Which Bank Offer The Lowest Interest Rate For Reno Loan? [Urgent]

[Deepnblue 0]

But i am getting 2.58% fron POSB/DBS fore renov loan.

but liase thru takeone.

seem to hv a big diff..

[Jolene 2]

Hi, for posb is monthly rest rate. You can check from their website. Is stated.

[Deepnblue 0]

Using posb web site loan calculator. http://www.dbs.com.sg/personal/homeloans/calculators/renovation-loans/default.page?#

with a 20k loan of 4.88% for 5 yrs , total amt to be paid back is $22,579.80 (376.33per mth)

meaning total interest paid is $2,578.90 for 5 yr, tt work out to be 515.96 per yr,

$515.96 / $20,000 = 2.58% interest.

its much lower than compare to other banks of 2.98%

[Jolene 2]

DBS 4.88% is for existing housing loan customer of DBS.

Monthly rest rate is subject to changes of bank board rate.

[edlis70 0]

I am considering Maybank as Got freebie..

[Jolene 2]

Free gifts ends 30 sept 2012.

Pls email me for more details

Jteo@maybank.com.sg

[edlis70 0]

Free gifts ends 30 sept 2012.

Pls email me for more details

Jteo@maybank.com.sg

[/quote

Hi Jolene, had sent to ur mail.

[reno2012 0]

May I know how much will it be if i want to loan 15K over 3 years.... what is the monthly installment from Maybank?

[Nivle 0]

Free gifts ends 30 sept 2012.

Pls email me for more details

Jteo@maybank.com.sg

Hi Jolene,

Thanks for everything Collecting my free gift soon

Regards,

[cutebaby20 0]

Free gifts ends 30 sept 2012.

Pls email me for more details

Jteo@maybank.com.sg

Hi Jolene,

Can i check with you, the bank will issued the cheque the ID or us ?

[Jolene 2]

Nivle,

U r welcome. Cheers!

Cute baby,

Cheque will Be payable to id

[Jolene 2]

Reno2012,

Interest rate 2.98%(flat rate)

Monthly installment $454

Pls emailer for more details.

Jteo@maybank.com.sg

[Deepnblue 0]

DBS 4.88% is for existing housing loan customer of DBS.

Monthly rest rate is subject to changes of bank board rate.

i am not existing DBS housing loan customers but i am been offered 4.88% upfront.

[v1hypersg 0]

can someone care to share more,

about the details of renovation loan,

why dbs is 4+ % but monthly installment is less than maybank which is fixed but lower interest rate but monthly installment is more than dbs ?

also which is the cheapest ?

[jokejong 0]

v1, i think you should go for maybank.

based on the people's comments at this point, it seems like Maybank and RHB offers the lowest rate.

for DBS and POSB, it seems like you have to take a housing loan from them first before they offer the cheaper rate for renovation-personal loan..then it'll be comparable to the Maybank monthly rate.

all in all, i personally think that one should not get more than 20k loan and payment should be as much as possible, paid within 3 years. Interest...interest... will get the better of you.