Can I Have 2 Bank Loan For 1 Renovation

[Junatic 0]

Hi ppl,am i able to get 2 bank loan for 1 renovation? Because i'm the only one working as my wife not working due she need to take of the kids.

My monthly income is about 3.2k.

Do advice me.

Thanks

Edited September 18, 2014 by Junatic

[mummychua 4]

i suggest to keep your reno cost low. even if you managed to get 2 bank loan, it will be very hard to serve 2 loan and a mortgage loan at the same time.

[CuGu 12]

no, the banks are not that nice..

[therat 18]

do within your mean.

[ANDiLaLaLa 2]

Do away with loans ..cash is always good...1 time pain only.

it was not easy for us to service 2 bank loans back then. (5 years leh..jialat!)

[s0journer 0]

There's 60% limit on your monthly income for loans. includes car loan, housr loan, credit cards and any other types of loan that you've taken. if you're close to the limit its unlikely the bank will approve the loan esp if you have 1 reno loan. advise is keep reno simple.

[vivek12 0]

As i know Banks require a loan seeker to contribute certain amount while buying a home. It can be in the range of 15 per cent to 30 per cent of purchase price depending on your lender and loan seekers credit history / income.

[Del8 0]

My friend said I can ask the contractor to declare the reno cost higher than the actual cost (eg. 30k but declare 40k), then when the bank approved it, contractor will return me 10k to buy furniture ect. Is this true and still applicable?

[therat 18]

My friend said I can ask the contractor to declare the reno cost higher than the actual cost (eg. 30k but declare 40k), then when the bank approved it, contractor will return me 10k to buy furniture ect. Is this true and still applicable?

is it that consider cheating?

When you apply for loan, the doc you sign. That is legal doc.

you are cheating on the Bank.

Will get charge

[hohkeat 0]

i suggest to keep your reno cost low. even if you managed to get 2 bank loan, it will be very hard to serve 2 loan and a mortgage loan at the same time.

agree. best to keep it simple with less or no stress.

[hohkeat 0]

is it that consider cheating?

When you apply for loan, the doc you sign. That is legal doc.

you are cheating on the Bank.

Will get charge

I think this is similar to the cash back situation in property sales.

cash back is illegal.

[AdoLee 0]

Well i don't think that will be a good idea, as you might have to pay two different banks, and that might effect your financial status too.

But it will be good if you can look for single bank with low interest rates, and nowadays many online property dealers also helps you to get loan on low interest rates for a buying a new house, but that's a different thing, but still if you can find a site with low interest rates, please also suggest me too.

[Jimmy Sky 0]

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