Renovation loan

[Goh Lee 0]

Hi Everyone!!! I want to apply for renovation loan but I don't know if I am eligible. 

1) Basic Salary: $2600

Gross $6k-$9k per month.

2) I just work with the current company for 9 months only. Before I join this company I worked as a freelance(no payslip). Cpf contribution only show 9 months.

3) I had checked my credit bureau report it shows GX. No outstanding loan with any banks. 

4) Will the bank need 12 month payslip?

5) My gross pay for 9 months of work already reach $58k

My ID quote me $40k to renovate the whole 5 room house. Anyone knows how the bank calculate or any chance bank will approved my renovation loan?

Thank-you.

31/07/2020

Edited July 31, 2020 by Goh Lee

[Goh Lee 0]

21 minutes ago, Goh Lee said:

Hi Everyone!!! I want to apply for renovation loan but I don't know if I am eligible. 

1) Basic Salary: $2600

Gross $6k-$9k per month.

2) I just work with the current company for 9 months only. Before I join this company I worked as a freelance(no payslip). Cpf contribution only show 9 months.

3) I had checked my credit bureau report it shows GX. No outstanding loan with any banks. 

4) Will the bank need 12 month payslip?

5) My gross pay for 9 months of work already reach $58k

My ID quote me $40k to renovate the whole 5 room house. Anyone knows how the bank calculate or any chance bank will approved my renovation loan?

Thank-you.

31/07/2020

 

[SodaLuvyou 0]

Now they give out loans for repairs in the most construction firms. You can go straight to them.

[CarolWilks 0]

I think that your salary should be enough for you to be approved for a loan. But you better check this question with specialists whose qualifications allow them to understand this issue. Not long ago, I wanted to take out a bigger loan, but to buy a house, not for repairs. It also seemed to me that the probability of approval was low, although I have a good credit history. Then I used the help of an expert. You may want to consult Mortgage Advice Nottingham as well. There are many banks now with different terms and interest rates. I think you can find the right one if you want to.