nice_sye 0 Report post Posted July 23, 2010 we applied home loan to 2 different banks RHB and OCBC and both wer approved max 30k...so basically i have 60k from 2 banks...my id quotation is 34k without flooring works and room carpentry works. if i include the flooring and other things, it would total a cost of roughly 45-48k...my question is, is it possible to use those 2 banks for my reno loan and then i ask the id firm to add more of the reno until it would cost to 48k and then refund me the balance of 12k so i can use them for furnishings?i would appreciate any reply..thank you Share this post Link to post Share on other sites
ngunadi 2 Report post Posted July 23, 2010 we applied home loan to 2 different banks RHB and OCBC and both wer approved max 30k...so basically i have 60k from 2 banks...my id quotation is 34k without flooring works and room carpentry works. if i include the flooring and other things, it would total a cost of roughly 45-48k...my question is, is it possible to use those 2 banks for my reno loan and then i ask the id firm to add more of the reno until it would cost to 48k and then refund me the balance of 12k so i can use them for furnishings?i would appreciate any reply..thank you Possible but highly not recommended. Assume you only apply for 1 bank. 1. Loan approved. 2. Bank issue cheque(s) with total amt $30k under contractor's name. 3. You gave the cheque(s) to contractor. If you apply for 2 banks: 1. Loan approved. 2. Cheques from 2 banks issued. 3. You gave the cheques to contractor. 4. You are expecting/hoping contractor to return the money to you. 5. If they don't .. ? Can you sue them? very hard. Easier way. Ask your contractor to give 2 quotations. 1. Each quotation less than $30k. 2. Submit each quotation to different banks. 3. You will get "exact" amount of loan needed (eq 25k + 20k). 4. Gave the cheques to your contractor. Share this post Link to post Share on other sites
nice_sye 0 Report post Posted July 24, 2010 ok thank you..my ID is also my friend who works in this reno company as a design director and do renovations.so i guess i will just have to confirm and push thru with the flooring and some other things..thanks a lot Possible but highly not recommended. Assume you only apply for 1 bank. 1. Loan approved. 2. Bank issue cheque(s) with total amt $30k under contractor's name. 3. You gave the cheque(s) to contractor. If you apply for 2 banks: 1. Loan approved. 2. Cheques from 2 banks issued. 3. You gave the cheques to contractor. 4. You are expecting/hoping contractor to return the money to you. 5. If they don't .. ? Can you sue them? very hard. Easier way. Ask your contractor to give 2 quotations. 1. Each quotation less than $30k. 2. Submit each quotation to different banks. 3. You will get "exact" amount of loan needed (eq 25k + 20k). 4. Gave the cheques to your contractor. Share this post Link to post Share on other sites
MachIII 0 Report post Posted September 2, 2010 Hi all, I was informed that only 1 reno loan applies to a single address. Is this true? I am very confused by these can and cannot after reading. Please advice. Thanks a lot. Share this post Link to post Share on other sites
loan specialist 0 Report post Posted September 23, 2010 Hi all, I was informed that only 1 reno loan applies to a single address. Is this true? I am very confused by these can and cannot after reading. Please advice. Thanks a lot. Hi, i am a banker from Maybank who is doing renovation loan, can i offer some help to your renovation question? from the question you posted yes is truth that you can only get one renovation loan from one bank on a single property, you can't get two renovation loan from two different bank on a single property at the same time. cos if any bank find out both bank have the right to call back the loan immediately. Share this post Link to post Share on other sites
titank 2 Report post Posted September 28, 2010 So now which bank offer the best in terms of renovation loan? Any special offer if take up housing loan at the same time? Share this post Link to post Share on other sites
loan specialist 0 Report post Posted September 28, 2010 So now which bank offer the best in terms of renovation loan? Any special offer if take up housing loan at the same time? hi, Maybank is already one of the lowest reno rates in the town you can shop around and see the rates. if let say you are one of our housing loan customer the rates will be special, it will be going at 2.82%. if you are just normal walk in customer the rates will be going at 3.22%. anything not sure can just msg me! Share this post Link to post Share on other sites
clementibc1 0 Report post Posted September 28, 2010 So, just say loan is about 30K, how much is the monthly payment ? How about the fee,etc etc ? Thanks. hi, Maybank is already one of the lowest reno rates in the town you can shop around and see the rates. if let say you are one of our housing loan customer the rates will be special, it will be going at 2.82%. if you are just normal walk in customer the rates will be going at 3.22%. anything not sure can just msg me! Share this post Link to post Share on other sites
mingxue3 0 Report post Posted December 11, 2010 Hi, would like to check with you all whether marriage cert is a must to submit as my fiancee and I are applying as joint applicants but we are not married yet but is able to get the flat first. Will the bank still allow us to apply renovation loan from them as we have no docs to prove our relationship. Share this post Link to post Share on other sites
PerfectTen 0 Report post Posted December 14, 2010 Hi all, Pls share with me your bank's reno loan banker contact details and would appreciate it if you could explain the difference between reno loan variable and flat rate and what are the costs and processing fees involved. If let's say i take up a 25k loan to be repayable within a year or within 5 years... Thanks and have a great day ahead... Share this post Link to post Share on other sites
matpower 0 Report post Posted December 26, 2010 ok thank you..my ID is also my friend who works in this reno company as a design director and do renovations.so i guess i will just have to confirm and push thru with the flooring and some other things..thanks a lot Just chk with banker. It is not possible to apply 2 reno loan from 2 banks which under MAS rules. And max reno loan must not exceed 30k. So pls chk properly. My 2 cents worth. Share this post Link to post Share on other sites
matpower 0 Report post Posted December 26, 2010 Being told by RHB bank to apply reno loan repayment tenure on 2 yrs basis instead of 1 yr as bank may not approve 1 yr repayment tenure. Y bank will reject for 1 yr tenure as I just need it for a short period? or they just want to earn an interest for longer repayment tenure? Anyone can advise Share this post Link to post Share on other sites
endlssorrow 1 Report post Posted December 27, 2010 So, just say loan is about 30K, how much is the monthly payment ? How about the fee,etc etc ? Thanks. i am interested to know also.. Share this post Link to post Share on other sites
loan specialist 0 Report post Posted February 23, 2011 i am interested to know also.. hi monthly installments will be $574 for 5 yrs loan tenure Share this post Link to post Share on other sites
endlssorrow 1 Report post Posted March 7, 2011 hi monthly installments will be $574 for 5 yrs loan tenure what is the interest rate? Share this post Link to post Share on other sites
