Reno Loan

[apollo]

anyone here took up bank renovation loan? got some qns wanna ask.. :001_302:
how does it works?
usually bank will approve anot? what if they dont?

thks in advance! :tlaugh:

 

[florence_coey]

I'm oso curious...

 

[apollo]

no one took up reno loan??:err:

 

[CanCanMum]

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 u can afford the payback period and interests.

5) Loan tenor can be 5 years max i think.

 

[apollo]

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.

so i look for a revo company, everything settle liaoo then go look for bank for loan or vice versa way?? heeeeeee :001_302:

 

[CanCanMum]

so i look for a revo company, everything settle liaoo then go look for bank for loan or vice versa way?? heeeeeee :001_302:

u shd get a quotation first, then use the quotation to apply for bank loan

BUT u must confirm u r going ahead wif tat company before u can consult the bank

reno loan is quite straightforward, not like personal loans. I find.

but i dunnO which bank offers the lowest interest rate at current worhhh

 

[CanCanMum]

got some details for u:


Renovation Loan - Loans - OCBC

back in 2004 i wanted so much to apply for a Reno loan for doing up my house coz tat time interest rates still affordable, i rem if i loan 10k in 5 years my monthly repayment was only $290++ i think lOlzzzz

 

[florence_coey]

Can Can Mum, what if get quotation already and bank dont approve loan? What the ID will do?

 

[CanCanMum]

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 oso not alot, within a range of 10 to 15k or 20k thereabouts tat most pple will loan for........

u mean wad wil the ID do as in if quotation is signed and loan disapproved huhhh?

normally they would get an ID tat they trust to do up the quote for them, so if really disapproved, they will oso understand.

and normally my clients will oso 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 tat, its like a mutual understanding.

 

[florence_coey]

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.

If do reno for the whole 4A flat will cost how much? I'm the 2nd owner of the flat. For 20+ yrs, the previous owner nv reno.

 

[apollo]

you should get a quotation first, then use the quotation to apply for bank loan

BUT you must confirm you are 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

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.

oh... now i roughly get the picture alrdy.. thks cancan dearie! lubb u lahh!! :shyxxx:

 

[CanCanMum]

If do reno for the whole 4A flat will cost how much? I'm the 2nd owner of the flat. For 20+ yrs, the previous owner never reno.

ohhh u mean full reno like total face-lift izzit?

depends really on wad are the items u see as necessary and not necessary

so far have clients who have 30k budget for tat 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 hv given u a general ideaaa~~~

 

[CanCanMum]

oh... now i roughly get the picture alrdy.. thks cancan dearie! lubb you lahh!! :shyxxx:

i noe u lobbb mme wahhahahaoaoaoOOahahhaha~~~~~a-p-o-l-l-o~~~