Renovation Loan

Before applying for a loan:

1. The type of loan you are borrowing

Before entering any loan contract, make sure you understand the type of loan you are applying for. There are two types of loans – secured and unsecured loans.

• Unsecured loans have more lenient requirements and are easier to obtain. They do not require collateral.
• Secured loans have stricter requirements. They require collateral.

2. Interest rates

Regardless of the licensed moneylender or bank that you choose to work with, ensure that you are getting the best interest rates as it will affect your financial health.

Make sure to get the best loan package with low monthly repayment amounts.

Hidden fees to take note of:

• Service fees
• Underwriting fees
• Origination fees

Legal and fair lenders such as Credit Thirty3 will always make known of all the charges. We strive to explain as clearly as possible to our customers and there will not be any unnecessary charges.

3. Loan tenures

A loan tenure refers to the amount of time you have to repay a loan. It exists for any type of loan and can range from 3 months to even 30 years.

The duration of your loan tenure will have a direct impact on the cost of your loan. Longer loan tenures will increase the overall cost of your loan. On the other hand, shorter loan tenures will make the loan more affordable.

Please make sure to choose a loan tenure that you can comfortably repay.

If you have any doubts regarding your loan, feel free to contact our friendly professionals at Credit Thirty3. We are here to address your needs.

4. Your current financial situation

This is one of the most important points to consider.

Before getting a loan, take a look at your current financial responsibilities. For example, your electricity bills, mobile bills, car loans, credit card bills and more.

Knowing your current financial standing will help you make better financial situations, especially on the loan amount that you apply for.

5. Loan contract language

Rest assured if you are not well-versed in English.

Based on Singapore’s law, the licensed moneylender has to explain the loan contract in a language that the borrower understands.

If you need a contract in another language such as Mandarin/Tamil/Malay, feel free to let our loan advisors know.

6. Don’t be afraid to ask

You are encouraged to clarify any doubts that you might have before signing the loan contract. These may include the loan tenure, loan interest rates or processing fees.

7. Late fees

Understand that late fees will be charged when borrowers fail to make repayments on time.

You can borrow any amount for secured loans.

For unsecured loans, the loan amount depends on your annual income.

For Singapore Citizens and Permanent Residents (PRs):

• An annual income < $20,000 allows them to borrow up to $3,000.
• An annual income of $20,000 and above allows them to borrow 6x of their monthly income.

For Foreigners:

• An annual income < $10,000 allows them to borrow $500.
• An annual income of at least $10,000 but less than $20,000 allows them to borrow up to $3,000.
• An annual income of $20,000 and above allows them to borrow 6x of their monthly income.

The first step is to check the financial institution’s name against this list of licensed moneylenders by the Ministry of Law.

A licensed moneylender’s name will appear on the list.

Other signs of an illegal moneylender / loan scams:

• Text messages / WhatsApp messages / calls to promote their loans.
• Claim to be able to approve a loan remotely, without asking you to meet them at their place of business.
• Ask for payment before approving your loan.

For Singaporeans / PRs:

• NRIC / Passport (Proof of your identity)
• CPF / Bank statements (Proof of your income)

For Foreigners:

• Work Permit / S Pass / E Pass
• Utility bills / Phone bills / Home rental agreement (Proof of your residence)
• Payslips

Credit Thirty3 exists for the sole purpose of providing you with the best loan products and the best loan terms. With us, you do not have to worry about your finances anymore.

As reviewed by our customers, we are competent, professional and trustworthy.

• A high 4.8 star Google reviews by our valued customers
• Straightforward applications that takes only 5 minutes, tops.
• Low interest rates.
• Worry not about bad credit score.
• Fast loan approvals for your immediate needs.

Credit Thirty3 is one of the fastest licensed moneylenders in Singapore. With our streamlined loan application process, you can get your cash within hours.

5 minutes is all it takes to fill up our online loan application form. Our friendly loan officers will then get back within a few hours to follow with you.

Yes, you can still apply for a loan with Credit Thirty3.

Banks often turn away customers who have bad credit scores, making it difficult for them during financial emergencies.

Credit Thirty3 is here to provide an alternative to these borrowers.

We are able to evaluate each case individually and we will try our best to offer the most suitable loan package for the borrower. Licensed moneylenders like us tend to be more understanding and will offer a listening ear to our borrowers.

Rest assured that we do not have specific restrictions with regards to credit scores.

