Re: Renovation Loan

[blue218 0]

hmm... sounds interesting... but is it safe...

like take money don't want to turn over to the rightful payee..

maybe i ask my ID...

BTW, any recommendation of good reno loan?

thks

Not too sure about reno loan now though. I am looking for one now as well as I have just bought another new resales EA. Will let you know if I come across any that is good.

[furion0000 0]

Not too sure about reno loan now though. I am looking for one now as well as I have just bought another new resales EA. Will let you know if I come across any that is good.

looking through all the different banks, it seems OCBC is offering the lowest interest rate..

$585 per month for a 60month loan of $30,000

anyone can correct me on that?

[bepgof 20]

This is equivalent to effective interest rate of 6.4%. I think now should be around 3$ which is $540.

[furion0000 0]

This is equivalent to effective interest rate of 6.4%. I think now should be around 3$ which is $540.

Any bank offering 3%?

Looking through all the banks i had yet to find one offering 3%

[offspring 0]

Any bank offering 3%?

Looking through all the banks i had yet to find one offering 3%

You can try RHB Bank. For $30k, 5 years, monthly installment is at $581. If you need the contact , just PM me.

[furion0000 0]

You can try RHB Bank. For $30k, 5 years, monthly installment is at $581. If you need the contact , just PM me.

what are the processing fee like?

OCBC $30K 5 years monthly instalment : $579.71

OCBC processing fee is $200 irregardless of amt and admin fee is 1%

It works out to $500 for the administrative charges...

Anyone know RHB processing charges?

[kruncho 0]

$200 i thk

[offspring 0]

what are the processing fee like?

OCBC $30K 5 years monthly instalment : $579.71

OCBC processing fee is $200 irregardless of amt and admin fee is 1%

It works out to $500 for the administrative charges...

Anyone know RHB processing charges?

Processing fee is 1% of loan amount.

[weak_pig 0]

Processing fee is 1% of loan amount.

Hi, can anyone double check my calculation below and let me know if it is correct?

My intention : Borrow Reno Loan (regardless of loan period) and then pay the Bank back in full after 3-4 months (will be selling current house thus will have cash once current house is sold), thus I can only borrow money based on the Variable Reno Loan Interest Rate (as Flat Rate Package does not allow me to repay early)

Reno Loan Amt to borrow - $20k

Loan Period - 1 Year (12 Mths)

Variable Loan Interest Rate (based on RHB Flat rate) - 5.25%

Reno Loan Amt with Interest - ($20k x 5.25%) + $20k = $21050

Reno Loan Repayment Amt Monthly = $21050 / 12mths = $1754.16

Upfront 1-time Processing Fee (1%) = $20k x 1% = $200

Penalty for Early Repayment (2% of Loan Amt) = $21050 x 2% = $421

Thus, my Grand Total is:

Reno Loan with Int = $21050

Processing Fee = $200

Penalty Fee = $421

Total = $21671

Is the above correct?

[offspring 0]

Hi, can anyone double check my calculation below and let me know if it is correct?

My intention : Borrow Reno Loan (regardless of loan period) and then pay the Bank back in full after 3-4 months (will be selling current house thus will have cash once current house is sold), thus I can only borrow money based on the Variable Reno Loan Interest Rate (as Flat Rate Package does not allow me to repay early)

Reno Loan Amt to borrow - $20k

Loan Period - 1 Year (12 Mths)

Variable Loan Interest Rate (based on RHB Flat rate) - 5.25%

Reno Loan Amt with Interest - ($20k x 5.25%) + $20k = $21050

Reno Loan Repayment Amt Monthly = $21050 / 12mths = $1754.16

Upfront 1-time Processing Fee (1%) = $20k x 1% = $200

Penalty for Early Repayment (2% of Loan Amt) = $21050 x 2% = $421

Thus, my Grand Total is:

Reno Loan with Int = $21050

Processing Fee = $200

Penalty Fee = $421

Total = $21671

Is the above correct?

Hey weak_pig, for what i understand, RHB Bank rate not 5.25%pa .

Anyway your calculation is based on flat rate basis calculation. so its not right.

[weak_pig 0]

Hey weak_pig, for what i understand, RHB Bank rate not 5.25%pa .

Anyway your calculation is based on flat rate basis calculation. so its not right.

Hi, sorry, i mean to write Variable rate calculation. The int rate should be correct, as per variable rate pa for 1st yr. Cos i just got it from RHB sg bank website.

[Clementi_PR 0]

Halo All,

Have been looking for reno loan also.

This is what i got:

1. RHB (RHB or RHB Calculator)

2. OCBC (OCBC or OCBC Rate )

Others: DBS but it was way more expensive that those 2 above.

1 and 2 rate almost same.

Difference between 1 and 2:

1. fee only 1%

2. Fee 1% + 200SGD

For those who want contact number for no 1,

just pm me

[offspring 0]

Hi, sorry, i mean to write Variable rate calculation. The int rate should be correct, as per variable rate pa for 1st yr. Cos i just got it from RHB sg bank website.

Oh for that one, i think its for their housing loan customer. If not housing loan customer is 6.25%pa

[sukukia 0]

Halo All,

Have been looking for reno loan also.

This is what i got:

1. RHB (RHB or RHB Calculator)

2. OCBC (OCBC or OCBC Rate )

Others: DBS but it was way more expensive that those 2 above.

1 and 2 rate almost same.

Difference between 1 and 2:

1. fee only 1%

2. Fee 1% + 200SGD

For those who want contact number for no 1,

just pm me

Hi Clementi_PR,

Can pm me the contact number for no 1, thanks.

[ne0mesis 0]

Halo All,

Have been looking for reno loan also.

This is what i got:

1. RHB (RHB or RHB Calculator)

2. OCBC (OCBC or OCBC Rate )

Others: DBS but it was way more expensive that those 2 above.

1 and 2 rate almost same.

Difference between 1 and 2:

1. fee only 1%

2. Fee 1% + 200SGD

For those who want contact number for no 1,

just pm me

hi all,

been actively looking out for my reno loan (now tat whatever cash I have had been thrown into the **** COV), and here's what i gathered so far;

1. as heard from RHB, there is only slight $ difference between flat and variable / monthly rest. However, if you are consider early repayment, or partial payment now and there, adopt a variable / monthly rest package. if dutifully paying over the tenure period, adopt the flat rate package

2. looking at interest wise, yes my humble research shows that RHB and OCBC offer the best interest rate, in fact, OCBC actually offer better interest rate than RHB... There is still the gd old Hitachi credit which i read up frm old threads in forums. A quick check with them recently via the phone, they are offering 3% flat rate and if I'm not wrong, no admin fees involved if you wanna do early repayment of full payment. However, due to past incidents, they are only tying up with some IDs and contractors if you wanna use them.

3. comparing the 2 again, OCBC mentioned that their monthly rest int rate is fixed at 6.18% for 3 yrs repayment and 5.98% for 5 years. However, RHB's interest rate 6.25% for both repayment periods are subjected to change i.e i mentioned RHB is monthly rest but variable. RHB mentioned over the phone though that the int rate hardly change for the past 3 years.

4. so rightfully, the final research boils down to find which bank among the 2 allows me to save more on interest.. and this is where i'm stuck. cause I asked for a breakdown for the interest I'm paying each year frm both banks (which they mentioned is by apportionment i.e u pay more on yr capital but interest gets lower (mthly installment amt remains the same though), but the figure just doesnt seem right. I dont wanna go through the maths here but really hope someone gd with figures can share with us here

hope my above make sense to some and tat we get the best lon out there for our reno eh