Owning a home is the dream of many Singaporeans. Unlike countries such as Indonesia or Malaysia, buying a house in Singapore is no easy feat. The price of HDBs begin from $200,000 and goes up to $1,000,000. Private properties such as condos or landed properties are even pricier, starting from at least $800,000.
After spending a huge amount of money on purchasing the house, most couples in Singapore do not have much money left for home renovations. For some newly wedded couples, they need to set aside money for their wedding, their honeymoon and home purchase. A large part of savings and monthly salary would be given for their loan repayments. Barely much will be left for home renovations.
Home Is Where The Heart Is
Home is the starting place of love, hope and dreams.
If the interior design of your house does not suit your liking, it will make you uncomfortable. In order to make a house a home, you will definitely need to engage in home renovation. You might need to renovate the floor, repaint the walls or build features that fit your lifestyle.
The amount that you will spend on improvements will largely depend on the physical condition of the home, and this means that an older house will cost more to renovate. Getting the funds needed to do the renovations could be a challenge, and this is where a renovation loan can come in handy. Realizing this, Horison Credit has started our very own product, a Home Renovation Loan to help our customers build their ideal home!
Horison Credit’s Unique Renovation Loan
If you are reading this, it might mean that you are planning to do a home renovation soon. In order to get all the designs you want, homeowners might need a huge amount of money to pay for the renovation. While other financial institutions offer renovation loans as well, Horison Credit’s Renovation Loan is unique. We offer even more benefits and have designed this loan package with our customers in mind.
- Flexible loan term whereby you can choose up to 3 years.
- Borrow up to 6x of your monthly income.
- Low interest rates, making it very affordable.
- Non-restrictive renovation loan where you do not have to report about how the funds were used.
- Legal and licensed. We do not charge more than what the law states.
- Fuss-free loan package.
- Fast and easy online loan application.
Here’s What You Can Use The Renovation Loan For
Have you ever seen beautiful and amazing houses on TVs and in magazines? Or perhaps, it is that friend who recently renovated her apartment and has been sharing the renovation process and outcome on her social media sites? Interior design ads on Instagram or Facebook? A home that is the envy of many?
The home renovations design are fancy and desirable. Deep in our hearts, we all want a modern-looking, clean and beautiful home. However, costs are high. Rather than seeing renovation loans as bad, it can be seen as a long term investment. Getting a renovation loan to redesign your liking is definitely beneficial in the long run. It will be worth it.
Here below are seven types of renovations that you can finance with a renovation loan.
1. Kitchen accessories
Your kitchen may be needing extra shelves or a general upgrading to make it more modern. For some, they choose to modernize their kitchen by adding in a kitchen island or rebuilding the cabinets. This upgrading of your kitchen can also get funded from the renovation loan.
2. All electrical works
You may need to replace some of the wirings in the home to make it more efficient and cost-effective. You may also need to upgrade the electrical system so that it lasts for a more extended period. These kinds of repairs can get funded using the renovation loan.
3. Bathroom accessories, toilet designs, mirrors and showers
If you desire to upgrade some of your bathroom accessories so that you have a modern bathroom facility, then you are permitted to use the money from the renovation loan to do this. You can get a bigger mirror and add in glass partitions in the toilet to keep it dry. Classy tiles can also be used to increase the elegance of the toilet.
4. Painting and other interior decorations
As part of your renovations, you may also choose to do some painting and interior decorating in your new home. A new colour will give the house a fresh new look. It will make the house look as good as new!
5. Built-in cabinets and shelves
If you decide to put in more built-in cabinets or shelves into your bedroom or bathroom, then you can use the cash from the renovation loan to make these additions. If you are a bookworm, consider getting high and classic bookshelves to display your collection.
6. Putting in tiles and repairing floors
If you need to redo the floors of your home or put in new floor tiles, then the renovation loan will help you to do this. The cost of putting in new tiles can be substantial, especially in cases where you need to remove the old tiles first before replacing them with new ones. For some families, they might be looking to change marbled floorings to wooden floorings so that it is more comfortable for the elderly and children.
