Refinancing Renovation Loan

[davidbslee 1]

Hi,

Currently I am having 30k Ocbc renovation loan @ 5.68% p.a . Every month instalment is $575.53 for 60 months. I have already repay for a year and outstanding amount now is about 24k. I will need to pay for a 2% penalty of outstanding amount if making a full repayment. This Ocbc is a joint name with my brother to loan 30k as my salary only can loan up to 6times which is about 21k.

Now Maybank is having a very low interest rate Renovation loan @ 2.98% and they are able to let people to do refinancing on renovation loan. This time round I am going to use my own name only to do refinance, not sure my own salary able to loan up to the outstanding amount from Ocbc. If including bonus, confirm will be enough. Anyone can give advice? Thank you.