Renovation Loan Question

[sgzenith 0]

I intend to get a renovation loan of $20000 loan. However if my renovation is $12000 will the bank still lent me $20000?

[godloveyou 0]

Ah long bank will.....

I intend to get a renovation loan of $20000 loan. However if my renovation is $12000 will the bank still lent me $20000?

[sgzenith 0]

Ah long bank will.....

Wah. Dun give such reply leh, this is not hardwarezone EDMW forum.

Edited March 20, 2011 by sgzenith

[chronograph 0]

so funny......

Common sense will tell u bank will not approve this kind of loan. Reno loan from bank need supporting document from ID firm, your quotation 12k u will get 12k.

u have few options:

1) ask your ID to help u. Eveything back and white nicely done to the bank for reno loan of 20k. No need to explain further u should know what to do.

2) take a personal loan of 8k

3) loan from relative 8k

4) Ah long.

[muffin 2]

There might be isolated case that this case might happen, if it really happen to u, u should inform the bank, if not u will be paying the interest for the remaining 8 k. But if u need the money, u can keep quiet.

[neubie 2]

I intend to get a renovation loan of $20000 loan. However if my renovation is $12000 will the bank still lent me $20000?

ask your ID/contractor "inflate" the quotation to 20k+ and u round down to 20k, the bank will approve, pending your income statements. they should know what to do.

Edited March 20, 2011 by neubie

[sgzenith 0]

so funny......

Common sense will tell u bank will not approve this kind of loan. Reno loan from bank need supporting document from ID firm, your quotation 12k u will get 12k.

u have few options:

1) ask your ID to help u. Eveything back and white nicely done to the bank for reno loan of 20k. No need to explain further u should know what to do.

2) take a personal loan of 8k

3) loan from relative 8k

4) Ah long.

Thanks!

[yumiko 0]

ask your ID/contractor "inflate" the quotation to 20k+ and u round down to 20k, the bank will approve, pending your income statements. they should know what to do.

But that is only if you really really trust your ID. Bank will issue the approved amount of the loan to the ID firm; not to you. Say, if the ID inflate the amount to 20K (but only 12K in actual), be sure that he is going to return the 8K to you at the end of the day. The bank will come on site to check if there is really renovation project on-going at your unit as well.

[neubie 2]

But that is only if you really really trust your ID. Bank will issue the approved amount of the loan to the ID firm; not to you. Say, if the ID inflate the amount to 20K (but only 12K in actual), be sure that he is going to return the 8K to you at the end of the day. The bank will come on site to check if there is really renovation project on-going at your unit as well.

correct, but I doubt the bank will do that, at least not for mine.

when money is concerned, I rather I owe the contractor $ rather than he owe me.

[archenemy 0]

when money is concerned, I rather I owe the contractor $ rather than he owe me.

i fully agree...

its a bit of stereotyping...but we hear a lot of horror stories from others already...dont wanna be a victim myself..

we cant live long enough to make all the mistakes ourselves..so learn from the mistakes from others

[endlssorrow 1]

Please take note:

This is so-called cheating.

You wil be charge in court.

[Users 0]

Hi

I also intend to get a reno loan from the bank.

Any bank recomendation?

Thanks