May 10, 2019
Financial Advisory on Home Renovation

A short walk-through process of renovation loans.

*this article serves as an opinion piece, and any information derived from it should only be as opinions.
Ultimately, you will have to do your own research before making any financial decision. We are not affiliated
with any of the information sources.


( Renovation Loan Detailed )

Click Here for more information & breakdowns on getting a renovation loan.

( Renovation Loan / Comparison )

Click Here for detailed information regarding *loans* and *interest rates* for home renovation.

( Furnishing Loan / Comparison )

Click Here for detailed information regarding *loans* and *interest rates* for home furnishing.


1. Renovation Loans

Renovation Loans are used strictly for the renovation of your flat.

That usually includes things like:

- Electrical and wiring

- Painting and papering the walls

- Flooring and tiling

- Carpentry such as building and installation of cabinets and cupboards

- Structural alterations

- Works on external parts of the property, including roof or fences

- Fittings such as bathroom heaters

Once your loan is approved, the bank will pay the contractor your approved loan amount (after deducting processing, insurance and any other fees) on your behalf. It can be all in one shot or split into multiple cashier’s orders.

Note: renovation loan disbursements are made in the name of your contractor – not you. You won’t be able to cash out the money and use it on your own expenses. Renovation loans are capped at $30,000 or 6 times your monthly income, whichever is lower.

2. Furnishing Loans or Personal Loans

Renovation loans and furnishing loans are two separate loans. Furnishing loans- also known as personal loans, are often used to cover additional cost that renovation loans cannot cover. Carpentry work is usually the main culprit for additional cost incurred due to measurement errors or reworks.

They are also used for buying new beds, tables, lamps, refrigerator, air-conditioning, and so forth.

3. Installment Plans

0% installment plan are offered at every major retailer for home appliances and furnishings. They should always be considered as the last option due to the predatory repayment schemes and high interest rates.

( Installment Plans Explained )

1. Click Here

2. Click Here

3. Click Here

4. Final Notes

Always work within the boundaries of the resources available. Understand the value of your purchases and how it will be incorporated into your daily life. And if you think good design is expensive, you should look at the cost of bad design.

Marcus Goh

Executive, Customer Relations Manager



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