anlynn 1 Report post Posted November 23, 2010 Hi bros and sisters, I am planning to get renovation loan and wondering how the process will be like. Do i need to wait for the ID/contractor to go for site visit and give me an accurate quotation after doing the measurements before i go and apply for the renovation loan? Or is it that the contractor will give me a higher quotation first and let me apply for the loan then they refund me the balance is the actual quotation is lesser? Share this post Link to post Share on other sites
vanzee 0 Report post Posted November 24, 2010 Hi bros and sisters, I am planning to get renovation loan and wondering how the process will be like. Do i need to wait for the ID/contractor to go for site visit and give me an accurate quotation after doing the measurements before i go and apply for the renovation loan? Or is it that the contractor will give me a higher quotation first and let me apply for the loan then they refund me the balance is the actual quotation is lesser? The process is is straightforward. Get a signed-quote (yourself and ID) and send it off with other docs. Banks give the amount based on the quote, nothing more. You can include all immovable items in the quote - including toilet fittings and lights. In my case, I started early with the ID - got them to see my place, reviewed the reno items few times to keep only the "needs" (vs "wants") - these are things we have to do. We also had couple things which we thought will be nice to have just as a buffer, in case we wanted to change those to something else later e.g the ones which couldn't decide at that moment. We have not included toilet fittings and lights which we need to purchase on our own. So we'll buy them first and then add them to the loan later by getting a another quote with that price. Banks do allow to add-on later. So I'm not comfortable with getting refund from IDs (not sure if it'll be prompt or some could try and sell something else to you for that amount). Hope it helps!! I just got my loan approved. Seems like Maybank & RHB offer attractive rates and RHB does have a separate component called "Furniture loan" apart from renovation loan. Hope this helps!! Share this post Link to post Share on other sites
Julian.T 0 Report post Posted November 25, 2010 As in getting refund from ID, i think this term will be consider as cashback which I think it’s not legal. Coz i think i have chat with a few ID which told me about such stories of people approaching him with such conditions and stating that he does not allow such system... which i think it's not proper too.. Share this post Link to post Share on other sites
