Home improvement loans

Online through e-Banking

From your mobile through myAlpha Mobile or your computer through myAlpha Web, you can apply for pre-approval for an Alpha Residence Renovation loan.

By appointment at a branch

Book an appointment at a branch on the day and time it suits you and bring along the supporting documents.

Based on your age

You must be up to 75 at loan maturity.

However, home improvement loans usually have a shorter term, up to 10 years usually.

Based on your finances

The loan payment should not affect your day-to-day life.

Make your financial planning even easier with the home improvement loan calculators.

Fixed or floating interest rate

With floating interest rate, the instalment amount will follow the market interest rate. Meaning, it may decrease or increase.

With fixed interest rate, the instalment amount remains the same for a specified period, irrespective of the market trends.

Lump-sum fees

There are fees for processing the application. The cost depends on the loan amount.

Also, if there is a mortgage lien on a property, there are additional costs related to the due diligence and mortgage registration process, such as lawyer, engineer, land registry and National Cadastre fees, etc.

Subsidised programmes

Depending on the upgrades you want to carry out, your income and your family status, you may be eligible for a subsidised programme.

This means you can get a more favourable loan. Depending on the programme, you may be entitled to an interest rate subsidy or not have to pay any application fees.

Find the right loan for you

Before you apply for a loan, you need to consider:

• What amount do I need – Do you already have part of, or will you borrow the entire amount? Maybe the renovation is large enough that you need a mortgage loan?
• How am I going to repay it – Will the loan payments come from your salary or another source, such as rental income, or do you plan on selling an asset? In this case, choose a loan you can repay early at no extra charge.
• How much time do I need to repay the loan – Considering the amount you can pay monthly, how much time will you need in total?
• Am I eligible for a subsidy – Do you meet the criteria for subsidised loans? Are there works that are not covered by the subsidy? Do you need a supplementary loan?