RHB Renovation Loan
- Low interest rates from 3.88% ^ p.a
- Free insurance coverage of up to $30,000
- Up to 8 times monthly income
Free choice of a deep fryer, Healthy Grill or Mini Fridge
when you sign up for our renovation Loan *
Read more about RHB Renovation loan on their website
http://www.rhbbank.com.sg/P_cb_renovation_loan.htm
Documents required
- Photocopies of NRIC (both sides) / Passport
- Original Quotation (Invoice) from Renovation Contractor
- Income documents:
- For salaried person:
Latest original computerized pay slip AND latest original past 6 months’ CPF contribution statement OR
latest original Income Tax Notice of Assessment - For self-employed:
Latest original past 2 years’ Income Tax Notice of Assessment
- For salaried person:
| HDB | Non-HDB |
| – HDB Transaction Confirmation Letter OR | – Sales and Purchase Agreement OR |
| - HDB Loan Statement OR | - Lawyer’s Letter for the Purchase OR |
| - HDB Sales Order OR | - Letter of Confirmation from Developer OR |
| - Lawyer’s Letter for the Purchase OR | - Title Deeds |
| - Title Deeds |
» Post Ad Purchase: Intext Link
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To add, for those with Life Insurance, they can take a policy loan. They’ll need to check with their Insurers on the terms and conditions.
Eg. NTUC Income’s policy loan rate is at 5.5% accumulated daily, meaning that the 5.5% annual interest is split into 365days. If you repay sooner, the interest which you have incurred will be lower.
Policy loans are a good alternative to the higher interest rates of Renovaiton Loans
Another alternative is those 6 months interest free credit card loans. Interest rate is low and is payable upfront. Eg HSBC and UOB.
This option will supplement the “balance” which you require as the loan amount is dependant on your current credit limit (of coz you must have a credit card with the bank 1st).
Though this option can be risky as if you are unable to finance the repayment, interest rates will be at the normal credit card rate of 24%!! So visit this option only if you are sure that repayments can be made religiously over the next 6mths with no defaults.