Renovation Loan Singapore | QV Credit (2023)

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

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.

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.

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.

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.

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.