Hi Guys / Gals,

Wanted to check if any one of you were able to secure two Renovation Loan from two different banks for your home reno.

Thanks in advance  and it’s a journey we all share.. Mine have just started… would really appreciate if you could share any info.

Tks

SCJC

1 reno loan 1 bank.

Cannot combine 2 bank reno loan into 1 renovation

1 reno loan 1 bank.

Cannot combine 2 bank reno loan into 1 renovation

Thanks... Guess I did not phrase my question correctly .. Can i secure 2 bank reno loans for my renovation work .. Its due to the limit of 30,000 (Max) per bank.

cannot.

1 reno loan 1 bank.

Cannot combine 2 bank reno loan into 1 renovation

I guess the next question is, how does each bank find out about each other? hehehe....

Anyway, it sure sound like over stretching oneself for taking 2 loans to do renovation....

how does bank find out???

Don't forget before Bank loan money to you.

They check your credit status.

U own which bank , how much, simi car loan, student loan..

All appear.

can hide one meh?

Bank also scare bad debt.

Credit bureau? They even have records of your previous already cancelled credit cards and if you paid on time.

I do have a friend who took 2 reno loan from 2 banks with the original quotation.

Its possible but i tink ur killing yourself to loan so much juz for reno.

I do have a friend who took 2 reno loan from 2 banks with the original quotation.

Its possible but i tink ur killing yourself to loan so much juz for reno.

Thanks 666.. Any idea when did they take the loan. I heard in past it was possible and now its bit difficult due to change in policy ..

Thanks... Guess I did not phrase my question correctly .. Can i secure 2 bank reno loans for my renovation work .. Its due to the limit of 30,000 (Max) per bank.

You can.

2 scenario. (take for e.g A & B earning 2,500 & 3,500 respectively)

1) Total loan is 6,000 x 6 or 30,000 whichever lower. = you only get 30,000

2) If A apply from Bank A & B apply from Bank B separately, you get 15,000 + 21,000

or you can submit 2 different application forms to the same bank. (that's what a friend of mine did)

Edited March 13, 201214 yr by Aristotle

how about if we have own credit card (a few bank) money. But we pay our credit card account every month promptly, will it affect our application?

how about if we have own credit card (a few bank) money. But we pay our credit card account every month promptly, will it affect our application?

You can check your credit rating by inputting your Singpass here Credit Bureau Just pay $5

The amount you loan is pegged to your Income & finical obligations i.e car loan / term Loan / Cash portion of monthly house repayment.

I was told by 2 reno company that no problem, they will open 2 bill, 1 under wet work, 1 under carpentry

this is cheating the banks, if you wanna do it. make sure nothing arise after. dotn now happy happy take liao, later quarrel with id, den take the case to court. found out that you cheat the bank. kanna jail, lose job, no income, loans to take care of. quarrel with wife over money. depression, divorce, depression further, life in a mess, alchol, drugs, sucide.

ha ha joking only. only cheating the bank part i mean it.

On 5/20/2012 at 2:19 PM, Jenova said:

this is cheating the banks, if you wanna do it. make sure nothing arise after. dotn now happy happy take liao, later quarrel with id, den take the case to court. found out that you cheat the bank. kanna jail, lose job, no income, loans to take care of. quarrel with wife over money. depression, divorce, depression further, life in a mess, alchol, drugs, sucide.

ha ha joking only. only cheating the bank part i mean it.

I don't think it's cheating... it's really two different quotations, isn't it?