airways07 0 Report post Posted January 28, 2009 Hi .... I would like to know-what if l would like to loan under renovation from banks, do we have to represent renovation official receipt to the bank immediately or ...? Cause at the moment, as u can see-we are still hunting for a good one and have not found him yet-then how? Can we just go to any company and get them quote us and present that to bank? Can anyone teach me step by step on this??? Or shall we take Personal Loan without all this hassle? Which is better? And also which is better to loan from normal bank or from credit card company? Anyone had experience this before and would like to share with us? Thank You! Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted January 28, 2009 Where to get a loan is dependent on the interest rate, of course. If you take from credit cards/lines or use the overdraft facility, the interest amount will be very high. If I am not wrong the prevailing rate for renovation loan is about 6% thereabouts; do check out the banks' websites, as most of them have full details on their renovation loan packages. Otherwise call up the officer and I am sure they will be more than happy to explain to you. Most of the time you need the official quotation to submit your loan application, as the bank usually issue payments, either by cheques or direct, to that ID/contractor as per stated in the quotation. So cannot just get a quotation and give to the bank. Since you still looking then wait until you found the perfect ID/contractor then apply for loan lor; why the hurry? Share this post Link to post Share on other sites
wuga98 0 Report post Posted January 28, 2009 Anything using cc is always a bad deal, never ever use cc as loan. Its a debt trap that will kill u, n if u default, whatever savings, good deal u got is going to be down the drain. If u really need, i wud suggest u get a term sort of loan, either personal or renovation. It shd hv fixed yr n interest. This way, u can manage ur finance better. Hi .... I would like to know-what if l would like to loan under renovation from banks, do we have to represent renovation official receipt to the bank immediately or ...? Cause at the moment, as u can see-we are still hunting for a good one and have not found him yet-then how? Can we just go to any company and get them quote us and present that to bank? Can anyone teach me step by step on this??? Or shall we take Personal Loan without all this hassle? Which is better? And also which is better to loan from normal bank or from credit card company? Anyone had experience this before and would like to share with us? Thank You! Share this post Link to post Share on other sites
rolexboy 0 Report post Posted January 29, 2009 Hope it helps, if u wanna get a reno loan, maybe u can approach ur company for a personal loan. Some companies do provide loan for their staffs, and will deduct from monthly salary… If company willing to loan, then save interest liao lo… For loan for 15k @ interest 6% The saving will be about $1125 (for a repayment period of 15months) I have asked maybank, they do need the quotation from revo co. the interest depending on the loan amount, 1-5k = ?% 5-10k= ?% 10k up = ?% Can’t rem the actual rate, If not wrong it’s about at 3-4% and lowest at about 2+% loan payment period affects the rates too… ur latest pay documents (payslip or IR8A) IC copies and ownership deed/mortgage proof (whatever its call) subjected to their approval…. Share this post Link to post Share on other sites
CareBear 0 Report post Posted January 29, 2009 Hi .... I would like to know-what if l would like to loan under renovation from banks, do we have to represent renovation official receipt to the bank immediately or ...? Cause at the moment, as u can see-we are still hunting for a good one and have not found him yet-then how? Can we just go to any company and get them quote us and present that to bank? Can anyone teach me step by step on this??? Thank You! Hi airways07, I took my loan from Rhb, Think the interest for <16K was 3.88%, >16K was 3.22%. But coz I sign up with Plush Living, my ID company got tie in something with rhb, my interest is 3.08%... not bad lah... Actually didn't know, all along thought it's 3.22%, until approved liao, the officer told me about the special 'treatment'. Don't know if other ID firm also have this kind of privillege or not... can ask them. Share this post Link to post Share on other sites
airways07 0 Report post Posted January 30, 2009 Thanks everyone. May l know how do we actually calculate to get the amount? Can anyone teach me? Sorry, l'm very bad n poor in calculation etc. the (loan taken) to (rate interest) to (year loan) to get The ACTUAL monthly amount that we gonna paid .... For my better understanding. l'm lost at this! Please Thanks alot Share this post Link to post Share on other sites
CareBear 0 Report post Posted January 31, 2009 Thanks everyone. May l know how do we actually calculate to get the amount? Can anyone teach me? Sorry, l'm very bad n poor in calculation etc. the (loan taken) to (rate interest) to (year loan) to get The ACTUAL monthly amount that we gonna paid .... For my better understanding. l'm lost at this! Please Thanks alot I think must see if you want to take fixed rate or variable rate. Different calculations.mine is fixed rate based on 5 years. 1) 3.08% x reno amt x 60mths = Interest (Interest + reno amt) divide by 60mths = mthy payment for 60 mths. I think variable rate will fluctuate based on mkt rate. I still think you should seek the expert(bank) for better understanding. Share this post Link to post Share on other sites
LittleDreamer 0 Report post Posted February 3, 2009 (edited) Thanks everyone. May l know how do we actually calculate to get the amount? Can anyone teach me? Sorry, l'm very bad n poor in calculation etc. the (loan taken) to (rate interest) to (year loan) to get The ACTUAL monthly amount that we gonna paid .... For my better understanding. l'm lost at this! Please Thanks alot Actually you can check out the maybank website..they have to loan calculator to calculate for you how much you have to pay on mthly basis. Edited February 3, 2009 by LittleDreamer Share this post Link to post Share on other sites
airways07 0 Report post Posted February 9, 2009 Thank you everyone ... As l discover RHB does offer cheaper than the rest but still need to sort out my finance.. Cheers! for helping me out to a better understanding Share this post Link to post Share on other sites
