation loan.
- You are also using the renovation loan for furnishings such as furniture. Traditional banks often do not allow this.
- Your credit score falls below the bank’s requirement for the home renovation loan.
1-Fund
How 1-Fund’s Reno Loan Can Help You Fund Your Home Renovations
- We have a 99% loan approval rate, and you are allowed to use our renovation loans for furnishings.
- Singaporeans, Permanent Residents, and Foreigners of all income levels are eligible for a loan.
- You can expect to receive your loan in as little as 15 minutes upon approval and in-person verification at Bukit Timah.
What Can You Use Our Renovation Loans For?
Our renovation loan is incredibly flexible. Here are a few ideas to get you started:
You underestimated your renovation costs and need to cover the remaining amount.
You require funding for the down payment on the renovation. Otherwise, work can’t start.
You need quick and accessible funding, despite not having a perfect credit score.
You prefer paying smaller amounts monthly to a large upfront sum.
You’re planning a large project that requires more than what you’ve saved up.
The loan is an investment that boosts the value of your property by enhancing it.
How Much Can I Get for My Renovation Loan?
Your annual income is a key factor we’ll consider when determining your renovation loan amount. These are the limits in detail:
| Residency Status | Annual Income | Loan Limit |
| Singapore Citizen / Permanent Resident | Below S$10,000 | S$3,000 |
| S$10,000 to S$19,999 | S$3,000 | |
| S$20,000 and above | Six times your monthly income | |
| Foreigner | Below S$10,000 | S$500 |
| S$10,000 to S$19,999 | S$3,000 | |
| S$20,000 and above | Six times your monthly income |
Hear From Our Clients
We’re not just licensed — we’re loved. Hear from our customers why 1-Fund is one of the top legalised moneylenders in Singapore and the go-to name for those seeking trustworthy local moneylenders.
How Do I Apply for a Renovation Loan in Singapore?
3 Steps
to Get Your Renovation Loan
1. Fill out our quick and easy application form.
2. Receive loan approval — in as little as 15 minutes!
3. Accept your loan offer at our office.
Frequently Asked Questions
Renovation Loans in Singapore
Am I eligible for 1-Fund’s renovation loan?
You’ll be eligible for our reno loan in Singapore if you’re:
Drawing a steady income
18 years old and above
What documents are required for a renovation loan in Singapore?
When you take up a reno loan from a licensed moneylender, you need to provide:
- A valid ID (NRIC or Work Pass) and income proof (CPF contribution history or payslips)
- A quotation from your interior designer or contractor
- Any additional documents, if we request them
What is your renovation loan’s interest rate and tenure?
Interest / month
< 4%
Loan Tenure
6 - 12 months
Our renovation loan’s interest rate is no more than 4% a month, as stipulated by the Ministry of Law. You can choose a loan tenure that’s 6-12 months long. Loan packages can also be customised to your financial situation and needs.
Can I get a renovation loan in Singapore without collateral?
Yes. Our renovation loan is unsecured, meaning you don’t need to submit valuables or property to back up your application.
How quickly can I get my home renovation loan?
You can expect to receive your funds once your loan contract has been signed. This can be done swiftly if your application is complete and error-free, and in-person verification and loan contract review have been completed at our office in Bukit Timah. Don’t worry, these won’t take long at all!
Is it easy to get a renovation loan in Singapore?
Applying for a renovation loan with a bank can be more difficult, as traditional lenders tend to have stricter requirements. However, rest assured that licensed moneylenders are more flexible, especially if you can clearly prove your identity, residence in Singapore, and monthly income.
How do I enquire more about 1-Fund’s home renovation loan?
Call us at +65 6669 9999 or send us a message via WhatsApp. Alternatively, drop by our office during business hours. We strive to respond to online queries within 5 to 10 minutes!
Will I be charged when I repay my home renovation loan early?
No. We don’t impose early repayment fees for reno loans.
How do I choose the best licensed moneylender for a renovation loan in Singapore?
Firstly, check that the company is in the Ministry of Law’s list of licensed moneylenders. Then, apply for renovation loans at multiple lenders to get a fair comparison. The best package usually has the lowest interest rates and fees. Take note of how responsive and helpful the lender’s staff are as well.
Reach Out to Us
Ready to spruce up your home? Start applying for your home renovation loan in Singapore with us online, or in person at our office!