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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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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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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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