Propway Singapore Blog

3 Best In-House Renovation Loans in Singapore [2024]

Inhouse Renovation Loan Singapore

Best Inhouse Renovation Loan Singapore
Best Inhouse Renovation Loan Singapore

When it comes to sprucing up your living space in Singapore, an in-house renovation loan can be a lifesaver. Before diving in, it’s crucial to understand that unlike personal loans, a home renovation loan is a specific type of loan designed to finance your refurbishment costs with manageable renovation loan monthly repayments.

The best in-house renovation loans in Singapore are TCA Design & Build, Jaystone Renovation Contractor, and 3D Innovations Design.

These loans are typically offered by financial institutions at a competitive interest rate. They are advantageous as they offer a higher approved loan amount compared to personal loans, contingent upon the property’s value. Stay with us as we explore the three best in-house renovation loans in Singapore offered by leading financial institutions.

Quick Summary

  • Best in-house renovation loans in Singapore are TCA Design & Build, Jaystone Renovation Contractor, and 3D Innovations Design.
  • When choosing an in-house renovation loan in Singapore, consider factors such as interest rates, loan tenure, repayment flexibility, and the lender’s reputation for customer service.
  • Inhouse Renovation Loans in Singapore are a popular choice for homeowners seeking a personalized and straightforward financing option for home improvements, offering competitive interest rates and flexible repayment terms.

Key Considerations

  • Interest rates: Look for the most competitive interest rates. Lower rates will reduce the cost of your loan over time.
  • Loan tenure: Consider the loan’s duration. A longer tenure means smaller monthly payments, but a higher overall cost due to accrued interest.
  • Repayment flexibility: Look for loans that offer flexibility in repayment, such as the ability to make early repayments without penalties.
  • Lender’s reputation: Research the lender’s reputation for customer service and reliability. Reading reviews and getting referrals can offer valuable insights.
  • Loan amount: Be sure the lender can offer the amount you need for your renovation plans.
  • Additional fees: Be aware of any additional fees or charges that may be applied, such as processing or late payment fees.
  • Eligibility criteria: Ensure that you meet the loan eligibility criteria set by the lender, including credit score requirements and income limits.

Best In-House Renovation Loans in Singapore

1. TCA Design & Build

TCA Design & Build - Inhouse Renovation Loan Singapore (Credit: TCA Design & Build)
TCA Design & Build – Inhouse Renovation Loan Singapore (Credit: TCA Design & Build)
Key ServicesRenovation Apartments, Renovation Terrace houses, Construction Terrace houses and Bungalow, Design and Submissions for alterations and extensions
Address20 Depot Lane, Singapore 109763, Singapore
Websitehttps://tcadesignbuild.com/
Phone+65 83814587
Emailinfo@tcadesignbuild.com
Operating Hours Monday to Sunday: 10:00 am to 8:00 pm

Founded in 2011, TCA Design & Build is a reputable construction consultancy firm based in Singapore. With their expertise in creating unique and robust structures, they aim to meet the demands of both residential and commercial projects.

Working with TCA Design & Build is now a hassle-free process, consisting of three simple stages: (1) Meet the designer to discuss pricing for the build; (2) Collaborate on the design and finalize the details; and (3) Sit back and relax as TCA Design & Build brings your vision to life, delivering exactly what you desire.

Key Differentiators

  • Specialize in metalworking and cement work
  • Refurbish, install, and certify your new electrical and plumbing systems
  • Streamlined process

2. Jaystone Renovation Contractor

Jaystone Renovation Contractor - Inhouse Renovation Loan Singapore (Credit: Jaystone Renovation Contractor)
Jaystone Renovation Contractor – Inhouse Renovation Loan Singapore (Credit: Jaystone Renovation Contractor)
Key ServicesHome renovation, On The Spot Sketches, Conceptualization, etc.
Address1090 Lower Delta Road #03, 07N, Singapore 169201
Websitehttp://www.jaystonerenovation.com/
Phone+65 6653 6215
Emailenquiry@jaystonerenovation.com
Operating Hours Monday to Friday: 10:00 am to 6:00 pm

Jaystone Renovation Contractor, one of the most sought-after contractors in Singapore, offers high-quality designer services at affordable rates. They have a proven track record of delivering exceptional home renovation and contracting projects for various types of houses across the island.

By engaging Jaystone Renovation Contractor, you also have the option to take advantage of their house loan package. So, if you require additional funds to cover all expenses, we highly recommend considering their remodeling and in-house renovation loans in Singapore!

