Renovation Loan

[Wenx 0]

Anyone who had taken up reno loan can advice which bank u took up with?

Or any bank for recommendation?

[loan specialist 0]

Anyone who had taken up reno loan can advice which bank u took up with?

Or any bank for recommendation?

hi i am a loan specialist from maybank can i be a help to you?

[muffin 2]

hi, you should try RHB, so far this is the cheapest reno loan at 3.80%

[wudimax 0]

i thought the lowest rate currently is 3%?

i will like to check for couple, each earning gross 3k. how much are they limited to?

As i saw some website stating that at most can loan up to 6 times of salary or 30k, whichever is lower.

[Wenx 0]

3% from which bank?

[muffin 2]

3%??? is there any special condition, like taking home loan together with reno loan?

[wudimax 0]

it is in the another reonovation thread, need to cut the coupon and present to the bank. not sure the promotion still on or not.

Edited October 22, 2010 by wudimax

[wudimax 0]

just received the email from rhb bank.

Please refer to the details of our Renovation Loan Packages below for your understanding:

1. Flexible Rate Package (Interest based on reducing principal, interest rate may vary throughout loan tenor)

- Standard Package

Year 1: 6.25% p.a. (RBR* - 2%p.a.)

Thereafter: 6.25% p.a. (RBR* - 2%p.a.)

2. Flat Rate Renovation Loan Package (Interest based on original loan amount, interest rate is fixed throughout loan tenor)

- Loan Amount < $15,000

♦ 3.88% p.a.

- Loan Amount $15,000 and above

♦ 3.22% p.a.

3. Furnishing Loan Interest Rate:

♦ 6.50% p.a. (PLR^ + 0.8%) for 1st yr

♦ 7.00% p.a. (PLR^ + 1.3%) for 2nd to 5th yr

NOTE:

A. Prime Lending Rate (PLR) @ 5.7%, a minimum Income criterion to qualify is $30,000 p.a.

B. Furnishing Loan is based on reimbursement basis; To apply, please attach Original Receipt / Invoice of fittings purchased prior to disbursement of furnishing loan.

*Renovation Board Rate (RBR) is currently 8.25%p.a.

^Rates are subject to change.

Eligibility

♦ Singaporean and PR only

♦ Individuals aged 21 to 55, with minimum annual income of S$24,000 (main applicant)

♦ Joint applicants to be related as spouse, sibling, parent or child

♦ Joint applicant(s) is (are) not subjected to minimum income requirement but must be gainfully employed

Loan quantum

♦ Minimum amount is $10,000

♦ Up to 6 times monthly income or S$30,000 whichever is lower (Renovation Loan)

♦ Up to additional 2 or 4 times monthly income (Furnishing Loan)

Tenure

♦ 1 to 5 years

Fees & Charges

♦ Processing Fees: 1% of approved Loan quantum payable in cash upon signing of LO (applicable to furnishing loan as well)

♦ Cancellation Fees: 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)

* For servicing of monthly installments, the bank also requires you to open a savings account with a minimum deposit of $500.

FREE Insurance Coverage

♦ This Personal Accident (PA) insurance coverage is worth up to S$30,000, on the renovation loan balance outstanding, across the entire loan tenure.

♦ This insurance policy is insured on the main applicant only.

♦ In the unexpected event of death and total permanent disability (TPD) of the main borrower, the compensation sum will go into the settlement of the outstanding renovation loan balance.

FREE Gifts

♦ Multi-cooker, Electric Skillet or Breakfast Set

Under Flexible/Variable rate package

Loan Amount 30k over 5 yrs 6.25% monthly ($583.48)

Under Flat/Fixed rate package (at 3.22%p.a.)

Total Interest of the loan = $30,000 x 3.22%p.a. x 5 years = $4830

Monthly Installment = ($30,000 + $4830) / 60 months = $580.50

i dont seem to be able to understand why under variable with higher interest will be cheaper than fixed rate. anyone able to enlighten me?

For ppl who going for the promotion at 3%, the promotion still on going.

To entitle to the promotion rate, customers will have to purchase the Ideal Home magazine, cut out and mail in the coupon.

[nemesis27 0]

I cant seems to find the ideal home magazine, is it a local mag? I only found britain one.

just received the email from rhb bank.

