REnovation Loan

bbyoshi

Member
Hi mummies,

Did you take any renovation loans when renovating your home? We just got our new flat at Sengkang and we intend to renovate it.

We want to take a renovation bank loan but not sure which one is good as there are a lot of banks out there.

Any recommendations for which bank reno loan to take with the lowest interest rates?

Thanks~!
 

stonston

Well-Known Member
I did my reno a year ago and we did take a look at reno loans in end 2008 when we were considering to splurge and take loan or do simple reno.

Some banks and very strict criteria and even if their rates are good, you may not be able to get a loan. So need to be realistic also.

So far from what we researched, RHB gives good rates and chances of approval is higher also. You may also wanna check with your contractor/ID cos some of them hv linkups with banks/agents and may give better rates.
 

Phoebii Cheng

Well-Known Member
Recently a friend looked up abt reno loan, she said among all the banks OCBC gave her the lowest rate....

But year, like what stonston said, some contractor/reno company they do link up with some banks, might give you a better rate
 

sweetmommy

New Member
My bro took renovation loan from DBS. Can take loan upto 6 times your monthly salary and has flexible repayment option of five years. Bro paid off personal loan within 15 months. Can try something like that.
 

redjn

Well-Known Member
during my time (that is 5 yrs ago) I had my loan with 2 bank wch offer the lowest rate during that period. HSBC & Citibank but among d 2 banks I prefer HSBC service are better.
 
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PTB7476

Well-Known Member
we never take up any loan ... we renovated within our finance means. cos we dun want to land ourselve too much debt
 

Phyllis15

Member
I am also currently under renovation loan which is under standard chartered and RHB because i can only loan up to a certain limit for 1 bank thus decide to take from 2 banks. But my advice is not only considering the interests which might not be as significant as the late payment charges added which in standard chartered's case is $60 per month of late payment but for rhb, it is based on a certain % so is around a few dollars (less than $3) per late payment. Hope the info helps.
 

stonston

Well-Known Member
we never take up any loan ... we renovated within our finance means. cos we dont want to land ourselve too much debt
Agree. Reno within your means.

I know of a couple, still paying off their reno loans BUT THEY ALREADY DIVORCED.
 

apollo

Well-Known Member
we never take up any loan ... we renovated within our finance means. cos we dont want to land ourselve too much debt
totally agree! very true! tt's y aft discussing, we rather to move in later (if the amount we save is not alot). save more money 1st b4 reno. we dont nd a v beautiful hse, just a simple one with whatever we need will do.. haha!
 

apollo

Well-Known Member
Agree. Reno within your means.

I know of a couple, still paying off their reno loans BUT THEY ALREADY DIVORCED.
one of my relatives also lik tt.. and their reno amount was more than 20k! the hse was nicely renovated though..
 

lilipan

New Member
I also agree that you should renovate within your means. But if a renovation loan is really needed, I found this informative website that provided a good comparison of the interest rates from various Banks offering Renovation Loans in Singapore.


Here is the Renovation Loan in Singapore comparison website. :)


Enjoy and make a more informed decision!
 

jellyleow

New Member
Hi mummies,

Did you take any renovation loans when renovating your home? We just got our new flat at Sengkang and we intend to renovate it.

We want to take a renovation bank loan but not sure which one is good as there are a lot of banks out there.

Any recommendations for which bank reno loan to take with the lowest interest rates?

Thanks~!
Hello mummies..
reno loan ocbc having promo. Fraser hotel stay and free electricity credits also. Saw on their website. Can look up for those searching
 
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