While others may not see as necessary to apply for home renovation loan, there are property investors who are willing to spend effort and money to do up their apartments for more than just the reason of being proud home owners. Generally, apartments that are nicely renovated yield higher rental returns than those that are with bare conditions.
There are various banks and renovation companies in Singapore that offer attractive house loan packages of a loan amount up to 6 to 8 times your monthly salary. Depending on which bank or company as well as their assessment of your finances, the maximum loan amount can be capped at $30,000 to $100,000. These packages are usually pegged at attractive low interest rates at about 5% to 8% depending on the loan amount and the loan is allowed to be paid back in monthly installments over a period of 5 to 7 years. Some of the banks such as DBS Bank even offer bundle deals to tie your renovation loan with home loan or mortgage loan in offering you lower interest rates in return.