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sawyer

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

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Hi all,

Anybody recently borrow reno loan from banks?

Can share which bank offer which interest and what other sort of info we ought to look out?

TIA :)

 
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Join 46,923 satisfied homeowners who used renotalk quotation service to find interior designers. Get an estimated quotation

bump bump bump...

contemplating between RHB and Maybank...or any other local banks gives the best rates?

Anybody can give a little help or 2? :)

 
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bump bump bump...

contemplating between RHB and Maybank...or any other local banks gives the best rates?

Anybody can give a little help or 2? :)

Standard Chartered seems OK.. 3.5% fixed for 5 years (like car loan).. good if you're taking 30k and 5 years repayment

Else, if you took a bank loan for your house purchase, they usually give a better rate if you also take a subsequent reno loan from them, I think

 

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sawyer, wonder which bank did you go to in the end?

I went to SCB and they no longer have reno loan.. I wonder how's the rate for RHB?

 

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I am also looking for reno loan urgently:

1) which bank offer lowest rate?

2) what is the difference in interest eventually between flat rate and variable rate?

-> which is better?

3) 6x monthly salary is maximum we can borrow?

thanks...

Edited by BreadPigZ
 

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sawyer, wonder which bank did you go to in the end?

I went to SCB and they no longer have reno loan.. I wonder how's the rate for RHB?

Hi,

Maybank rate is 2.98% (Flat rate - $15k above). Do contact me for more details.

Email: jteo@maybank.com.sg

Jolene

 
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I am also looking for reno loan urgently:

1) which bank offer lowest rate?

2) what is the difference in interest eventually between flat rate and variable rate?

-> which is better?

3) 6x monthly salary is maximum we can borrow?

thanks...

Hi,

Maybank rate as below

Flat rate is 2.98%pa ($15k above) - fixed for the loan tenure.

Varaible rate is 5.88%pa ($15k above) - meaning it will fluctuate.

Do contact me for more details.

Email: jteo@maybank.com.sg

Jolene

 
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Sorry if I sound dumb, but can you elaborate further? Eg. How much repayment per month are we expecting from the mentioned flat/variable rate with MB?

Eg. for SGD 30,000.

Hi,

Maybank rate as below

Flat rate is 2.98%pa ($15k above) - fixed for the loan tenure.

Varaible rate is 5.88%pa ($15k above) - meaning it will fluctuate.

Do contact me for more details.

Email: jteo@maybank.com.sg

Jolene

 

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Sorry if I sound dumb, but can you elaborate further? Eg. How much repayment per month are we expecting from the mentioned flat/variable rate with MB?

Eg. for SGD 30,000.

HI,

For $30,000, loan tenure of 5 years, monthly installment is $575 for flat rate.

Edited by Jolene
 

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Sorry if I sound dumb, but can you elaborate further? Eg. How much repayment per month are we expecting from the mentioned flat/variable rate with MB?

Eg. for SGD 30,000.

Same as present's car loan.

Mathermatic tutorial, foc here.

Monthly instalment consists 2 parts= monthly interest payment + monthly pricipal payment

(loan amount x Interest x no of year)/total instalment number + (loan amount)/ total instalment number

eg.

I=2.98%

Loan =30,000

yr= 5

instalment # = 5x 12=60

FLAT monthly instalment payment = PMT = $74.5 + $500 = $ 574.5

A piece of cake!.

 

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