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Getting the keys to your new home? Most of us will be eager to renovate to our preferred feel and style. Even without lavishness, simple renovations are still necessary for a home to be habitable, and a simple search on the internet will show the average spending on renovations for a new BTO flat will cost between $40,000 to $60,000, just the minimum is also a substantial sum.
Unless you have been consciously saving for the renovation project, this isn’t money that many people have lying around. You will most likely have to seek some form of financing for your renovation.
There are many renovation loan options in Singapore and they are similar to personal loans. They are, however, given specifically for renovations or improvements of existing homes. Over the past few years in Singapore, renovation loans have been gaining popularity as more couples beautify their homes. You can use a renovation loan to pay for:
- Painting your walls
- Electrical wiring and other electrical works
- Purchasing and installing built-in cabinets
- Flooring and tiling
- Bathroom fittings
- External work on your compound
If you’ve done the maths and cannot see yourself realistically saving up that sum by the time you collect your keys, then one option is to take up a renovation loan. Approach Phillip Credit and grab a renovation loan with the lowest interest. Start building your dream. We are the foundation of financial structure.