Hello World! Welcome Friends! Does your home require repair, be it basement maintenance or re-roofing, but you do not have ample savings to call? It can be scary putting up in a house whose roofing can collapse at any time or the danger of electrical fault lurks. However, you can now get a sigh of relief because a renovation loan in Singapore is now easily available. Here is a closer look at renovation loans and what you can do with the funds. We will also tell you the best way to apply for the loan.
What is a Renovation Loan?
Before looking at how you can apply for a renovation loan in Singapore, let’s start by understanding what it is. A renovation loan is a form of credit offered by a lender to a borrower to undertake repairs of his/her home. Unlike mortgage or car loans which are secured forms of credit, renovations loans are not.
Even though the loan requires you to be the homeowner to secure the loan, it is unsecured, and no one will come for your house if you are unable to repay the loan. However, this does not mean that you should not focus on repaying the loan because, although your house will not be auctioned, it can have serious implications, such as damaging your credit score. So, you better have a good plan for repaying the loan from the start to the end.
When to Apply for a Renovation Loan in Singapore
In Singapore, you can use a renovation loan in a number of ways. Most homeowners go for renovation loans to repair, restore, or change the roofing of their homes. See: your house’s roofing is the first thing people see when they visit, and it is important to give it a perfect outlook. You can also use the renovation loan funds for the following tasks:
- Repairing damaged floor
- Repainting your new home
- Redoing your basement
- Creating extensions (if you are creative with the extension, it might be possible to develop a new unit which you might even consider for rental).
Renovation Loan Interest Rates in Singapore
As you apply for a renovation loan in Singapore, the most important thing is the interest rate that will be repaid on top of the funds you get. Because the loan is an unsecured form of credit, your credit score is the most important thing that determines the interest rate. Simply put – you need to ensure your credit score is as high as possible to enjoy a low-interest rate renovation loan in Singapore. So, here are some tips to help you improve the score:
- Go for your credit report and correct errors, if any
- Repay the current debts first
- Maintain a good credit mix
- Build a positive credit history
- Avoid making applications for loans in quick successions
Apply for a Renovation Loan in Singapore
When it comes to applying for a renovation loan in Singapore, it can be pretty challenging because of the long list of lenders. Often, many people tend to take a lot of time, from hours to days, before finishing applications. Remember that they are not sure of getting the loans they are looking for, even with the lengthy process. Well, you do not have to follow the same route because Lendela is here to make everything simple. Here is how it works;
- Visit Lendela website to make a short application (this should take you only a very short moment).
- Lendela sends your application to lenders who are ready to work with customers having a profile like yours.
- Lenders return pre-approved offers for you to sign.
- Review the offers, pick the best, and Lendela books you an appointment with the lender.
- Sign the loan form and money is sent to the contractor so that the job of renovating your house can commence.
The process of applying for a renovation loan in Singapore does not have to be herculean. Instead, you can simplify it and increase the chances of getting it approved by working with Lendela. Another common alternative is applying for a personal loan through Lendela and using the funds for renovation.
Click the links below for any posts you have missed:
Ways to Introduce Sustainability into the Home
Is It Worth Repairing Antique Rugs?
Expert Tips for Dog-Proofing Your Home
Choosing a New Home and Making the Move Simple
Make your Small Living Room Look Cozy
Checklist When Traveling with Kids
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Toodles,
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