GXS Bank has launched the GXS Reno Club to help homeowners manage the high cost of home renovations, particularly as thousands are expected to receive keys to new build-to-order (BTO) flats this year.
The Reno Club is tied to the GXS FlexiLoan, a personal loan that allows customers to draw down funds as needed without repeated applications.
Each month, only the first 1,000 customers who take up a FlexiLoan of at least S$15,000 over a 12-month term and name their loan “RENOCLUB” will be eligible for the programme’s benefits.
According to the bank, its customers set aside around S$15,000 on average for home improvements in 2024.
The FlexiLoan offers borrowers the option to repay only the amount they draw down, with flexible repayment terms and no early repayment fees.
Eligible Reno Club members will receive a 1% cashback on interest for the first year, credited monthly over 12 months.
They will also earn a bonus savings interest rate of 0.8% per annum for six months, applicable on balances in their GXS Main Account and Saving Pocket(s), capped at S$20,000.
Additional deals from GXS partners include up to S$100 off home furnishings at Harvey Norman, Prism+, and Gain City when paying with Grab PayLater or GrabPay.
Members will also receive six months of free Amazon Prime access through Cast.sg, a local app marketplace that offers bundled discounts for multiple app subscriptions.
GXS Bank said it plans to continue refining the benefits of the Reno Club with support from its ecosystem partners, Grab and Singtel.
Jenn Ong, Head of Retail, GXS Bank said,
“According to Qanvast, the average renovation will cost S$35,000 to more than S$80,000 for an HDB flat in 20252. Often, cash payment is required for these renovations. We created the GXS FlexiLoan with one question in mind: ‘Why should loans feel like shackles on your feet when it should help you soar?’.
In the same spirit, the GXS Reno Club was born out of our intention to help homeowners build their dream home without feeling weighed down by the cost. By leveraging our ecosystem, we can help to make this significant life milestone more affordable for Singaporeans.”
Featured image credit: Edited from Freepik
