Want to renovate your home? You will be glad to know that getting a renovation loan is not any tougher these days.
According to the Monetary Authority of Singapore's notice for unsecured credit facilities, it has not lowered the maximum cap of six times the monthly salary of the borrower, or $30,000, whichever is lower, for renovation loans since 2003.
A DBS Bank spokesman confirmed that the number of applications for renovation loans has remained relatively constant, and there has not been any change in the criteria for the approval of such loans.
Source
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.
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