Renovation loan....

[radha08]

Yesterday went to finalize the $$ loan Amount for my upcoming reno on my Highly Developed Block(HDB) flat...:D

Total reno amount $27k...have not taken into account $$$ needed for buy acc like cooker/hob/toileteries/sink...etc etc..

Interesting thing is that my Reno guy VERY willing to give me a MUCH Higher amount on the package so i can get a MUCH higher loan...he was saying something like we can loan $35k so he gives me cash back $8k to buy or DO whatever i want:rolleyes:

I know many years ago this kind of thing was rampant and people used to abuse the reno loan and get a lot of $$$ at LOW interest rates...some use it wisely others BLEW it all..:doh:..then the authorities stepped in to stop all the nonsense

Anyway point of my long thread on a saturday mornig when everyone is sleeping:D...is that everything can BE arranged even in sunny singapore...my reno guy told me typically people take 10 to 15k in cash back for whatever reason...:eek:

But END of day after a late night BOARD meeting with my finance minister last night...:D...we calculated interest for 5 years to be about $4 to $5k:eek:
so we decided to pay the reno cost in....cold hard $$$CASH$$$:cheers5:

Have a great weekend and dont worry if u need $$$...go do a reno and u can get $$$:cheers4::D

[flagship74]

reno within each means lah:2cents:

[radha08]

reno within each means lah:2cents:

i also say...but sometime this kind of lobang is good if u got big debts with bank at HIGH interest this is ONE loophole to get $$$ at LOW interest to pay off your other debts...or better still if u harrassed by Mr Long...:eek:...do a RENO and pay the Bugger...so no more OWE$ PAY$...:D

[yowetan]

My company is offering me interest-free personal loan up to 50kSGD.

[zzz1]

My company is offering me interest-free personal loan up to 50kSGD.
The more loan and longer to repay period, the more u tie down with the company . That will deprive u to take up better job prospect if u can not repay.

[yowetan]

The more loan and longer to repay period, the more u tie down with the company . That will deprive u to take up better job prospect if u can not repay.

Hi. I do understand the potential of backlash when taking up company loan. I have yet to apply for one though.

[buttercarp]

But END of day after a late night BOARD meeting with my finance minister last night...:D...we calculated interest for 5 years to be about $4 to $5k:eek:
so we decided to pay the reno cost in....cold hard $$$CASH$$$:cheers5:

Have a great weekend and dont worry if u need $$$...go do a reno and u can get $$$:cheers4::D

You have a prudent finance minister :) .
Listen to her and you won't go wrong.

[zzz1]

Yesterday went to finalize the $$ loan Amount for my upcoming reno on my Highly Developed Block(HDB) flat...:D

Total reno amount $27k...have not taken into account $$$ needed for buy acc like cooker/hob/toileteries/sink...etc etc..

Interesting thing is that my Reno guy VERY willing to give me a MUCH Higher amount on the package so i can get a MUCH higher loan...he was saying something like we can loan $35k so he gives me cash back $8k to buy or DO whatever i want:rolleyes:

I know many years ago this kind of thing was rampant and people used to abuse the reno loan and get a lot of $$$ at LOW interest rates...some use it wisely others BLEW it all..:doh:..then the authorities stepped in to stop all the nonsense

Anyway point of my long thread on a saturday mornig when everyone is sleeping:D...is that everything can BE arranged even in sunny singapore...my reno guy told me typically people take 10 to 15k in cash back for whatever reason...:eek:

But END of day after a late night BOARD meeting with my finance minister last night...:D...we calculated interest for 5 years to be about $4 to $5k:eek:
so we decided to pay the reno cost in....cold hard $$$CASH$$$:cheers5:

Have a great weekend and dont worry if u need $$$...go do a reno and u can get $$$:cheers4::D

You did the right thing, the above involve false invoicing and submission to bank.
In the end of the day, the Reno contract don pay u back also suck tumb....:D

[zzz1]

Hi. I do understand the potential of backlash when taking up company loan. I have yet to apply for one though.
When u take up loan and if u have to resign, u have the settle the loan . If u can't clear the loan, then if better job opportunit come, u gona to stay put

Go and read the clauses of your company

[radha08]

You have a prudent finance minister :) .
Listen to her and you won't go wrong.

PRUDENT is the word....to her reno is more important than changing car...:scared-2:

[radha08]

You did the right thing, the above involve false invoicing and submission to bank.
In the end of the day, the Reno contract don pay u back also suck tumb....:D

i got a feeling the reno guy also get some commision from bank thats why he push for high loan....:cool:

[radha08]

The more loan and longer to repay period, the more u tie down with the company . That will deprive u to take up better job prospect if u can not repay.

i am currently under a retention package with my company...basically means i cannot do shit for a couple of years in exchange for some $$$monetory rewards...:o....good and bad...good is job security...bad is EVERYTIME kena knock on head by director must suck thumb....:D

[buttercarp]

PRUDENT is the word....to her reno is more important than changing car...:scared-2:

Yup, I agree with her.
You have a very wise finance minister.
She must be treasured!

You live in the house, you don't live in the car.
So house/ reno should take precedence over car.

