Legolas 0 Report post Posted October 8, 2014 (edited) Maybe you can try interest free installments provided by credit card for your renovation expenses. Edited October 8, 2014 by Legolas Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 9, 2014 Maybe you can try interest free installments provided by credit card for your renovation expenses.Which credit card providers give 'interest free installment' ???Free for how long? 30 days?What's the maximum amount can loan. SGD50K?Interest free installment period? Over 1 year?I'll be the 1st one chiong to get one, if they provide 'interest free' for one year with 50K. Share this post Link to post Share on other sites
sugarkitty 0 Report post Posted October 9, 2014 Maybe you can try interest free installments provided by credit card for your renovation expenses.Actually this is not a bad idea, if you can finish repaying in one year and have a high enough credit limit, using the bank's in house instalment plans the E.I.R is not that much higher than a bank's 1 year E.I.R. The interest on default will be **** siong. think carefully before treading. Share this post Link to post Share on other sites
wongkk 0 Report post Posted October 17, 2014 When applying for the loan, the bank need some documents such as the contract duly signed by applicant. What happen if the bank rejected the loan? Do we need to pay the ID/contractor to fulfill the contract signed? Share this post Link to post Share on other sites
Alternate Tan 4 Report post Posted October 22, 2014 (edited) If you have a bad rating for credit bureau, forget about getting a reno loan. Fact of life, you wouldn't lend it to someone who has a habit of defaulting payments.Don't even try to try your luck applying for credit cards. The only thing is to wait few years, then call up the bank which give you the bad rating to clear it.* I had paid all 2 years back but till today still penalise for it. Try not to walk this road. It wil bite you when in need. Edited October 22, 2014 by AlternateTan Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 25, 2014 (edited) Actually this is not a bad idea, if you can finish repaying in one year and have a high enough credit limit, using the bank's in house instalment plans the E.I.R is not that much higher than a bank's 1 year E.I.R. The interest on default will be **** siong. think carefully before treading.Effective rate of interest (annualise) for credit card is near 24%pa.It is DAILY compounded! for outstanding sum.Credit card companies tell you xxx% but never tell you how they compound the interest.Too bad primary/secondary schools here don't teach the most practical yet fundamental financial mathematics.....many engage into games where they don't understand rules of the game.When you make purchase, the bill ($$$) sent electronically to credit card centres, the centres post you the invoice to make payment by xxx date. They will ask you to pay 'MINIMUM' $50 but ----don't be conned, they never tell you the remaining sum will be charged at xx%!My 1st credit card with UOB since 1991, the purchase date to mandatory invoice payment date NEVER exceeded 30days!(Real interest free for ~ 30 days!)Bottom line: make sure you have the money to pay for what you purchase, otherwise will be charged with interest, or 'see you in court'. Edited October 25, 2014 by bepgof Share this post Link to post Share on other sites
s0journer 0 Report post Posted October 26, 2014 (edited) hi there is now a loan limit of 60% of your monthly salary. so if you've taken up car loan, housing loan, credit card loan etc you might have hit the limit. another way is to loan from your life insurance policy. the loan is about 6-7% per annum and if you dont pay back the loan amt + interest is deducted from your insured amt at claiming. u can repay as and when u have money eg after sale of home or bonus... or by mthly repaymentsagree with above advise tto be prudent in your reno. I believe that reno should not cost more than 15% of the home value. also consider alternative materials eg. do u need a quartz counter top or u could use solid surface and save $1000? . esp for new first time home owner if you are stretched thin in monthly home loan repayments and reno. do what you can within what you can afford. anyway after 10yrs you will want to reno again and you might be earning more by then and can afford that mossaic decorative wall. Edited October 26, 2014 by s0journer Share this post Link to post Share on other sites
Jimmy Sky 0 Report post Posted March 25 Hello. Competitive interest rates, low fees and charges are what make Varo Money an attractive option for those who want the best financial services. With Varo Money online banking, clients can easily and simply carry out necessary financial transactions, and at the same time save significantly. More detailed information about them is here https://varo-money.pissedconsumer.com/customer-service.html by studying which everyone will understand whether such an online bank is suitable for him or not. Share this post Link to post Share on other sites