Please refer to the details of our Renovation Loan Packages below for your understanding:

1. Flexible Rate Package (Interest based on reducing principal, interest rate may vary throughout loan tenor)

- Standard Package

Year 1: 6.25% p.a. (RBR* - 2%p.a.)

Thereafter: 6.25% p.a. (RBR* - 2%p.a.)

2. Flat Rate Renovation Loan Package (Interest based on original loan amount, interest rate is fixed throughout loan tenor)

- Loan Amount < $15,000

♦ 3.88% p.a.

- Loan Amount $15,000 and above

♦ 3.22% p.a.

3. Furnishing Loan Interest Rate:

♦ 6.50% p.a. (PLR^ + 0.8%) for 1st yr

♦ 7.00% p.a. (PLR^ + 1.3%) for 2nd to 5th yr

NOTE:

A. Prime Lending Rate (PLR) @ 5.7%, a minimum Income criterion to qualify is $30,000 p.a.

B. Furnishing Loan is based on reimbursement basis; To apply, please attach Original Receipt / Invoice of fittings purchased prior to disbursement of furnishing loan.

*Renovation Board Rate (RBR) is currently 8.25%p.a.

^Rates are subject to change.

Eligibility

♦ Singaporean and PR only

♦ Individuals aged 21 to 55, with minimum annual income of S$24,000 (main applicant)

♦ Joint applicants to be related as spouse, sibling, parent or child

♦ Joint applicant(s) is (are) not subjected to minimum income requirement but must be gainfully employed

Loan quantum

♦ Minimum amount is $10,000

♦ Up to 6 times monthly income or S$30,000 whichever is lower (Renovation Loan)

♦ Up to additional 2 or 4 times monthly income (Furnishing Loan)

Tenure

♦ 1 to 5 years

Fees & Charges

♦ Processing Fees: 1% of approved Loan quantum payable in cash upon signing of LO (applicable to furnishing loan as well)

♦ Cancellation Fees: 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)

* For servicing of monthly installments, the bank also requires you to open a savings account with a minimum deposit of $500.

FREE Insurance Coverage

♦ This Personal Accident (PA) insurance coverage is worth up to S$30,000, on the renovation loan balance outstanding, across the entire loan tenure.

♦ This insurance policy is insured on the main applicant only.

♦ In the unexpected event of death and total permanent disability (TPD) of the main borrower, the compensation sum will go into the settlement of the outstanding renovation loan balance.

FREE Gifts

♦ Multi-cooker, Electric Skillet or Breakfast Set

Under Flexible/Variable rate package

Loan Amount 30k over 5 yrs 6.25% monthly ($583.48)

Under Flat/Fixed rate package (at 3.22%p.a.)

Total Interest of the loan = $30,000 x 3.22%p.a. x 5 years = $4830

Monthly Installment = ($30,000 + $4830) / 60 months = $580.50

i dont seem to be able to understand why under variable with higher interest will be cheaper than fixed rate. anyone able to enlighten me?

For ppl who going for the promotion at 3%, the promotion still on going.

To entitle to the promotion rate, customers will have to purchase the Ideal Home magazine, cut out and mail in the coupon.

[wudimax 0]

it is a local mag, try ask around in popular. saw some edition not few weeks ago

[Mama Soong 0]

it is in the another reonovation thread, need to cut the coupon and present to the bank. not sure the promotion still on or not.

Hi I have been looking for Ideal Home magazine for the RHB reno loan promotion. Any idea where I can get a copy of the magazine? Have tried NTUC, Popular, 7-11. Thanks.

[neubie 2]

Hi I have been looking for Ideal Home magazine for the RHB reno loan promotion. Any idea where I can get a copy of the magazine? Have tried NTUC, Popular, 7-11. Thanks.

look for SQUAREROOMS magazine... they have promotion on previous issues.

[nemesis27 0]

square room no more doing promotion with rhb. i guess iz only ideal home, which is bloody hard to find...

look for SQUAREROOMS magazine... they have promotion on previous issues.

[poboxfor 0]

it is a local mag, try ask around in popular. saw some edition not few weeks ago

Found it. They say it was just released 2 days ago..

Saw the 3% coupon inside

But don't know how many years is it fixed at.

[Wenx 0]

Found it. They say it was just released 2 days ago..

Saw the 3% coupon inside

But don't know how many years is it fixed at.

squareroom?