[zzz1]

i am currently under a retention package with my company...basically means i cannot do shit for a couple of years in exchange for some $$$monetory rewards...:o....good and bad...good is job security...bad is EVERYTIME kena knock on head by director must suck thumb....:D
Lol .. Is like a company scholar...but retention scholarship scheme...(joking only)

[zzz1]

i got a feeling the reno guy also get some commision from bank thats why he push for high loan....:cool:
Very very likely ....

[radha08]

Lol .. Is like a company scholar...but retention scholarship scheme...(joking only)

More like company bangla....
:eek:

[Adva181]

i am currently under a retention package with my company...basically means i cannot do shit for a couple of years in exchange for some $$$monetory rewards...:o....good and bad...good is job security...bad is EVERYTIME kena knock on head by director must suck thumb....:D

I oso used to be under this retention shit. But no clause I can't leave the company. Just for every 6 months I am still with the company, they pay me 15% of my annual salary as incentive. I can still choose to leave anytime, just forfeit the next payment lor hehehe..

[radha08]

I oso used to be under this retention shit. But no clause I can't leave the company. Just for every 6 months I am still with the company, they pay me 15% of my annual salary as incentive. I can still choose to leave anytime, just forfeit the next payment lor hehehe..

sounds like a good deal...so u left in the end...:D...one day after 6mths i presume...:D

[rockinsg]

Yesterday went to finalize the $$ loan Amount for my upcoming reno on my Highly Developed Block(HDB) flat...:D

Total reno amount $27k...have not taken into account $$$ needed for buy acc like cooker/hob/toileteries/sink...etc etc..

Interesting thing is that my Reno guy VERY willing to give me a MUCH Higher amount on the package so i can get a MUCH higher loan...he was saying something like we can loan $35k so he gives me cash back $8k to buy or DO whatever i want:rolleyes:

I know many years ago this kind of thing was rampant and people used to abuse the reno loan and get a lot of $$$ at LOW interest rates...some use it wisely others BLEW it all..:doh:..then the authorities stepped in to stop all the nonsense

Anyway point of my long thread on a saturday mornig when everyone is sleeping:D...is that everything can BE arranged even in sunny singapore...my reno guy told me typically people take 10 to 15k in cash back for whatever reason...:eek:

But END of day after a late night BOARD meeting with my finance minister last night...:D...we calculated interest for 5 years to be about $4 to $5k:eek:
so we decided to pay the reno cost in....cold hard $$$CASH$$$:cheers5:

Have a great weekend and dont worry if u need $$$...go do a reno and u can get $$$:cheers4::D

And you trust such contractor? Person who want to cheat bank, dont u think he gonna cheat u?
Sometime they make you sign false contract and then later make you go through the contract forcefully?
I had friend go throught such situation. He was told sign 50K contarct to get FOC items(some scheme for reaching that amount).
Was told by ID, will remove renovation items in variation order later to get his target 35K.
Guess what? later ID refused, MIA, and he had to pay for 50K renovation to company.
Rule no 1. Never trust an ID/Contractor.

[radha08]

And you trust such contractor? Person who want to cheat bank, dont u think he gonna cheat u?
Sometime they make you sign false contract and then later make you go through the contract forcefully?
I had friend go throught such situation. He was told sign 50K contarct to get FOC items(some scheme for reaching that amount).
Was told by ID, will remove renovation items in variation order later to get his target 35K.
Guess what? later ID refused, MIA, and he had to pay for 50K renovation to company.
Rule no 1. Never trust an ID/Contractor.

he did my bro in law house nice dude....so i trust...but i know what u mean...a lot of crooks out there...tks bro:)

[Vincegoh]

reno loan is upfront interest loading; just like car loans.. advertised rate is normally alot lower than EIR (which is very high at current interest rate environment). at least car loans have lower advertised rate...

anyone who thought reno loan is cheap must have overlooked the fine print or have very very limited options. :doh: i.e. if really really need to get a loan, should consider utilizing your credit cards or credit facility to get a 1.88% p.a reducing balance for 6 mths at no upfront processing fee. caveat is that you need to ensure you can pay off or rollover within this 6 mths period else will kenna hamtam jialat jialat by the banks when it reverts back to prevailing interest rates.

[carbuncle]

reno loan is upfront interest loading; just like car loans.. advertised rate is normally alot lower than EIR (which is very high at current interest rate environment). at least car loans have lower advertised rate...

anyone who thought reno loan is cheap must have overlooked the fine print or have very very limited options. :doh: i.e. if really really need to get a loan, should consider utilizing your credit cards or credit facility to get a 1.88% p.a reducing balance for 6 mths at no upfront processing fee. caveat is that you need to ensure you can pay off or rollover within this 6 mths period else will kenna hamtam jialat jialat by the banks when it reverts back to prevailing interest rates.

yep. borrow bank D bal transfer 6 mths 0% int pay bank C which did the same for 6 mths to pay B same to pay A. so effectively 6mths x 4 = 2yr int free loan...

[phantom_opera]

brother radha

your dream home

http://www.propertyguru.com.sg/listing/3092636/for-sale-holland-mews

[radha08]

brother radha

your dream home

http://www.propertyguru.com.sg/listing/3092636/for-sale-holland-mews

tks bro nice but me no play holland area this one for mr YT...near henry Park pri...:D

[carbuncle]

bro radha... do continue to stay in the East with us easties

[radha08]

bro radha... do continue to stay in the East with us easties

Definately i will be where the sun rises...:D