Re: Renovation Loan

[dean 5]

reno loan is very very troublesome.

[htng 1]

reno loan is very very troublesome.

Mine got approved easily but lots of rules etc...

[froggy 0]

Mine got approved easily but lots of rules etc...

Hi anyone taken loan from OCBC? I applied one week already still no reply? Is that the norm?

[sff 0]

Hi anyone taken loan from OCBC? I applied one week already still no reply? Is that the norm?

Me. But I did not apply direct. I have a rep to apply for me. Thursday afternoon submit to rep, bank call to me on following wed to say approve, approval letter and instructions received a week later. Usually 3 days can get news, maybe now is busy time.

As my rep said, no news sometimes is good news.

[froggy 0]

Me. But I did not apply direct. I have a rep to apply for me. Thursday afternoon submit to rep, bank call to me on following wed to say approve, approval letter and instructions received a week later. Usually 3 days can get news, maybe now is busy time.

As my rep said, no news sometimes is good news.

oh really, ah, keeping fingers crossed now.

I sent in last monday, given the long weekend etc, hopefully they reply by tomorrow.

If not must find another bank and start waiting game again, very sian

[sff 0]

Is RHB still offer 3% renovation loan interest?

Any other bank got better offer?

You can use rhb reno loan calculator to check your monthly repayment and compare with ocbc reno chart.

[dean 5]

is it must submit contract quotation? draft quotation will not approve and will delay processing right?

[berry_surprise 0]

the bank charges for loan, hope it helps.

http://www.rhb.com.sg/pdfs/forms/personal/FAQ%20Reno%20.pdf

3) What are the charges for Renovation Loan?

Processing Fee: 1% of the approved loan amount

Cancellation Fee: 1% cancellation fee on loan amount cancelled if loan is cancelled after acceptance of LOF, capped at $200

Prepayment fee: 2% of the prepaid amount in the event of partial / full redemption during the loan tenure. The minimum prepayment sum is S$5,000 and thereafter in multiples of S$1,000 (For Flat Rate Renovation Loan package – partial prepayment is not allowed)

4) What are the interest rates for Furnishing Loan?

6.50% p.a. for 1st yr

7.00% p.a. for 2nd to 5th yrs

6) What are the charges for Furnishing Loan?

Processing Fee: 1% of the approved loan amount.

Cancellation Fee: 1% cancellation fee on loan amount cancelled if loan is cancelled after acceptance of LOF, capped at $200.

Prepayment fee: 2% of the prepaid amount in the event of partial / full redemption during the loan tenure. The minimum prepayment sum is S$5,000 and thereafter in multiples of S$1,000

[froggy 0]

is it must submit contract quotation? draft quotation will not approve and will delay processing right?

according to ocbc whom i applied from, the quotation must in

* in original letter head of contractor

* signed and stamped by contractor

* signed by owner

* indicating "official quotation"

not sure if all banks the same

[htng 1]

according to ocbc whom i applied from, the quotation must in

* in original letter head of contractor

* signed and stamped by contractor

* signed by owner

* indicating "official quotation"

not sure if all banks the same

For RHB, they are pretty flexible. Can submit draft quotation for approval but during signing for letter of offer, must have quote with signature and company chop.

[dean 5]

For RHB, they are pretty flexible. Can submit draft quotation for approval but during signing for letter of offer, must have quote with signature and company chop.

so troublesome.

[matpower 0]

$5000

Really $5000 monthly wage is a minimum requirement? If u can earn 5k/month, I think u no need to loan from bank.

[hammies 0]

i called up rhb to enquire about reno loan few days back and this is what i was told

1) max 3 companies

- for eg: hdb approved contractor + plumbing works + electrical works

- as long as plumbing or electrical works company is a registered company, the bank will issue the cheque

- bank will not issue to freelance

2) quotations must be provided when applying loan

3) cheque will be issued upon customer request

- 1st cheque is free

- subsequent cheque is $8 / cheque

hope this helps

[Ljas1370 0]

