Renovation Loans FAQ
1. Is it advisable to take on a Renovation Loan?
As pointed out in my Will Renovation Raise your Property Value post, it is not wise to view renovation as a return on investment (unlike Study or Home Loan). Thus, I will advise you not to take on a Renovation Loan. However if you have to, keep in mind to keep the loan amount small and manageable.
2. What is the minimum and maximum renovation loan amount?
Minimum loan amount: SGD $10,000
Maximum loan amount: 8 times of your monthly income or SGD$30,000 (whichever is lower).
3. What is the minimum and maximum loan tenure?
Minimum loan tenure period: 1 years
Maximum loan tenure period: 5 years
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