7. Improvements in the exterior area of the home
If you live in a private property, you might need to renovate the exterior of your home. Some might need to upgrade their balcony while some might need to improve their gardens and swimming pools. Any improvements that you choose to do on the outer space of your home to make it more attractive can also get financed through the renovation loan.
Average Cost Of Home Renovations In Singapore
Generally, the total amount that you will end up spending on your home renovations will primarily depend on the type of home that you choose to buy, as well as the extent of the wear and tear of the structure and the facilities.
The average prices of renovating different types of houses in Singapore are in the table below:
|Type Of House||Average Cost Of Renovations|
As you endeavour to make a budget for your renovation costs, it is also crucial that you take note of the following tips that will help you to make some savings.
- Make good use of any extra material
If you happen to have additional equipment from items such as old furniture or old cabinets, then these can be used in your renovations. You can refurbish the wood from these items to make new built-in cabinets or shelves, and this will reduce your renovation costs substantially.
- Have a realistic budget
When you are doing a budget for your renovations, make sure it is practical and attainable. Avoid putting in items that will make you overspend. Only include things that are necessary and do not give in to the temptation of adding in extra expenses that were not factored originally in your budget. It will ensure that the renovation costs remain within an affordable range.
- Choose cheaper options
When choosing the materials or accessories to be used in your renovations, you do not necessarily need to select the topmost quality. You can decide to settle for the second-best quality, which will cost you much less and still give you a good outcome.
Once you have gone through your various options and worked out the total amount that you will need for your home renovations, you can make plans to apply for the renovation loan.
Before Applying For A Home Renovation Loan In Singapore
The following are five things that you need to know before you apply for this type of loan.
1. Interest rates and other charges
Different lenders tend to charge different interest rates. Before you take out a renovation loan find out from the lender what the interest rate will be as well as any other fees that will get charged on this loan.
2. The contractor
You will need to engage a legitimate contractor who will carry out your renovations. Before you apply for this loan, you will need to get an invoice from your contractor, which will show the full cost of the upgrades to get done.
Most renovation loans come with a guarantee. You need to be aware that the amount that you receive as the loan amount will be net of the cost of the insurance.
4. Loan amount
You will also need to find out the maximum amount that you can borrow from the lending institution. It will help you to work out your budget.
5. Documentation required
Before you apply for a renovation loan, there are several documents that the lending institution will need for you to submit. These include a copy of your NRIC, copies of your latest payslips, copies of your latest income records if you are self-employed, and a document proving that you own the home.
5 Benefits Of Getting A Home Renovation Loan
Rather than see a loan in bad light, a home renovation loan is a form of long term investment. It makes your home modern and beautiful. Research has shown that it helps to improve one’s mood, better everyone’s relationships, lower the number of quarrels at home and increase productivity. Imagine coming home to a clean and dream apartment!
Once you apply for a home renovation loan, you will enjoy several benefits. Some of these are listed below
1. Lower interest rates as compared to personal loans
Renovation loans tend to carry a lower amount of interest when compared to personal loans.
2. Convenient online application
To save our customers’ time, we have worked with specialists and programmers to come up with our very own online loan application system. Apply with Horison Credit anytime, anywhere. You can apply for a renovation loan from the comfort of your home or office. It means you can hand in your application form conveniently at any time of the day or night.
3. Quick access to funds
Horison Credit offers fast approval for our loans. Compared to banks and other licensed moneylenders, we are less strict with loan applications. Please do not worry if you have a bad credit. Our loan officers deal with each customer on a case by case basis. Horison Credit is confident of providing the funds you need for your home renovation quickly.
4. You will finally get your dream home
Fulfil your dreams with Horison Credit’s low interest, affordable and fuss-free renovation loan. Taking out a renovation loan facilitates you to acquire your dream home sooner rather than later.
5. You get the total amount in one lump sum
Once you work out the budget for the renovations, you can apply to get the entire amount in one lump sum through a renovation loan. It is more convenient than trying to borrow the money in bits from family members and friends.
In conclusion, taking a renovation loan is a quick and convenient way of ensuring that you upgrade your home to the desired standards.