Jump to content
Find Professionals    Deals    Get Quotations   Portfolios
Sign in to follow this  
Junatic

Can I Have 2 Bank Loan For 1 Renovation

Recommended Posts

Hi ppl,am i able to get 2 bank loan for 1 renovation? Because i'm the only one working as my wife not working due she need to take of the kids.

My monthly income is about 3.2k.

Do advice me.

Thanks

Edited by Junatic
 

Share this post


Link to post
Share on other sites
Looking for good contractors? Click here for your request

There's 60% limit on your monthly income for loans. includes car loan, housr loan, credit cards and any other types of loan that you've taken. if you're close to the limit its unlikely the bank will approve the loan esp if you have 1 reno loan. advise is keep reno simple.

 

Share this post


Link to post
Share on other sites

As i know Banks require a loan seeker to contribute certain amount while buying a home. It can be in the range of 15 per cent to 30 per cent of purchase price depending on your lender and loan seekers credit history / income. :thumbs up:

 

Share this post


Link to post
Share on other sites

My friend said I can ask the contractor to declare the reno cost higher than the actual cost (eg. 30k but declare 40k), then when the bank approved it, contractor will return me 10k to buy furniture ect. Is this true and still applicable?

 

Share this post


Link to post
Share on other sites

My friend said I can ask the contractor to declare the reno cost higher than the actual cost (eg. 30k but declare 40k), then when the bank approved it, contractor will return me 10k to buy furniture ect. Is this true and still applicable?

is it that consider cheating?

When you apply for loan, the doc you sign. That is legal doc.

you are cheating on the Bank.

Will get charge

 

Share this post


Link to post
Share on other sites

i suggest to keep your reno cost low. even if you managed to get 2 bank loan, it will be very hard to serve 2 loan and a mortgage loan at the same time.

agree. best to keep it simple with less or no stress.

 

Share this post


Link to post
Share on other sites

is it that consider cheating?

When you apply for loan, the doc you sign. That is legal doc.

you are cheating on the Bank.

Will get charge

I think this is similar to the cash back situation in property sales.

cash back is illegal.

 

Share this post


Link to post
Share on other sites

Well i don't think that will be a good idea, as you might have to pay two different banks, and that might effect your financial status too.

But it will be good if you can look for single bank with low interest rates, and nowadays many online property dealers also helps you to get loan on low interest rates for a buying a new house, but that's a different thing, but still if you can find a site with low interest rates, please also suggest me too.

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

×