Maxcredit Home Renovation Loan
Maxcredit provide unsecured home renovation loans with extended loan tenures, offering a flexible and convenient financing solution to help you transform your living space.
What is a Home Renovation Loan?
Have you recently purchased your dream home? The next step may be to renovate and personalise your living space.
Many homeowners choose to renovate their homes to enhance aesthetics, improve functionality, or accommodate a growing family. However, home renovations can be costly, especially after purchasing a property.
A home renovation loan provides the necessary funds to cover renovation expenses, including:
- Electrical and wiring works
- Painting and redecorating
- Structural alterations
Whether you want to modernise your interiors, build your dream kitchen, or create more living space, a home renovation loan can help you achieve your vision without financial strain.
Benefits of a Home Renovation Loan with Maxcredit
Maxcredit makes getting a loan simple and flexible in Singapore, offering a range of exclusive benefits.
Lower interest rates, higher borrowing limit
No matter the purpose of your loan, Maxcredit has the ability to cater to your needs.
Quick & easy application, exclusive benefits
Enjoy a hassle-free loan application via our mobile app and unlock attractive benefits.
100% Privacy & security, high confidentiality
Your privacy is our top priority. We will not disclose any of your personal information.
Longer repayment period, because we can
We provide our customers with a comfortable repayment plan, exclusively crafted.
Easy loan eligibility, free cancellation
With lowered loan criteria that are easy to qualify, loan approval rates are increased.
Unique packages for all income groups
We believe that financial help should be accessible to everyone, including those from lower income groups.
Take the next step in life with confidence—apply for Maxcredit Home Renovation Loan today!
FAQ on Maxcredit's Home Renovation Loan
Here are some common questions about our home renovation loan and their answers.
What is a home renovation loan, and how does it work?
Purchasing a home is a significant financial commitment, and renovation costs can add up quickly. A home renovation loan provides the necessary funding to help you upgrade and personalise your living space without straining your finances.
With this loan, you can:
- Cover essential renovation expenses such as electrical works, painting, and structural modifications.
- Spread out the cost with manageable monthly repayments instead of depleting your savings.
- Achieve the look and feel of your dream home without financial stress.
A home renovation loan ensures that your renovation plans stay on track, allowing you to transform your home with ease and confidence.
What can a home renovation loan be used for?
A home renovation loan can help cover a wide range of renovation expenses, including:
- Electrical and wiring works – Upgrading electrical systems for safety and efficiency.
- Painting and redecorating – Enhancing interiors with fresh paint or wallpaper.
- Flooring and tiling – Installing new flooring for a refreshed look.
- Structural alterations – Expanding or modifying spaces to fit your needs.
- Basic bathroom fittings – Installing essentials like water heaters and fixtures.
- External works – Improving outdoor areas such as roofs and fences.
- Carpentry work – Custom-built cabinets, cupboards, and storage solutions.
Whether you’re upgrading your space or making essential repairs, a home renovation loan provides the financial flexibility to transform your home with ease.
What is the average cost of home renovation in Singapore?
The cost of home renovation in Singapore depends on the type of property and its size. Below is an estimated breakdown of renovation costs based on dwelling type:
New Flats:
- 3-room (60 – 65 sqm): ~S$32,000
- 4-room (90 sqm): ~S$42,600
- 5-room (110 sqm): ~S$52,100
Resale Flats:
- 3-room (60 – 65 sqm): ~S$42,600
- 4-room (90 sqm): ~S$58,500
- 5-room (110 sqm): ~S$65,200
Executive Condominiums:
Starting from S$20,000 and above, depending on the extent of renovation.
Renovation costs vary based on materials, labour, and the scope of work, so it’s essential to budget wisely. A home renovation loan can help ease financial strain while ensuring you achieve your desired home transformation.
What are the common major home renovation works and their costs?
Renovating your home involves various upgrades. Here’s a breakdown of common renovation works and their estimated costs:
- Hacking & Demolition (~S$6,000) – Removing and rebuilding walls.
- Masonry (~S$10,000) – Tiling, flooring, wet works, and waterproofing.
- Carpentry (~S$24,000) – Built-in furniture like wardrobes, cabinets, and storage spaces.
- Ceiling & Partition (~S$5,000) – Installing false ceilings, partitions, and box-ups.
- Plumbing (~S$1,000) – Installing sinks, bathtubs, shower sets, and toilet bowls.
- Electrical Works (~S$4,000) – Setting up lighting, power points, data points, and heaters.
- Painting (~S$2,000) – Applying 2-3 coats of paint on walls and ceilings.
- Glass & Aluminium (~S$3,850) – Installing window panes, mirrors, and glass partitions.
- Cleaning & Polishing (~S$500) – Cleaning the house, disposing of debris, and polishing floors.
Renovation costs can add up quickly. A home renovation loan helps you manage these expenses with flexible repayment options, so you can create your ideal home stress-free.
How can I budget for my home renovation costs?
- Determine your budget
Assess your finances realistically and decide how much you can afford. If your savings are not enough, a home renovation loan can help finance your project. However, avoid overstretching your finances when borrowing. - Be realistic
It’s easy to be inspired by home renovation ideas online, but it’s important to differentiate between needs and wants. Prioritise functional improvements first, then consider aesthetic upgrades if your budget allows. - Request and compare quotations
Get multiple quotations from reputable contractors. A reliable contractor should visit your home before providing an estimate. Compare services, costs, and reviews before making a decision. - Consider DIY for minor tasks
Certain tasks, like painting walls or installing shelves, don’t require professional help. Doing some work yourself can reduce costs and give you a sense of accomplishment. - Have a contingency fund
Renovation projects often go over budget due to unforeseen expenses. If your initial quotation is S$30,000, set aside extra funds to cover unexpected costs and avoid financial strain.
