How To Increase Success Rate For Reno Loan?

[segar2b 0]

Hi! Husband applied reno loan with CIMB bank and was rejected. Banker said rejected reason - unknown. We've never taken up any loans before so we wonder why it was rejected. Is it normal for bankers to not tell us the reason of rejection?

Now we want to proceed with RHB but i have this fear at the back of my mind if loan gets rejected again. How to increase success rate for reno loan? Any of you ever in my shoes? Rejected by 1st bank, and successful with 2nd bank? Do we need a guarentor? Husband is the sole aplicant.

TIA

[bepgof 20]

Financial institutions make cash inflows($) via cash outflows first($) first making sure stream of total amount of inflows can be collected, and greater than total amount of outflows, in prevailing market conditions within stipulate periods.

Once FIs perceive having 'problem' in fore cash inflows, in this particular investment decision (reno loan), they prefer to 'switch off the tap', cos it is a high risk investment decision.

What make FIs think/perceive such acceptance of reno loan application is 'high risk investment decision'?

You expect FIs write U document stating 'applicants won't be able to meet repayment obligation/agreement'?

As a wise individual, he defers his consumption by lending $ to FIs by earning interest.

This is an individual's investment decision, cos he regards the investment is 'good and safe' enough.

Go to a higher risk FI takers, if must. Higher risk higher 'return' - in view of FIs, not borrower.

Bigger size consumes more food, always.

Laws of nature make us 'consume and contribute'.

It, too, shows consequences of consuming more than contributing.

[segar2b 0]

Dear @bepgof

"Higher risk FI takers. Higher risk higher return."

So meaning, go find a FI that has a higher interest rate? Or go for lower bank loan so as to pay higher interest?

[bepgof 20]

Higher risk taking financial institute ABSOLUTELY charge HIGHER INTEREST to borrowers, cos HIGHER RISK involves.

Borrower might default payment!

We are talking abt reno loan. SGD30K max, if my memory still sounds.

Banks are called financial institutes, but not all financial institutes are called banks.

Each FI have different licencings from gov in order to operate.

If RHB won't grant you reno loan, you till can go to some legalised money lenders for $ (no more call reno loan, it is a personal loan), or you too can go to Ah Long.

Doubt can get $30K in one go for these 'legalise' and illegalised' $ lender.

The best way, in my context in this particular application is, 'defer consumption' = Tighten the belt and bite the bullet.

Edited April 18, 2014 by bepgof

[keithlacon 0]

The info seems to be very interesting....... Thanks for sharing.....

[rio 2]

Hi! Husband applied reno loan with CIMB bank and was rejected. Banker said rejected reason - unknown. We've never taken up any loans before so we wonder why it was rejected. Is it normal for bankers to not tell us the reason of rejection?

Now we want to proceed with RHB but i have this fear at the back of my mind if loan gets rejected again. How to increase success rate for reno loan? Any of you ever in my shoes? Rejected by 1st bank, and successful with 2nd bank? Do we need a guarentor? Husband is the sole aplicant.

TIA

Hi

Did you manage to get loan?

[CuGu 12]

maybe can get your reno loan from the bank you have borrowed before (HDB bank loan etc)..if you have no bad record, it will be easier..

[brokenkey 0]

dont go to loan sharks or licensed money lender..i beg of you if need be.