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

I have bad experience with RHB bank. I went down to RHB Bank (Katong Branch) in early June to enquire about renovation loan and was serviced by the Manager on duty - Peter. I could not decide whether to take a personal loan or renovation loan as I only need it on short term of about 6 months while waiting for my sale proceed for my house to come in. Peter was very knowledgeable and pollite to explain the difference between a preferred credit loan application. I did not sign up on spot but took the application forms home. Somewhere in Mid Jun I mailed out the loan prefered credit application form with all the necessary documents the bank required. I waited for 3 weeks and yet no reply. So I decided to call the bank. Peter was off duty on the Saturday that I called and I was served by another manager in charge Melvin. He mentioned that his branch does not have record of my loan application but will call the head office on Mon to check as they don't work on Sat. I told him that I need the loan urgently as my contractor has almost completed the house renovation and I need to pay him. He told me that it can be processed within 24 hours. I went down to the Katong branch again on 03 July to submit another application and emailed him my salary and CPF statement on 05 July. Melvin called me on 05 July and confirmed that the head office did not receive my application also. So I presumed that it was lost thru the mail. He replied me on 06 July saying that he submitted my loan application but was rejected because the bank can only accepted 1 application. He mentioned that the 1st application I sumbitted earlier ended in Bukit Merah branch. I told me I have no time to go to Bukit Merah branch to collect the document and ask to be transferred to his branch to collect. As I was busy with my house renvoation I forgot about it and by the time I remember and called him on 10 July after the banking hour to check whether has the documents been sent to his branch. He told me that his branch has received it on 09 July and he said he asked his colleague Timothy to call me. I told him I did not receive any call from Timothy. He said he will call me on 13 July to arrange a place to meet up for collection of the document. I did not receive his call on 13 July so decided to call him but he didn't answer the phone. I was so pissed off that I sent an sms to him to cancel my loan application. He didn't even bother to respond my sms. MY ADVICE IF YOU NEED A LOAN APPLICATION URGENTLY PLS DO NOT USE RHB BANK. THEIR SERVICES REALLY SUCKS. LOUSY SYSTEM - MY 1ST APPLICATION ENDED IN BUKIT MERAH BRANCH BUT NOBODY FROM THE BANK CALLED ME TO INFORM ME ABOUT IT.

[Ljas1370 0]

I have bad experience with RHB bank. I went down to RHB Bank (Katong Branch) in early June to enquire about renovation loan and was serviced by the Manager on duty - Peter. I could not decide whether to take a personal loan or renovation loan as I only need it on short term of about 6 months while waiting for my sale proceed for my house to come in. Peter was very knowledgeable and pollite to explain the difference between a preferred credit loan application. I did not sign up on spot but took the application forms home. Somewhere in Mid Jun I mailed out the loan prefered credit application form with all the necessary documents the bank required. I waited for 3 weeks and yet no reply. So I decided to call the bank. Peter was off duty on the Saturday that I called and I was served by another manager in charge Melvin. He mentioned that his branch does not have record of my loan application but will call the head office on Mon to check as they don't work on Sat. I told him that I need the loan urgently as my contractor has almost completed the house renovation and I need to pay him. He told me that it can be processed within 24 hours. I went down to the Katong branch again on 03 July to submit another application and emailed him my salary and CPF statement on 05 July. Melvin called me on 05 July and confirmed that the head office did not receive my application also. So I presumed that it was lost thru the mail. He replied me on 06 July saying that he submitted my loan application but was rejected because the bank can only accepted 1 application. He mentioned that the 1st application I sumbitted earlier ended in Bukit Merah branch. I told me I have no time to go to Bukit Merah branch to collect the document and ask to be transferred to his branch to collect. As I was busy with my house renvoation I forgot about it and by the time I remember and called him on 10 July after the banking hour to check whether has the documents been sent to his branch. He told me that his branch has received it on 09 July and he said he asked his colleague Timothy to call me. I told him I did not receive any call from Timothy. He said he will call me on 13 July to arrange a place to meet up for collection of the document. I did not receive his call on 13 July so decided to call him but he didn't answer the phone. I was so pissed off that I sent an sms to him to cancel my loan application. He didn't even bother to respond my sms. MY ADVICE IF YOU NEED A LOAN APPLICATION URGENTLY PLS DO NOT USE RHB BANK. THEIR SERVICES REALLY SUCKS. LOUSY SYSTEM - MY 1ST APPLICATION ENDED IN BUKIT MERAH BRANCH BUT NOBODY FROM THE BANK CALLED ME TO INFORM ME ABOUT IT.

Maybe because my loan amount is small and for a short term period of a few months that's why he can't be bother to enterain me. Wasting my time and now I have to look for another bank. A lesson learnt never trust all this bankers who promise and yet never keep their promise. Melvin was the one that suggested meeting on Tues 13/7/10 at a convenient place to pass me the document. Maybe the amt of comission he earned from my application is not enough to cover his transport. Sigh.