Renovation Loan

A home renovation loan is a type of financing you take out for home improvement projects. It is a short-term, unsecured loan that is payable between 6 to 12 months. Do not confuse renovation loans with personal loans in Singapore.

While the two have similarities – both offer loans up to 6 months' worth of monthly salary, a personal loan can be used for anything that will help your personal circumstances.

A home renovation loan is also different from a home loan. A home loan is used solely for your mortgage. You can apply for home loans with a bank or the Housing Development Board (HDB).

Note that some banks only accept renovation loan applications from existing home loan customers. Fortune Credit will accept applications from new or existing borrowers since we will consider your overall financial situation upon evaluation.

You can use the loan proceeds for the following renovation activities:

• Installation of Solar Panels
• Electrical and wiring works 
• Flooring and tiling
  
• Basic bathroom fittings
  
• Painting and redecorating works
  
• Carpentry works, such as installing built-in cabinets
• Structural modifications
• External works within the compound of your property

You can't use a renovation loan for any other items other than home improvement activities. Read also our articles on home renovation guides.

Let's say you find a resale HDB flat in your ideal neighborhood with a convenient commute to work. However, it is older and in need of improvements. Maybe the kitchen needs to be upgraded, the bathroom needs new tiles, or the exterior needs energy-efficient upgrades.

The Best Renovation Loan Can:

• Turn your current home into your dream home: While there are limitations as to what projects you can use the loan proceeds for, you still have ample freedom to customize and turn your dream home into a reality.
• Increase the value of your home: By upgrading your home, you can increase the value of your property as well as build equity. Accruing equity means you have a better chance to refinance in the future. 
• Improve and ensure your safety:  Home renovation enhances more than just the aesthetics of your home– it fixes underlying issues such as electrical faults, plumbing issues, wall cracks, and leaky roofs.
• Get the total loan amount in one lump sum: You will get the loan amount in full so you can continue with your home improvement project without interruptions.

Fortune Credit application is swift and straightforward.

Whenever you apply for a renovation loan with Fortune Credit, you will receive your borrowed money within an hour, or upon the signing of the contract in our office. Our friendly loan officer will invite you to come in for the signing of the loan agreement. 

Rest assured that charges like interest rates, processing fees, and other fees will be thoroughly discussed. Our professional and friendly loan officers will be happy to answer any questions or concerns regarding these fees.

How much renovation loan you can borrow will depend on several factors, including citizenship and annual income. Singaporeans and Permanent residents need a minimum income of S$2,000 to borrow from us. For foreigners, they need to have a minimum income of S$3,000.

The maximum loan amount you can borrow is 6x of your monthly salary if you're earning at least S$20,000. Fortune Credit renovation loans have a loan tenure of between six to twelve months at an affordable interest rate and flexible repayment terms.

See the table for details:

Yes. Fortune Credit's Renovation Loan is an unsecured loan that can cover your home improvement costs. As such, there is no collateral or pledging of assets required.

Fortune Credit is among the top 10 legal moneylenders in Singapore and touted as the best moneylender in Bugis as well as Bras Basah.

Since 2010, we have been commended for being a financial agency that offers “comfortable, friendly, and efficient” borrowing experience. 

Fortune Credit is here to provide financial help to those in dire need of money. But what makes us different from other moneylenders is our reputation for being a warm, caring, and thoughtful institution. We understand that the overall process of borrowing money should be easy, relaxed, and unintimidating. 

True to our tagline “Feel Free to Borrow Anytime”, we vow to extend our financial help to those in need every single day.

Being in the industry for over a decade, we have established excellent customer service and achieved notable awards.

Honours & Achievements

• Regarded as among the top 10 licensed moneylenders in Singapore by Loan Advisor
• Included in the list of top-performing legal moneylenders in Singapore by Top Brands

Reviews & Testimonials

• Received excellent 4.9 stars from verified clients on Google Reviews
• Commended as “friendly, efficient, and accommodating” by customers on Loan Advisor