Re: Renovation Loan

[Clementi_PR 0]

Hi Clementi_PR,

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

For RHB contact person:

Melvin Ho

Mobile (+65) 8298 2872

Tel (+65) 6344 8044

Fax (+65) 6345 7131

Email melvin_ho@rhbbank.com.sg

Just mention from clementi 706

[ponyoblue 0]

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

hi,new comer here.. jus wondering , in order to loan 30k , how much i need to earn per month ?

[furion0000 0]

hi,new comer here.. jus wondering , in order to loan 30k , how much i need to earn per month ?

$5000

[ponyoblue 0]

$5000

oh, thank you lei

[Reira 0]

Went to RHB (Bukit Timah - The Rail Mall Branch) last Wed to apply for reno loan. Monday afternoon already got a call from How Wee telling us that it is approved. His attitude is excellent. How Wee told us what we needed to know without us asking questions. (went to another bank, the banker asked us what we want to know...)

Edited April 5, 2010 by Reira

[madcat 0]

Just want to ask how to produce proof of ownership when applying reno loan before 2nd appointment ah?

My seller will move out after 1st appointment, that's why I may start reno before 2nd appointment.

thanks

[ngunadi 2]

Just want to ask how to produce proof of ownership when applying reno loan before 2nd appointment ah?

My seller will move out after 1st appointment, that's why I may start reno before 2nd appointment.

thanks

Does the bank need a proof that you own the place ?

Example, if you're renovating your parents place, you are not the owner of the place. Can you apply the loan?

On the other hand, before the 2nd appointment where you are legally NOT the owner, do you want to take the unnecessary risk?

If your seller changed his mind and not selling the place or delaying it, etc. etc. .. what will you do?

[furion0000 0]

Does the bank need a proof that you own the place ?

Example, if you're renovating your parents place, you are not the owner of the place. Can you apply the loan?

On the other hand, before the 2nd appointment where you are legally NOT the owner, do you want to take the unnecessary risk?

If your seller changed his mind and not selling the place or delaying it, etc. etc. .. what will you do?

When i applied for RHB loan, the bank requested for the Lawyers letter, the Letter from URA, letter from IRAS stating transfering of ownership...

I think must show proof...

Also, my finance manager told me the bank might sent someone to my condo to do a spot check...

till now, 1 month plus liao... reno ended last monday... no sight of the inspector yet leh...

dunno he just scaring me anot

[madcat 0]

Does the bank need a proof that you own the place ?

Example, if you're renovating your parents place, you are not the owner of the place. Can you apply the loan?

On the other hand, before the 2nd appointment where you are legally NOT the owner, do you want to take the unnecessary risk?

If your seller changed his mind and not selling the place or delaying it, etc. etc. .. what will you do?

The bank requires at least one of the applicant is the owner of the property to be renovated.

actually I just want to get ready everything before 2nd appointment. (such as getting reno permit from HDB, reno loan from bank, etc.)

so that reno can start on the next day after completing my 2nd appointment.....

By the way, how long will bank approve the reno loan normally ah?

[ngunadi 2]

What we did was that ...

We applied the reno loan BEFORE the 2nd appointment (our 2nd appointment had some delays)

We applied the reno permit from HDB BEFORE the 2nd apptment. The reno permit is applied with the previous owner name + indemnity form (your agent can advise you in this).

Our loan is approved BEFORE the 2nd appointment. The RHB required me to show that I am an owner by submitting the CPF transaction. (Where my CPF was deducted for house purpose).

The bank would approve the reno loan, roughly 3-4 working days. BUT you still have to wait. The process is like this:

1. Submit application (and assume all the paperworks are ok)

2. (Wait for 3-4 working days)

3. Loan is approved

4. You go down to RHB again to sign the loan agreement and decide how the loan would be dispensed. (for us, we split it to 3 cheques).

5. (Wait for 1-2 working days for dispense of cheques)

6. Collect cheques

So your contractor must time it nicely. Or just get the loan + cheque ready before the 2nd appointment.

The bank requires at least one of the applicant is the owner of the property to be renovated.

actually I just want to get ready everything before 2nd appointment. (such as getting reno permit from HDB, reno loan from bank, etc.)

so that reno can start on the next day after completing my 2nd appointment.....

By the way, how long will bank approve the reno loan normally ah?

[dean 5]

saw from square room magazine april 2010, rhb promotion rate 3% if u cut the coupon till may 2010

Edited April 14, 2010 by dean

[successnowhere 0]

Beside id quotation, can I added in the quotation for Electrical Wiring/Lightings and Curtains/Blinds to submit for Renovation Loan?

For 3 different company, will the bank issue cheques to different company?

[Preddy 0]

Beside id quotation, can I added in the quotation for Electrical Wiring/Lightings and Curtains/Blinds to submit for Renovation Loan?

For 3 different company, will the bank issue cheques to different company?

i think those might fall under "Furnishing Loans" but up to a max of 10K if not wrong by RHB. but you gotta pay for those 1st and produce the invoices to RHB before they will disburse the loan amount to you.

[ngunadi 2]

Beside id quotation, can I added in the quotation for Electrical Wiring/Lightings and Curtains/Blinds to submit for Renovation Loan?

For 3 different company, will the bank issue cheques to different company?

The bank would only issue cheques to 1 company only.

For those electrical wiring/lightings, your contractor can include this in the quotation as "Supply and install electrical equipments". If you want to buy/choose the lightings yourself, your contractor can give you the money for you to buy yourself. However, this comes as a risk by itself.

For curtains/blinds, it's the same thing. "Supply and install designer window" or something similar.

[htng 1]

The bank would only issue cheques to 1 company only.

For those electrical wiring/lightings, your contractor can include this in the quotation as "Supply and install electrical equipments". If you want to buy/choose the lightings yourself, your contractor can give you the money for you to buy yourself. However, this comes as a risk by itself.

For curtains/blinds, it's the same thing. "Supply and install designer window" or something similar.

Guys

From what I know, RHB is the cheapest but whether it is the best in terms of service, I dont know. If you want to add in electrical, curtains etc, ask your contractor/ ID to be middleman else it cannot be done. Also **** strict because they need your contractor to sign and also put down renovation company name etc...As for those non company registered, I dont know can or not