Yesterday went to finalize the $$ loan Amount for my upcoming reno on my Highly Developed Block(HDB) flat...
Total reno amount $27k...have not taken into account $$$ 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
I know many years ago this kind of thing was rampant and people used to abuse the reno loan and get a lot of $$$ at LOW interest rates...some use it wisely others BLEW it all..
..then the authorities stepped in to stop all the nonsense
Anyway point of my long thread on a saturday mornig when everyone is sleeping
...is that everything can BE arranged even in sunny singapore...my reno guy told me typically people take 10 to 15k in cash back for whatever reason...
But END of day after a late night BOARD meeting with my finance minister last night...
...we calculated interest for 5 years to be about $4 to $5k
so we decided to pay the reno cost in....cold hard $$$CASH$$$
Have a great weekend and dont worry if u need $$$...go do a reno and u can get $$$