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Which Bank Offer The Lowest Interest Rate For Reno Loan? [Urgent]

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Using posb web site loan calculator. http://www.dbs.com.sg/personal/homeloans/calculators/renovation-loans/default.page?#

with a 20k loan of 4.88% for 5 yrs , total amt to be paid back is $22,579.80 (376.33per mth)

meaning total interest paid is $2,578.90 for 5 yr, tt work out to be 515.96 per yr,

$515.96 / $20,000 = 2.58% interest.

its much lower than compare to other banks of 2.98%

 

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DBS 4.88% is for existing housing loan customer of DBS.

Monthly rest rate is subject to changes of bank board rate.

 

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Free gifts ends 30 sept 2012.

Pls email me for more details

Jteo@maybank.com.sg

Hi Jolene,

Thanks for everything :good: Collecting my free gift soon :D

Regards,

 

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DBS 4.88% is for existing housing loan customer of DBS.

Monthly rest rate is subject to changes of bank board rate.

i am not existing DBS housing loan customers but i am been offered 4.88% upfront.

 

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can someone care to share more,

about the details of renovation loan,

why dbs is 4+ % but monthly installment is less than maybank which is fixed but lower interest rate but monthly installment is more than dbs ?

also which is the cheapest ?

 

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v1, i think you should go for maybank.

based on the people's comments at this point, it seems like Maybank and RHB offers the lowest rate.

for DBS and POSB, it seems like you have to take a housing loan from them first before they offer the cheaper rate for renovation-personal loan..then it'll be comparable to the Maybank monthly rate.

all in all, i personally think that one should not get more than 20k loan and payment should be as much as possible, paid within 3 years. Interest...interest... will get the better of you.

 

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