Easily apply for a loan with us here.

There are simply 4 steps in our loan application.

Step 1: Apply online

Step 2: Wait for our loan officers to contact you

Step 3: Get your loan approval

Step 4: Sign the contract and get your money on the spot.

Upon the approval of your loan application, we will be able to transfer you the money or pass you the agreed principal amount in cash immediately.

However, please take note that there will be a small administration fee which is administered by all licensed moneylenders.

Subsequently, the only thing to take note would be to make punctual repayments.

There are two main types of loans that can be used for home renovations: personal loans and renovation loans.

Of course, you can use your savings, but that’s not always a smart choice. You need your emergency funds and savings intact in case something unpredictable happens.

Imagine losing your job or facing a medical emergency that leaves you unable to work.Banks in Singapore might not approve your loan, fearing you might not repay them. Alternatively, you may obtain a smaller amount with higher interest. Thus, it’s better to hold onto those savings.

Personal Loans
A personal loan is a type of unsecured loan that you can use for all sorts of purposes – including renovating your home.

The advantages are:

– You can obtain a larger amount, up to $250,000 or 4-10 times your monthly income at banks in Singapore. If you don’t qualify for a bank loan, licensed moneylenders in Singapore can disburse loans up to six times your monthly earnings.
– You can use the personal loan for anything you want. You’re not limited to specific changes inside your home; you can also purchase decorations, furniture – and even a bottle of wine when you finally finish with your changes.
– You have an installment plan. This plan keeps you accountable so that you can become debt-free fast. It’s much better than using a credit card, whose payments are easy to overlook until you’re swimming in debt.
– You can use it for emergencies. Some renovations require quick action – for example, your pipes bursting. Emergency personal loans are fast and versatile; you can use them to repair your pipes and replace ruined furniture.

Renovation Loans
A renovation loan is crafted explicitly for home renovations.

Advantages include:

– Lower interest rates and thus, more affordable installments
– Larger loan amount up to $50,000 and more
– Convenient tenures up to five years
– More approval chances compared to personal loans, even if you have a low credit score

On the downside, you can’t use a renovation loan for anything you want. Even home improvements related to renovations are excluded from a renovation loan’s scope.

There are simply 4 steps in our loan application.
Renovation loans are less versatile than personal loans, although their interest and approval rates are better. So, you have to be prepared for these constraints:

#1 You can only obtain $30,000
That sum is constraining compared to the $250,000 you can access with a personal loan. Here are some renovations you can do in Singapore with this amount in one room:
– Extensive hacking: $3,300
– Extensive masonry: $21,500
– Light carpentry: $2,900
– Moderate ceiling and partition: $700
– The sums above add up to $28,400.
Thus, you will need more than one renovation loan to cover the work done in other rooms. Alternatively, you can:
– Use the renovation loan to pay for the things you need to do immediately, and:
– Take up other renovation loans for not-so-necessary remodelling, or:
– Consider a personal loan along with your initial renovation loan.

Pro tip: Renovation loans are cheaper than personal loans. For example, a renovation loan’s EIR can be 5% p.a. Conversely, personal loans’ interests can get up to 4%/month.

#2 You can only renovate your home
There are several conditions to get a renovation loan in Singapore. One of them is:
– You have to own the property you’re trying to remodel, or:
– You must be the homeowner’s family member and have express consent for these renovations.
Thus, you can’ use a renovation loan to improve a rented apartment.

#3 Some remodelling work isn’t included in your renovation loan
The renovation loan you take gets transferred into your contractor’s account. They can use this money for:
– Hacking: hacking, rebuilding, or plastering walls
– Masonry: flooring, tiling, and wet works
– Carpentry: personalised solutions for built-in wardrobes, cabinets, or storage features
– Ceiling & Partition
– Plumbing Works
– Electrical Works
– Painting
– Cleaning & Polishing

In Singapore, you are likely to apply for a renovation loan to:
– Fix floors
– Repaint dirty or cracked walls
– Add a baby room or an office into your apartment
– Transition to an open-plan apartment
– Repair broken pipes or leakage
– Fix your electrical system
– Add cabinets
– Build a fence or a patio

Our address:
(Simply a 4-min walk from Tanjong Pagar MRT)
171 Tras Street
#08-175 Union Building
Singapore 079025

Our opening hours:
11:00am to 8:00pm (Mondays to Saturdays)
Closed on Sundays and Public Holidays