Renovation Loan

[banana 0]

hi..do anyone know if any of the bank or institution that can give reno loan for those earning less than 24k/annum..desperate mode as most bank rejected as i have 23k/annum only..

Edited November 17, 2010 by banana

[muffin 2]

how about loaning a lower amount?

[everton 0]

hi..do anyone know if any of the bank or institution that can give reno loan for those earning less than 24k/annum..desperate mode as most bank rejected as i have 23k/annum only..

My understanding is that banks will lend up to 30k or 6 mths your salary whichever is lower.

[manutd1972 1]

the minimum annual income required to qualify for a reno loan is 24K or 30K, in accordance with MAS regulations. can't remember which amount.

as such, whether u wanna loan a lower amount or longer tenure etc, also won't make any difference to any of the banks. Their hands are tied in your case. unless u can find some other acceptable income document tt will increase ur annual income to the MAS stipulated amount.

Edited November 17, 2010 by manutd1972

[yumiko 0]

Why not apply with joint applicants (with spouse). That will increase the household income to loan higher amount...

[banana 0]

Why not apply with joint applicants (with spouse). That will increase the household income to loan higher amount...

hi..yah i did..but somehow i guess its not sufficient from the main applicant? hmmmm

[banana 0]

the minimum annual income required to qualify for a reno loan is 24K or 30K, in accordance with MAS regulations. can't remember which amount.

as such, whether u wanna loan a lower amount or longer tenure etc, also won't make any difference to any of the banks. Their hands are tied in your case. unless u can find some other acceptable income document tt will increase ur annual income to the MAS stipulated amount.

i have found one that requires less than 24k/annum but will get less amount than required from quotation...but if this is the case ...need to get guarantor which i dont prefer to have

[neubie 2]

i have found one that requires less than 24k/annum but will get less amount than required from quotation...but if this is the case ...need to get guarantor which i dont prefer to have

if that fails, u may want to consider borrowing against ur life insurance, if u have it...

[banana 0]

hi guys/ gals..thanks for your replies..

finally DBS replied me with great news though I wont be getting the full actual amount...its better than nothing rite...

so for those who have the same situation, you can try DBS..they might give u some hope...and now i cant wait to continue planning and designing my home...

[muffin 2]

Hi great to hear that u manage to get the loan

[banana 0]

Hi great to hear that u manage to get the loan

Thanks Muffin!!!

[Rusdianto 0]

hi..do anyone know if any of the bank or institution that can give reno loan for those earning less than 24k/annum..desperate mode as most bank rejected as i have 23k/annum only..

hi! i have information about home improvement financing and this like, maybe you can looking in url

http://www.home-improvement-financing.net/...t-financing.htm