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gumbokins

Reno loan - can loan less than what was approved?

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So let's say I get a loan for $X at first, only to find out later (midway through reno, for instance) that I needed lesser than that, are we able to reduce our loan by that point of time?

 

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if I am not wrong there should be a cancellation fee for the amount that is not disbursed. ie. u apply for X and signed for the loan after approval. however after the monies are ready but not disbursed but you wish to cancel, there should be a cancellation fee. its better to check with the banker for the details. I recently applied for OCBC DBS and RHB. If you need the contacts can PM me

 

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wow with 3 banks. that's a lot! any reason why apply 3 banks? coz my colleague told me that her ID suggested they split their 20k loan into 2 smaller 15+5 I think, something to do with being able to clear one loan faster, thus better credit rating or what?

 

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On 6/8/2016 at 10:58 PM, gumbokins said:

wow with 3 banks. that's a lot! any reason why apply 3 banks? coz my colleague told me that her ID suggested they split their 20k loan into 2 smaller 15+5 I think, something to do with being able to clear one loan faster, thus better credit rating or what?

good strategy!

 

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