Recommended bank for renovation loan with the lowest interest?

[melaniexin]

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?

 

[Yanling]

yes, you have to get a quote from contractors. there's also a cap on the loan based on income. hope this helps!

 

[rosepetals]

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.

 

[Charmuzy]

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/homeloans/refinance-your-loan/default.page

 

[titan2002]

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.

 

[sukiline]

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.

 

[prettylittleangel]

which bank did you signed up with?

 

[IAmAriah]

looking for a bank recommendation too

 

[winnie_the_pooh]

Thanks for all your replies so far! Please keep them coming

 

[mermaid_lady]

Which bank is the best one for this?

 

[enchantress13]

This is actually a great help. Thanks for bringing up this matter!

 

[sweet_tooth]

I don't really have much info regarding SG banks but this is such a good read... Thanks to all who replied!

 

[bumblebeast]

Never been well-versed in Bank matters but thanks for the awareness!