Singapore is an economically advanced country with a good standard of living and lifestyle. Today, the city is looking forward to going green by giving give back to the environment in every way. One of Singapore’s top banks, POSB, provides remodelling loans to help homeowners achieve environmental sustainability in their homes. Customers can use the loan to improve their house or flat for a maximum of five years.
What is a renovation loan?
Banks and other financial organisations may provide you with a home remodelling loan to assist you in modernising your current residence. POSB offers a cutting-edge green renovation loan Singapore to update your house and achieve green home environmental sustainability, in contrast to the conventional home renovation loan, which is a top-up loan for renovating or remodelling your property.
How can I apply for a loan for renovation?
Applying for a home improvement loan online is possible, but first, you must determine your eligibility. When requesting a loan for refurbishment, you have to:
- Be a citizen of Singapore or a permanent resident.
- Between the ages of 21 and 65
- Have approval for the loan and be the property’s owner or a family member of the property owner, who is a Singaporean partner, parent, brother or sister, or child.
- Possess an annual minimum salary of S$24,000.
- Consult the checklist to find out if you qualify for a loan for renovations.
In only three easy steps, if you qualify, you may apply for the loan:
First Step
You may download the application and fill it out online with the necessary information.
Step Two Â
Create a checklist and verify that you have sent in all the paperwork needed to apply for the loan. The necessary records are:
- filled-out application
- Scanned copies of an invoice or quote that has been approved by the applicant(s) and the contractor
- Papers proving income
- Evidence of possession
To find out more about the loan criteria, visit the website and look through the paperwork preparation guidance.
Step Three Â
You must apply online, and the Digibot will help you with it. Additionally, you must validate it using your Digibank user ID, PIN, ATM, debit card number, and credit card number.
Following deductions for handling and insurance costs, the authorised renovation loan amount in Singapore will be paid to the contractors by cashier’s order(s). Your loan account will be charged for the cashier’s order.
How does a house loan for remodelling operate?
To promote environmentally sustainable house practices, POSB provides an environmentally friendly loan to help create a green home. With a reasonable rate of interest of 3.88% p.a., the loan is affordable. Consumers can make improvements to their houses to make them greener by using this loan.
You can apply for a renewable energy loan with current bank clients. A minimum loan sum of S$15,000 is available to them, with a five-year repayment period. Interest rates on a green renovation loan start at 3.88% per year. With a cheap home renovation loan in Singapore, you may now upgrade or renovate your house.
You can use the loan to move to a new residence, install solar panels to conserve power, or extend the area of your home, add extra rooms, etc.
To receive a response to any of your queries and assistance with your procedures, you can contact the Digibot online service. You must have all of your questions addressed and know exactly what you are entering into before finalising the transaction. Your house loan for remodelling won’t be a hardship if you make the right decision. You may obtain an easy loan with competitive interest rates and feel at ease.
Also Read: Planning a Major Purchase? How a Personal Loan Can Help
