Renovation Loan

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What Is Renovation Loan & How Can It Benefit Me?

Coming home to a well-done home is therapeutic: You get to rest comfortably after a long day at work and spend some quality time with your family.

For this reason, when most people purchase new homes or apartments, they end up renovating them to suit their taste and activities. After all, you’re probably going to live there for the most part of your life, so it pays to spruce up your humble abode. Home renovations can also significantly increase the value of your home.

To put things into perspective, you’ll have to set aside an average of $50,000 for a decent home renovation, which covers every aspect like plumbing, flooring and carpentry.

Who would have $50,000 lying around to use on a home renovation? Probably not most of us, which is why a home renovation loan can come in handy.

Instead of over-exerting your savings and using it all up for a home renovation, it might be wise to consider the option of a home renovation loan. Not only does it help to ease your financial burden, but it also ensures that you won’t be exhausting your savings that you may have set aside for emergencies.

Compared to regular personal loans, our home renovation loans are designed specifically to finance your home renovations and can be personalised to suit your needs. If you need more time to repay your loan, we’re able to work out a flexible loan repayment schedule just for you.

The upside of applying for a home renovation loan with 1AP Capital is that there isn’t a minimum salary requirement. This means that as long as you’re able to prove that you have a steady and stable source of income every month, you’ll more or less be approved for the loan. It’s easy to give your home a new breath of life!

What Should I Look Out For In A Renovation Contractor?

Before your home can get that new and improved look, you must first place your home in the hands of an experienced and trustworthy contractor.

Since most people are not good with DIY renovations, hiring a contractor to carry out the work is necessary. However, with horror stories of rogue contractors running rife, it is important to ensure that you get a contractor that is licensed and registered to carry out their home renovation in Singapore. Here are some tips to help in selecting a contractor:

1. Ensure That The Contractor Is Licensed With The HDB (Housing Development Board)

If you’re looking at sprucing up your HDB flat, this is a critical element in contractor selection.

The government has built these houses and gives specifications on the materials used, electrical wiring, space and many other things. They are therefore very particular about the contractors they allow to renovate them. If the contractor is licensed but is not accredited as one of the HDB-approved contractors, then he or she cannot work on the house.

The exception to this rule is if the house that is being renovated is not regulated by the HDB. In this case, you just need to ensure that the contractor is licensed.

2. Accreditation

Any contractor worth his salt will be accredited with a real estate association that is trusted.

This is not a mandatory requirement but it demonstrates the commitment by the contractor to build homes of good quality. Their commitment is to ensure that the homes they renovate are kept affordable and comfortable. They are not just fueled by making more money.

3. Request Quotations And Compare Them

It is not prudent to simply pick one contractor and take their word for it. Review several contractors then settle on 3 or so that you can move to the next step of the process with.

Request quotations from the selected few and carry out a comparison. You will be surprised to find that the price range may vary quite significantly. The quotation should be detailed as well, breaking down costs e.g. design cost, cost of materials, labor cost and the like.

By going through this process and understanding what one will be paying for the job at hand, misunderstandings and misconceptions are eliminated.

4. Review The Agreement Thoroughly Before Signing

Once you have settled on a contractor, allow them to draw up the contract and remember to review it thoroughly.

If the language used in the contract is full of jargon, you can request for them to customise it and use language that is easy to understand. Never begin your home renovation works till you have thoroughly reviewed the contract and signed on the dotted line.

5. Read Up On Renovation Best Practices

Research is key and there is no harm doing additional homework when you’re going to be spending $50,000 on your home renovation. Though this may seem like a waste of time, it can actually help you identify poor construction work or points in the contract that appear out of place.

You can also get more information of the best practices in renovation and construction of housing from the Building and Construction Authority (BCA) website.

6. Discuss The Work Schedule

Before signing the contract, the contractor should discuss the work schedule with you so that you’ll know when the renovation ends.

Usually, the contractor provides renovation milestones and their completion date. The completion date must be well indicated so that there is no room for confusion. It’s also important to list how the payments will be made and at what point.

If the contract asks for 100% payment upfront, do not sign it. There may be an initial down payment, but the remaining amount should be paid little by little until the work is finally concluded.

7. Defect Liability Clauses

These are important because they act as a warranty for the homeowner. Basically, the contractor is liable for any defects that show up in the work done for a number of months. Usually, the liability clause covers a period of 12 months. It is prudent to carry out an inspection of the work done as much as possible because the contractor will not necessarily raise the alarm on any defects.

Flexible Repayment Scheme

Flexible Repayment Scheme

Our team will look at your income and plan a repayment plan accordingly. Alternate solutions available.

On-the-spot Disbursement

On-the-spot Disbursement

We are able to pass you your cash right away once your loan has been approved!

Higher Borrowing Limits

Higher Borrowing Limits

1AP Capital is able to offer larger loans due to our extensive experience.

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Complete Your Loan
Application In 3 Steps

Fill up an application form

It takes an estimated 5 minutes to complete.

Receive application result and make appointment

Our loan officer will contact you within 24 hour upon form submission.

Sign agreement and get your cash

Confirm your loan contract and get your money without delay.

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Frequently Asked Questions

We provide personal loans, education loans, credit card consolidation loans, car loans, renovation loans, business loans and more.

You can choose to repay your loan installments through ATM Transfers, ATM Deposits, Bank Deposits, or Internet Transfer to any of our local bank accounts. Alternatively, you can also do your loan repayments in cash or through cheques at our office.

We do not need a guarantor in most cases.

Yes, of course! You will always be welcomed at 1AP Capital.


Our experienced loan consultants will take pleasure in providing you with a structured loan plan based on your financial capacity. It is important that you provide an accurate account of your financial status so that we can assist you in the best possible way.

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