Recommended bank for renovation loan with the lowest interest?
    
 
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  1. #1
    Member melaniexin is on a distinguished road
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    W00t Recommended bank for renovation loan with the lowest interest?

    Any recommended bank ? How is the procedure? Does the bank pay directly to the particular contractor in one shot ? Shd we get the quotation and confirmed the contractor first then approach to bank or the other way round?

  2. #2
    Member Yanling is on a distinguished road
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    yes, you have to get a quote from contractors. there's also a cap on the loan based on income. hope this helps!

  3. #3
    Member rosepetals is on a distinguished road
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    not sure about renovation loan whether they will lock you into a specific interest rate. but you can actually go to different banks and get overdraft at 0.1% interest rate. only problem is have to pay back within half a year.

  4. #4
    Junior Member Charmuzy is on a distinguished road
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    Yup, you have to get a quote from the contractor and then take that quote to the bank. I took a reno loan from DBS at a discounted interest rate when i signed up for their home refinance package. Can try with them..

    http://www.dbs.com.sg/personal/homel...n/default.page

  5. #5
    Junior Member titan2002 is on a distinguished road
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    Hi everyone, looking to revisit this topic, so far only found 2 threads.

    I have been looking at bank websites of DBS/POSB and OCBC, I am sure all banks will have some sort of Renovation Loan.
    So the questions are:

    - Which bank have you used?
    - How is the process?
    - What is the interest rate?
    - Did you apply during a promotion?
    - Can the loan be applied as a couple?

    Sorry for so many questions and hope to hear from many experienced, happily married and blessed couples out there.

  6. #6
    Junior Member sukiline is on a distinguished road
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    Hello.. Hub and I went to DBS branch around a week ago and waiting for the outcome from DBS. As our renovation cost is high, we submitted two applications using the same quote given by our ID. DBS only gives 1 free cheque per application and will charge for every subsequent cheque.

  7. #7
    Junior Member prettylittleangel is on a distinguished road
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    which bank did you signed up with?

  8. #8
    Member IAmAriah is on a distinguished road
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    looking for a bank recommendation too

  9. #9
    Junior Member winnie_the_pooh is infamous around these parts
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    Thanks for all your replies so far! Please keep them coming ;)

  10. #10
    Member mermaid_lady is infamous around these parts
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    Which bank is the best one for this?

  11. #11
    Member enchantress13 is infamous around these parts
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    This is actually a great help. Thanks for bringing up this matter!

  12. #12
    Junior Member sweet_tooth is infamous around these parts
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    I don't really have much info regarding SG banks but this is such a good read... Thanks to all who replied!

  13. #13
    Member bumblebeast is infamous around these parts
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    Never been well-versed in Bank matters but thanks for the awareness!

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