2 Loans At The Same Time

[mrrobin 0]

Hi guys, Need some advice.

I am planning to get a reno loan for my new hdb, but i will need another loan to purchase electronics and furniture.

Should I take just 1 personal loan to cover all or 2 different loans?

Thank you~

[therat 18]

Up to u

[bepgof 20]

My advise:

Spending future money is not encouraged. Shiok now pain later

Saving money for future is encouraged. Pain now shiok later

One ex-HCJC 'girl' now aged 30, took 2 overseas scholarship, years ago, doing some bio-related stuff, felt shiok shiok.

2009, she walk nude herself with 1 angmoh along Singapore's Holland road claiming 'performing art' - shiok shiok.

Got 2nd scholarship then returned and claimed fulfilling her responsibilities as 'not aligned with her interest' after 2 years.

Else has to pay some $741,xxx to gov for remaining 4 yrs of 'duty'. Pain pain

[therat 18]

This ex-HCJC girl.. brain sth wrong.

Must be study too much. PHD .. Perm Head Damage

Who will walk nuke at Holland village with a male who is nuke too.

[mrrobin 0]

Thank you guys for the feedback.

How does a renovation loan works? The bank will loan exactly to the contractor quote? Then the bank will pay the contractor directly and not through me?

Troubled troubled.. Worried that i will not be able to buy things like fridge and bed..

[therat 18]

reno loan --> bank pay to reno company directly base on the quotation.

[bepgof 20]

This ex-HCJC girl.. brain sth wrong.

Must be study too much. PHD .. Perm Head Damage

Who will walk nuke at Holland village with a male who is nuke too.

I don't mind walk along side with nude girl

[therat 18]

u need to be nude too..

[bepgof 20]

u need to be nude too..

Let's nude......and do shopping...perhaps applying loans as well....

On bed, at home, online....

No police haha

[rsplim 0]

Does most reno contractors also offer help to apply reno loan ?

[yc_mw 1]

HI @rsplim,

I think most reno contractors may have their preferred bankers to recommend.

I think the only way you can get 2 loan is by applying at the same time, normally banks will not know if eventually you get the loan from both sides. However, do note that as loan amount will be disbursed directly to the Renovators, hence you have to get back the money from them, in a way at their mercy since the quoted amounted is fully paid off. No bargaining power, i feel.

And in the event of any unfortunate errors in the final works, if the contractors turns out to be a baddie, hardly anything can be done since you have already fully paid off the bill.

Do consider all aspects.

I always tell my friends, got money can do got money way, no money can do no money way. Not necessary to have to succumb to the 'normal' way. Can always just get the bare essentials done up or purchased first and the rest can come slowly buy surely.

[Simon1974 0]

HI @rsplim,

I think most reno contractors may have their preferred bankers to recommend.

I think the only way you can get 2 loan is by applying at the same time, normally banks will not know if eventually you get the loan from both sides. However, do note that as loan amount will be disbursed directly to the Renovators, hence you have to get back the money from them, in a way at their mercy since the quoted amounted is fully paid off. No bargaining power, i feel.

And in the event of any unfortunate errors in the final works, if the contractors turns out to be a baddie, hardly anything can be done since you have already fully paid off the bill.

Do consider all aspects.

I always tell my friends, got money can do got money way, no money can do no money way. Not necessary to have to succumb to the 'normal' way. Can always just get the bare essentials done up or purchased first and the rest can come slowly buy surely.

Can you confirm that the bank will pay the contractor the full payment before the reno is done. I thought that the bank only pay after the work is done and we check and is happy with it. I was thinking of getting a reno loan and after reading this am a bit worry.

Can please confirm. Thanks

Edited January 4, 2015 by Simon1974

[yc_mw 1]

Hi Simon1974,

I'm quite certain that the bank will pay the Contractor the Full Amount at 1 go. It is definitely not after the whole reno is done up neither is it paid progressively. I believe the loan amount will be disbursed once the paper documentations are all done up, submitted and approved.

You can check with the respective banks if they do have progressive payment option. It's 8 yrs since I last took a reno loan, the T&C may have changed for all I know.

Can you confirm that the bank will pay the contractor the full payment before the reno is done. I thought that the bank only pay after the work is done and we check and is happy with it. I was thinking of getting a reno loan and after reading this am a bit worry.

Can please confirm. Thanks

[Simon1974 0]

Hi Simon1974,

I'm quite certain that the bank will pay the Contractor the Full Amount at 1 go. It is definitely not after the whole reno is done up neither is it paid progressively. I believe the loan amount will be disbursed once the paper documentations are all done up, submitted and approved.

You can check with the respective banks if they do have progressive payment option. It's 8 yrs since I last took a reno loan, the T&C may have changed for all I know.

My last reno I pay cash and we do progressive payment and because of that I was able to make sure that the contractor do up all the touch up for things I am not happy with. If the bank is going to pay at 1 go than it is best not to use bank loan as that will be quite risk. I will have to talk to my bank to see what they can propose as I am going to do up my place soon. Thanks for the advise.

[industrie 0]

I think you may be able to borrow more if you take 2 separate loans (depending on your income)?