I'm also curious...
This is a discussion on Reno Loan within the HDB, DBSS, Executive Condominium Discussion forum, part of the Home Planning Forum category; anyone here took up bank renovation loan? got some qns wanna ask.. how does it works? usually bank will approve ...
anyone here took up bank renovation loan? got some qns wanna ask..
how does it works?
usually bank will approve anot? what if they dont?
thks in advance!
I'm also curious...
no one took up reno loan??
i have not personally took up any reno loans but this is how they work in general altho it may change in time to time:
1) Loan amount limit is usually tied to your income level (doesnt apply for landing properties)
2) Approved loan amount = your quotation amount
3) Money is disbursed into your appointed Interior Designer or Contractor's account directly.
4) Approved or not approved is up to bank's discretion, but so far mostly all approved lehhhh, as long as you can afford the payback period and interests.
5) Loan tenor can be 5 years max i think.
Last edited by CanCanMum; 20-01-2010 at 10:08 PM.
BUT you must confirm you r going ahead with that company before you can consult the bank
reno loan is quite straightforward, not like personal loans. I find.
but i dont know which bank offers the lowest interest rate at current worhhh
got some details for you:
Renovation Loan - Loans - OCBC
back in 2004 i wanted so much to apply for a Reno loan for doing up my house coz that time interest rates still affordable, i rem if i loan 10k in 5 years my monthly repayment was only $290++ i think lOlzzzz
Can Can Mum, what if get quotation already and bank dont approve loan? What the ID will do?
so far most of them got the bank loan approved lehhhh, so far (as far as i have heard of) no cases of disapprovals, except for landed property. HDB quote standard lehhhh......coz the loan amount also not alot, within a range of 10 to 15k or 20k thereabouts that most pple will loan for........
you mean what wil the ID do as in if quotation is signed and loan disapproved huhhh?
normally they would get an ID that they trust to do up the quote for them, so if really disapproved, they will also understand.
and normally my clients will also tell me they need the quote to apply for bank loan, so depending on IF the loan is approved, if not they will minimise the reno or forego some of the unnecessary items, something like that, its like a mutual understanding.
Last edited by CanCanMum; 21-01-2010 at 11:49 AM.
depends really on what are the items you see as necessary and not necessary
so far have clients who have 30k budget for that as well as clients who have 50k budget for that. But if it involves tiling etc those full fledged reno, normally at least 30k.
so far most pple spent most on kitchen and master bedrooms coz rest of the rooms are normally under-utilised and living room furnitures can be bought outside.
hope i have given you a general ideaaa~~~