Our Expert says
Cost Overruns are Almost Guaranteed
Renovation projects in Singapore routinely exceed initial budgets by 10% to 20%. Hacking reveals hidden issues, material costs fluctuate and scope creep is common.
When using tour calculator, run scenarios at both your quoted amount and 15% to 20% higher to understand the realistic range of monthly repayments. If the higher amount strains your budget either scale back the renovation scope or ensure you have a saving buffer beyond the loan. 
Renovation Loan Repayment Examples
Sample Renovation Loan Monthly Repayments
| Loan Amount | 3 Years (EIR 5%) | 5 Years (EIR 5%) |
|---|---|---|
| $15,000 | $450 per month = $1,200 interest | $283 per month = $1,980 interest |
| $20,000 | $599 per month = $1,564 interest | $377 per month = $2,620 interest |
| $25,000 | $749 per month = $1,964 interest | $472 per month = $3,320 interest |
| $30,000 | $899 per month = $2,364 interest | $566 per month = $3,960 interest |
A $30,000 loan over 5 years costs $3,960 in interest which is 67% more than the $2,364 interest on a 3 year loan. 
