What You Can Use a Renovation Loan For

What You Can Use a Renovation Loan For 27/01/2022

A pleasant personal environment does wonders for your well-being, whether you’re catching up with family over dinner or unwinding in the living room on your off days. The way your house looks can influence mood and behavior, facilitate family interaction, and reduce overall stress levels.

For this reason, it’s important to create a healing environment at home.

Admittedly, creating a beautiful and comfortable living space isn’t cheap. Home renovation can set you back a five-to-six-figure price tag. But you don’t have to pay for it out-of-pocket. As a trusted provider of renovation loans in Singapore, Capital Funds Investments walk you through this type of loan.

What are renovation loans used for?

Renovation loans are generally designed for anyone whose property requires a makeover or an upgrade. They’re also available for new homeowners with a bare Build-to-Order flat. They ease the financial burden of hiring interior designers and contractors, booking carpentry services, and other expenses related to home renovation and redecoration. But these aren’t the only things covered by a renovation loan.

Take a look at the different ways you can take advantage of the loan:

Interior Design Fees

If you don’t have a knack for interior design, or if you simply don’t have the time to remodel your living space, your best option is to hire an interior designer for the task. This is one of the primary uses of our renovation loans.

External Works within the Property

If you’re planning any type of external work within the compound of your house, you can use a renovation loan to ease your expenditures. You may use the loan for external works that improve the aesthetic or functional features of your property.

Painting and Redecorating Fees

If you’re thinking of simply repainting the walls, a renovation loan could help you cover all house painting tools and equipment you need. The loan can also cover related redecorating fees like the cost of drills, hammers and backup generators.

men installing tiles for home renovation

Flooring and Tiling Works

Flooring and tiling work are fairly common for home renovations, especially when you’re remodeling the bathroom or the kitchen. As such, these are some of the most common expenses that renovation loans are used for.

Electrical and Wiring Works

Electrical and wiring works are best left to the professionals. A renovation loan can cover the cost of hiring a professional electrician. It can also cover the cost of your lighting fixtures, ceiling fans, water heaters and other types of electrical work.

New or Refurbished Furniture

One of the reasons we’re a choice lender is because we cover more than the actual renovation costs. If that means switching to a larger bed frame or replacing your worn-out couch, you can count on the loan to help you shoulder total costs.

New Appliance Purchase and Installation

Your space upgrading needs may require new appliances, too. If you’re switching to inverter air conditioning units, or when you plan to have a solar-powered home, renovation loans can cover the purchase and installation of new household appliances.

CFI’s renovation loan is one of the most comprehensive of its kind in Singapore. For further questions about its coverage, or about our payment schedules, please talk to us today.

Who qualifies for a renovation loan?

Redesigning your home and upgrading home appliances could be costly. For this reason, CFI makes renovation loans available to Singapore homeowners so you can keep your space cosy and stylish.

Individuals who want to kickstart their renovation loan application process must be at least 18 years old. CFI will also require the following documents:

  1. National Registration Identity Card, passport or another legal ID
  2. Your latest payslip and income tax notice
  3. Renovation quotations, purchase invoices and related bills

If you can’t present the second requirement, you must be able to present documents reflecting your last 12 months of CPF contributions as an alternative.

CFI is a licensed moneylender that helps homeowners build comfortable living spaces without breaking the bank. Our turnaround time is typically shorter than conventional banking facilities.

Contact us today to schedule a free consultation about renovation loans or to submit a loan application.

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