Proper budgeting ensures a smooth renovation process, and a home renovation loan can provide financial flexibility to achieve your ideal home.
What should I consider before applying for a home renovation loan?
Before taking out a personal loan, it’s essential to evaluate several key factors:
1. Type of Loan
Understand the difference between secured and unsecured loans:
- Unsecured loans – No collateral required but come with lower borrowing limits.
- Secured loans – Require collateral but offer higher borrowing limits.
2. Interest Rates & Fees
Compare interest rates as they significantly impact your monthly repayments. Be aware of potential hidden fees, such as:
- Origination fees
- Service fees
- Underwriting fees
A reputable licensed money lender will be transparent about any additional charges before you sign the loan agreement.
3. Loan Tenure
Your repayment period affects the overall loan cost. Choose a tenure that ensures manageable monthly payments without financial strain.
4. Your Financial Situation
Assess your current financial standing to determine how much you can comfortably borrow and repay. A well-planned loan helps you stay financially stable while meeting your needs.
Who is eligible for a home renovation loan?
The required documents vary depending on your residency status:
For Singapore Citizens & Permanent Residents:
- Proof of identity (NRIC or passport)
- Proof of income (CPF statements or bank statements)
For Foreigners:
- Valid work pass (Work Permit, S Pass, or E Pass)
- Proof of residence (Utility bills, phone bills, or tenancy agreement)
- Proof of income (Payslips or bank statements)
Providing these documents ensures a smooth application process with a licensed money lender.
Providing these documents ensures a smooth application process with a licensed money lender.
What are the benefits of a home renovation loan with Maxcredit?
- Turn your dream home into reality
Your home is where you’ll spend a significant part of your life, so it should reflect your style and comfort. A home renovation loan helps bridge financial gaps, allowing you to design and furnish your space exactly how you envision it. - Increase your home’s value
Renovations not only enhance aesthetic appeal and functionality but also increase the value of your property. Investing in home improvements today can benefit you in the long run if you choose to sell your home in the future. - No collateral required
A home renovation loan is unsecured, meaning you don’t need to use your property as collateral. This gives you financial flexibility while keeping your home equity intact. Prioritise essential renovation works such as bathroom remodelling, tiling, or repainting to make the most of your loan. - Receive funds in one lump sum
Unlike borrowing from friends or family, which may not cover all costs, a home renovation loan provides the full amount upfront. This ensures you can budget effectively and handle unexpected expenses during the renovation process.
With Maxcredit’s flexible home renovation loan, you can renovate with confidence, knowing your finances are well managed.
What documents are required to apply for a home renovation loan?
The required documents vary depending on your residency status:
For Singapore Citizens & Permanent Residents:
- Proof of identity (NRIC or passport)
- Proof of income (CPF statements or bank statements)
For Foreigners:
- Valid work pass (Work Permit, S Pass, or E Pass)
- Proof of residence (Utility bills, phone bills, or tenancy agreement)
- Proof of income (Payslips or bank statements)
Providing these documents ensures a smooth application process with a licensed money lender.
Providing these documents ensures a smooth application process with a licensed money lender.
Can I apply for a home renovation loan with Maxcredit if I have existing loans with other money lenders?
Yes! You are still eligible to apply for a loan with Maxcredit, even if you have existing loans with other licensed money lenders.
At Maxcredit, we strive to offer flexible loan solutions to meet your financial needs. Our team will assess your situation and provide the best loan package available to you.
What is the application process for a home renovation loan with Maxcredit?
Applying for a home renovation loan with Maxcredit is a fast and hassle-free process:
Step 1: Submit Your Application
Fill out the online application form on Maxcredit’s website with your details.
Step 2: Get a Quick Response
A loan officer from Maxcredit will contact you within an hour to update you on your loan application status.
Step 3: Complete Verification & Receive Your Loan
Visit the Maxcredit branch for face-to-face verification, sign the loan agreement, and receive your approved loan on the spot.
With a simple and efficient process, Maxcredit ensures quick access to financial assistance when you need it.
Is there a penalty for early repayment or full early settlement of a loan from a licensed money lender?
No, there is no penalty for repaying your loan early. Since 1 October 2015, licensed money lenders in Singapore are only allowed to charge the following fees:
- A late repayment fee of up to $60 per month.
- An administrative fee of up to 10% of the approved loan principal.
- Legal costs as ordered by the court in the event of a successful loan recovery claim.
Borrowers can settle their loans early without incurring additional penalties beyond these regulated charges.
Will my loan documents and information be mailed to my home?
No, Maxcredit does not mail any loan-related documents to your home.
All loan details are securely stored digitally and kept confidential. If you require a physical copy, you may request one directly from us.
HASSLE-FREE APPLICATION
Secure Your Loan in 3 Steps
01
Apply with MyInfo
Log in with SingPass to retrieve your details via MyInfo, and your application will pre-fill for ease.
02
Receive Application Status
You will receive the outcome, including the maximum loan amount and tenure, in the next 8 minutes.
03
Collect Your Loan
Visit our office for face-to-face verification and collect your cash instantly.
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