Key Differentiators

  • Renovation Services
  • Interior Design Solutions
  • Project Management Expertise
  • Professional Installations

3. 3D Innovations Design

3D Innovations Design - Inhouse Renovation Loan Singapore (Credit: 3D Innovations Design)
3D Innovations Design – Inhouse Renovation Loan Singapore (Credit: 3D Innovations Design)
Key ServicesHome renovation
AddressBlk 178 Toa Payoh Central #01-208, (Beside TPY HDB Hub), Singapore 310178
Websitehttps://www.3dinnovations.com.sg/
Phone+65 6834 4333
Operating Hours Monday to Friday: 10:00 am to 7:00 pm

Established in 1982, 3D Innovations Design is a distinguished renovation contractor specializing in residential and private developments. With decades of experience, they have become one of the most reputable and reliable contractors on the island. If you’re seeking the best renovation solutions with in-house loans in Singapore, we highly recommend their services.

What sets 3D Innovations Design apart is their commitment to transparency. Their dedicated staff ensures that you receive a comprehensive breakdown of the renovation costs, eliminating any hidden fees or intermediaries. Moreover, they offer attractive interest rates and flexible payment options, enhancing their already outstanding services. These features are incorporated into their renovation packages, providing you with a comprehensive and cost-effective solution.

Key Differentiators

  • We specialize in residential projects, catering to both HDB flats and private developments.
  • With our in-house carpentry workshop and a dedicated team of renovation contractors, we ensure top-notch craftsmanship.
  • Our strict quality control measures guarantee the use of premium materials and impeccable workmanship.

Inhouse Renovation Loan Singapore

Your choice for an in-house renovation loan in Singapore should not be limited to conventional financial institutions. Companies like TCA Design & Build, Jaystone Renovation Contractor, and 3D Innovations Design offer competitively priced renovation loans that can rival, or even surpass, the terms of traditional bank renovation loans.

They provide flexible repayment terms and loan tenures, accommodating homeowners of varying monthly income brackets. It’s essential to compare these in-house options with bank and finance companies to secure the best financing for your renovation project. Remember, the best choice will always be the one that fits your specific needs and financial circumstances.

Since you’ve made it to the end, why don’t you check out more of our blog posts down below:

Frequently Asked Questions

If you have any questions about Inhouse Renovation Loan Singapore, you can refer to the frequently asked questions (FAQ) about the Best In-House Renovation Loans in Singapore below:

What are the best in-house renovation loans in Singapore?

The best in-house renovation loans in Singapore are TCA Design & Build, Jaystone Renovation Contractor, and 3D Innovations Design.

How much renovation loan can I get in Singapore?

$30,000
After knowing the cost of your home renovation, you can ask yourself “how much renovation loan can I get?” The maximum renovation loan for a HDB that you can get in Singapore is $30,000 or six times your monthly salary, whichever is lower.

How do I pay for renovations in Singapore?

A personal loan is another way to raise funds for the renovation. Unlike renovation loans, which are meant for renovations only and require a contractor’s invoice, personal loans can be used for any purpose. This means you can use the cash to pay for the renovation and buy furniture as you go.

Can renovations be loans?

With a renovation loan, you need not tap into your savings and worry about cash flow. However, like a personal loan, a renovation loan comes with an interest rate, and it varies between banks. Note that a renovation loan can only be used for the intended purpose and cannot be diverted towards any other area of spend.

What is the payment schedule for renovations in Singapore?

Payment – when do you have to pay them
Every interior and contractor has their own payment schedule. Often, it looks like: 10% down payment, 40% upon commencement, 45% upon carpentry measurement, 5% upon completion. 20% down payment, 30% upon commencement, 40% upon carpentry, 10% upon completion.

What are the differences between bank renovation loans and in-house renovation loans offered by financial institutions?

Bank renovation loans and in-house renovation loans offered by financial institutions differ mainly in terms of interest rates, loan amounts, and repayment terms. Banks usually offer lower interest rates, but financial institutions might provide more flexible repayment terms and higher loan amounts.

Can any financial institution or loan provider offer home renovation loans in Singapore?

Not all financial institutions or loan providers are licensed to provide home renovation loans in Singapore. Only those entities that are licensed by the Monetary Authority of Singapore (MAS) can furnish unsecured loans, including home renovation loans.

How does a bank renovation loan compare to an in-house renovation loan from a renovation contractor?

While both types of loans can provide the necessary funds for a renovation project, a bank renovation loan often has a more rigid repayment schedule and might require a more rigorous credit check. On the other hand, in-house renovation loans from contractors might have more flexible terms and may be easier to qualify for.

What features should I look for in renovation loan packages?

When comparing renovation loan packages, look for competitive interest rates, flexible loan tenures, and generous loan amounts. Also, evaluate the monthly repayment terms and consider whether they align with your budget. Beware of hidden fees and charges, and always read the loan agreement thoroughly before signing.

Do all renovation loan providers furnish unsecured loans?

No, not all renovation loan providers furnish unsecured loans. While some lenders offer unsecured personal loans that can be used for renovations, others might require collateral, such as your home, to secure the loan. Always check the terms and conditions of the loan before applying.

Additional Useful Articles

If you are looking for other useful guides and articles about Best In-House Renovation Loans in Singapore, check them out below: