Renovation Loan Singapore | QV Credit (2023)

What is a renovation loan?

A renovation loan provides you with the necessary funds to cover the cost of your home renovations.

Renovation loans have a longer loan tenure than personal loans. This way, your repayment installment can be spread over a longer time period, hence making it more comfortable for you.

We all want to come back after a tiring day at work to a place of comfort and a space that we can call our own.

But we all know that renovations for home improvement do not come cheap. Tens of thousands of dollars isn’t an easy amount to save up for. This is where a QV Credit’s Renovation Loan comes in!

Benefits of a Home Renovation Loan

Taking a Renovation Loan is Cost-Effective

While a personal loan is more flexible than a renovation loan, these benefits come at higher interest rate. QV Credit wants you to have your dream home, and that is why we keep our interest rates low for a home renovation loan.

A Renovation Loan has a Longer Tenure and Repayment Plans

Renovation loans have a longer loan tenure than personal loans. This way, your have a longer runway to pay off your loan amount, making it more comfortable for you.

A Renovation Loan can Help Boost Your ROI (Return On Investment)

Taking up a renovation loan will give peace of mind, as the property owner, that you have all the funds needed to have your makeover possible. This will boost your home’s value if you ever decide to sell your home.

You Get Your Dream Home

The greatest benefit is really just getting that home you’ve always dreamed about. Having a home you are proud of is also important for you and your family’s happiness.

Eligibility Requirement for Renovation Loan in Singapore

As this is a rather large sum of money, you should make sure you are committed and set on a renovation before taking on a loan. There are some requirements you will need to meet before applying for a renovation loan. These are:

  • Applicants MUST be at least 21 years of age
  • Proof of a stable income (but no income requirement)
  • NRIC/PR Proof

You can borrow up to 6 times your income, but this figure is subject to each individual.

Why Should I Take a Renovation Loan with QV Credit?

We are committed to making your dream house come true, and hence our renovation loan packages are flexible and customizable to help deal with all your reno needs!

  • Fully transparent prices
  • Simple application, with fast loan approval
  • Lower effective interest rate (eir) & longer loan tenure
  • Licensed by Monetary Authority of Singapore

Click here for more information on home loans, home loan interest rates and the respective loan tenure.


Ensure you meet the criteria for a Renovation Loan:


Apply for a Renovation Loan in Singapore through our online application form here.


Wait for our team to contact you; we will contact you within a day.

Set an appointment with our team to come down to our office. The loan assistant will also tell you exactly what documents we need you to bring.


Prepare the documents and come down to our office for the set appointment.

The loan assistant will check all the documents, and then explain clearly all the terms and conditions of the loan. They will help determine the loan amount to be given, and work out a comfortable monthly repayment schedule for you. The loan repayment amount will be determined based on your income, and we can customise this for you too.


Once the documents are in order, monthly repayment is set, and the loan is signed, you will get the money! It is fast, simple and efficient.

Tips for Taking a Renovation Loan

Use your current lender

If you currently have a home loan, you should choose to take a renovation loan from the same lender. Lenders are more likely give a better interest rate to their existing home loan customers.

Know exactly what the fees and charges on the loan are

Don’t gloss over any details. These can include interest rates, processing fees, late payment fees and any possible cancellation fee.

Don’t go for the maximum loan amount

While you might be tempted to max out the loan amount in order to get a perfect house, we strongly advise against that.

Do remember that you have to pay back the principal plus interest. Your loan assistant can advise you on further details regarding taking out a loan.

Apply for a Renovation Loan with QV Credit

Get An Instant In-Principle Approval And Collect Your Money On The Spot!


Here are some of our Frequently Asked Questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!

How much house renovation loan can I get?

The cap on renovation loans is often six months of your income.

The next question is how much do you need?

Well, the loan amount also depends on several factors:

  • Type of home: HDB flat, EC/condo, or landed property?
  • Age and condition of home: The older it is, the more work needed
  • The extent of renovation you want: Are you happy with the current state of the house or would you prefer to start from a blank slate by hacking everything down?
  • Type of materials: For higher grade materials, naturally you’d have to fork out more
  • The contractor/interior design firm you pick: Obviously, different firms offer different rates

For customers who want more information, fill out online application and schedule a chat session with our advisors

What can I use renovation loans for?

Applicants can use the loan for the following purposes:

  • Carpentry such as building and installation of built-in wardrobe cabinets and cupboards
  • Electrical and wiring
  • Fittings such as bathroom heaters
  • Flooring and tiling
  • Painting the walls
  • Structural alterations
  • Works on external parts of the property, including roof or fences

Note that the loan cannot be used for:

  • Home furnishing (eg. tables, cupboards)
  • Upholstery (eg. sofas, beds, curtains)
  • Electrical appliances used around the house (eg. air conditioner, fans, fridge)

We recommend opting for insurance coverage because the insurance premium will cover for any unforeseen damage.

What is the average cost of home renovation in Singapore?

While not everything listed below can be covered with a renovation loan, here are some of the typical “renovation works” and their costs:

Hacking/demolition ($5,000-$7,000)

  • Hacking and rebuilding walls, plastering and touch ups

Masonry ($10,000)

  • Flooring, tiling, waterproofing

Carpentry ($18,000-$30,000)

  • Built-in features like built-in wardrobes, hidden shelves, custom-storage units

Plumbing ($1,000-$2,000)

  • Installation of water features like sinks, showers and bathroom fittings

Ceiling and partitions ($5,000-$8,000)

  • False ceilings, false walls, curtain pelmets

Electrical works ($3,000-$6,000)

  • Heaters, light fixtures, installing/replacing electrical outlets, ceiling fans

Painting ($2,000-$5,000)

Multiple coats of paint for walls and ceilings

Furniture ($7,000-$15,000)

  • Bed, dining table, chairs, study table, sofas

Appliances ($10,000-$20,000)

  • Fridge, TV, washing machine, air-conditioners

Miscellaneous ($2,000-$3,000)

  • As a backup in case any unexpected issues crop up

Pro tip: Ask any family member or friend who’s recently completed their renovations for recommendations on firms they recently engaged to get more information on their rates or any current promotion.

How fast can I receive my loan?

When you reach our office, our advisors will review your documents before giving you results on the approval status.

After signing the loan contract and agreeing on interest rates, loan tenure and other details, customers will receive the approved loan amount in one lump sum immediately.

The entire process from online application to loan approval and disbursement of the approved loan takes only a couple of days.

How is a monthly installment loan different from a payday loan in Singapore?

A payday loan is for much shorter term periods, where people make their repayment as a lumpsum within a span of a few weeks.

A monthly loan involves people making a fixed monthly repayment, pegged to a fixed rate of interest, over a much longer period of time.

Am I still eligible for a monthly loan if I have bad credit in Singapore?

Yes of course you can still take out a monthly loan with us even if you have bad credit. We don’t discriminate against people with a poor credit history.

If your credit score is weak, you can always approach a QV Credit loan officer for help. We can work out the terms to ensure our loans can fulfill your financial needs and even improve your credit score.

Is there a monthly loan for non-Singapore citizens?

If you are a foreigner looking for a loan, feel free to call our hotline. Our loan officers will be able to help you find the right plan to meet your financial needs.

Money Loans Offered in Singapore

We offer a range of different loan types based on your needs. It doesn’t matter if you have a bad credit history, or low-income, the bestmoney lender for you is QV Credit!

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