Monday, December 29, 2008

Application for renovation loan

Yesterday, I went to OCBC at Sim Lim Tower to apply for OCBC renovation loan. My loan amount was $20k. I will pay the remaining $13.3k by cash. The lady officer in charge told me that there will be a $200 processing fee plus 1% of the loan amount. Somemore, there are no free gifts. They told me they will inform me by mail in one week's time whether the loan is approved or not.

I had initially thought of applying for a loan with RHB bank. But, they told me must set up an account with them. However, their processing fee is only $200 nett. And they are giving out a deep fryer or mini fridge.

I also opened a joint account with my gf. We deposited $1.5k. Next time, this account will be used to debit the renovation loan if approved. So, this will be our joint savings account. 

Currently, I am thinking of deducting the HDB loan from my own and gf's CPF account. That will make it easier for us to breathe.
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1 comment:

Anonymous said...

Renovation loan on the other hand, generally there tends to be a variety of options. For instance, when there is adequate money in the property, this might end up being all that will be necessary for the loan provider to be able to give a person a home renovation loan.

March 20, 2012 at 5:34 AM

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