fatima21 0 Report post Posted August 28, 2015 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? Share this post Link to post Share on other sites
Ahyong81 3 Report post Posted August 29, 2015 (edited) Reserved Edited September 7, 2015 by Ahyong81 Share this post Link to post Share on other sites
kimmeXtan 0 Report post Posted September 14, 2015 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?bcos a reno loan interests is lower than personal loans etc, the bank will first screen the applicant and the contractor co itself to make sure they have no law suits and what not...the bank will then issue a few cheques progressively to the contractor company. it'll depend on your salary x 6. max is 30k loan for a couple. Share this post Link to post Share on other sites
Ahyong81 3 Report post Posted September 14, 2015 bcos a reno loan interests is lower than personal loans etc, the bank will first screen the applicant and the contractor co itself to make sure they have no law suits and what not...the bank will then issue a few cheques progressively to the contractor company. it'll depend on your salary x 6. max is 30k loan for a couple. The bank does not issue to the contractor company, they will issue to the applicants of the loan, the applicants will later pass the cheques to the renovation contractor.The 6x of your salary is individual, if couple and each earn more then 2k a month can apply on their own the renovation loan, no need two person to joint apply. Share this post Link to post Share on other sites
gary81 0 Report post Posted October 11, 2015 Hi ,Any one can advise if applicant is currently under RAS ( repayment assistance scheme) due to credit card loan, can he also apply for a reno loan?Hope ssomeone can assist on this issue.Many thanks Share this post Link to post Share on other sites
kiraaa23 0 Report post Posted November 29, 2021 I have a problem that the banks denied credit. And all was because of the bad history of my credits. But now I am in a different financial situation. And then a friend of mine advised me the portfolio recovery service. He said that they will help me to restore my history and restore my reputation. And on his advice, I decided to use this service https://attorneydebtfighters.com/sued-by-portfolio-recovery-associates/ , and had no regrets about it because I really got help in a short time. I recommend it. Share this post Link to post Share on other sites
