Reno loan - can loan less than what was approved?

[gumbokins 5]

So let's say I get a loan for $X at first, only to find out later (midway through reno, for instance) that I needed lesser than that, are we able to reduce our loan by that point of time?

[kelvintzy 0]

if I am not wrong there should be a cancellation fee for the amount that is not disbursed. ie. u apply for X and signed for the loan after approval. however after the monies are ready but not disbursed but you wish to cancel, there should be a cancellation fee. its better to check with the banker for the details. I recently applied for OCBC DBS and RHB. If you need the contacts can PM me

[gumbokins 5]

wow with 3 banks. that's a lot! any reason why apply 3 banks? coz my colleague told me that her ID suggested they split their 20k loan into 2 smaller 15+5 I think, something to do with being able to clear one loan faster, thus better credit rating or what?

[kelvintzy 0]

I applied for 3 and see which one approves first. then I pick the best of the 3. if split into 3 does it mean you have to pay admin fee x 3?

[BenTen 3]

depends on the t and c, some got to pay extra fees , some dont 

[Mushiii 0]

  On 6/8/2016 at 2:58 PM, gumbokins said:

wow with 3 banks. that's a lot! any reason why apply 3 banks? coz my colleague told me that her ID suggested they split their 20k loan into 2 smaller 15+5 I think, something to do with being able to clear one loan faster, thus better credit rating or what?

good strategy!

[jayzenony 0]

Hi All,

This is most important option for every one, who struggling for loan.