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cremelectric

Rejected From Banks For Reno Loan

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Hi,

We are trying to apply for renovation loan for our new house but got rejected by 3 banks :( (OCBC, Maybank & RHB)

We used to have credit problems but all have been settled and our CBS record is cleared and cleaned.

When we asked why it was rejected, the bank says that as long you have a lawsuit before it seems impossible to get any loan from any bank despite you have cleared it.

This is ridiculous! We're not asking for a ridiculous amount and mind you the renovation is needed because the house we bought was totally in original state since it was built 20 years ago.

Is this true what the banks says? Can someone help us please....

Shocked. Amazed and Frustrated (among everything else)

 

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

Sorry to hear that. Maybe you could try for other banks for reno loan ie POSB?

see whats the outcome and if it remains the same, not sure if appealing would help?

 

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Hi,

We are trying to apply for renovation loan for our new house but got rejected by 3 banks :( (OCBC, Maybank & RHB)

We used to have credit problems but all have been settled and our CBS record is cleared and cleaned.

When we asked why it was rejected, the bank says that as long you have a lawsuit before it seems impossible to get any loan from any bank despite you have cleared it.

This is ridiculous! We're not asking for a ridiculous amount and mind you the renovation is needed because the house we bought was totally in original state since it was built 20 years ago.

Is this true what the banks says? Can someone help us please....

Shocked. Amazed and Frustrated (among everything else)

Does your company offer any reno loan with low interest?

Some company do have such incentives for their staff.

 

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Its probably best to use license money lenders. ...they do a comparison for few banks/financial institutions to determine if u qualify.

Downside is you gotta pay them a commission if loan is approved.

 

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Hi,

We are trying to apply for renovation loan for our new house but got rejected by 3 banks :( (OCBC, Maybank & RHB)

We used to have credit problems but all have been settled and our CBS record is cleared and cleaned.

When we asked why it was rejected, the bank says that as long you have a lawsuit before it seems impossible to get any loan from any bank despite you have cleared it.

This is ridiculous! We're not asking for a ridiculous amount and mind you the renovation is needed because the house we bought was totally in original state since it was built 20 years ago.

Is this true what the banks says? Can someone help us please....

Shocked. Amazed and Frustrated (among everything else)

If you are lender, would u lend such to the borrow?

All concerns 'risks'-cost of lending. Banks deem too high the risk to lend, so as to speak.

We are in commercial world, work harder!

 

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Hi,

We are trying to apply for renovation loan for our new house but got rejected by 3 banks sad.gif (OCBC, Maybank & RHB)

We used to have credit problems but all have been settled and our CBS record is cleared and cleaned.

When we asked why it was rejected, the bank says that as long you have a lawsuit before it seems impossible to get any loan from any bank despite you have cleared it.

This is ridiculous! We're not asking for a ridiculous amount and mind you the renovation is needed because the house we bought was totally in original state since it was built 20 years ago.

Is this true what the banks says? Can someone help us please....

Shocked. Amazed and Frustrated (among everything else)

So have you solve this issue yet?

 

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So have you solve this issue yet?

why not do things progressively if the loans are still not approve?

IMO, the erasing of blemish records will take some time

 

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Hi, just to inquire,

I had 1 lawsuit against me but concluded. I got rejected by OCBC. DBS is still pending.

So far did anyone manage to get loan from any other banks?

Worried...

Don't worry, what's the worse that can happen? Don't renovate! Just save up and do only whatever necessary, most important is to stabilize your financials and play with "spare cash" and not "future money", don't get lured into trying to make your "dream home", it could turn out to be your worst nightmare. I know of people who took out more loan than they could handle, even maxed out their credit card for furnishing, end up in $50K-$80K total debts with outrageous interest rates, all for that "dream home", lucky for them there is CCS to help them negotiate repayment, some of these people even have children, how can they put their family at risk for that "dream home"? Think carefully before committing to any loan.

 
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Would not say is impossible to get loan. Credit rating will be re advised after 3 years from the date of full settlement of your debt. During the period, try to apply for credit card and pay promptly to build up ur credit rating. After which , banks will be able to assess ur rating to a positive note

 

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Maybe you can try financial institutions like HongLeong etc?

Please do not borrow from licensed moneylenders or worse, those loansharks!

Worse come to worse, do the basic necessity like kitchen hob and fixing the sink...

I am not borrowing any money from bank to do renovation at all. I am only prepared to spend less than 5k for simple renovation like fixing the kitchen hob n replace the sink niah.

I rather stay in a bare minimalist home than be on debts.

 

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Hi,

We are trying to apply for renovation loan for our new house but got rejected by 3 banks sad.gif (OCBC, Maybank & RHB)

We used to have credit problems but all have been settled and our CBS record is cleared and cleaned.

When we asked why it was rejected, the bank says that as long you have a lawsuit before it seems impossible to get any loan from any bank despite you have cleared it.

This is ridiculous! We're not asking for a ridiculous amount and mind you the renovation is needed because the house we bought was totally in original state since it was built 20 years ago.

Is this true what the banks says? Can someone help us please....

Shocked. Amazed and Frustrated (among everything else)

I am sorry to hear your plight. Renovating a house whether major or minor before moving in is vital. After moving in you have to bear all the inconveniences that come with renovation. Even more so when you have small children. Hope you resolve your problem soon.

Maybe you can try financial institutions like HongLeong etc?

Please do not borrow from licensed moneylenders or worse, those loansharks!

Worse come to worse, do the basic necessity like kitchen hob and fixing the sink...

I am not borrowing any money from bank to do renovation at all. I am only prepared to spend less than 5k for simple renovation like fixing the kitchen hob n replace the sink niah.

I rather stay in a bare minimalist home than be on debts.

True. Do not borrow from moneylenders or loansharks. Don't add agony to your family life. My husband and I have been living on the policy of not borrowing money to buy or achieve anything. It is sometimes difficult especially when family , relatives or friends find that we are not up to their expectations. We do not care and we have been living a minimalist life since we married in 1990.The only debt we ever took is our housing loan as it is necessary to own the roof over your head. Other than that we try to save up to do something. Even now we are saving up to remodel the kitchen and toilets in our existing house. My husband is not a big earner but still we manage.Our children too are learning from us our way of life.

 

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Yah, actually have to be prudent in renovations. I have some friends who took up renovation loans and now are still servicing it. Banks will only lend money to people who do not need it or people they deem able to pay them back. Licensed moneylenders will be the worst to look for. U can enquire about their interest before you take up with them.

 

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Guest Steven Ng

Yah, actually have to be prudent in renovations. I have some friends who took up renovation loans and now are still servicing it. Banks will only lend money to people who do not need it or people they deem able to pay them back. Licensed moneylenders will be the worst to look for. U can enquire about their interest before you take up with them.

agreed... bad credit takes min 3 yrs to get clean slate... dun reno la..

 

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