Terms of a OCBC Renovation Loan in Singapore Area
If there’s one renovation loan that is worth its weight in gold, it’s the OCBC renovation loan. Why do we say that?
Firstly, if you take a look at their website, you’re going to love the way they’ve displayed the details. Simply put, it’s uncomplicated. A five year old could run through the terms and understand it.
The Usual Stuff
All banks can offer you the same loan singapore with specifics area. You’d be able to get your renovation financed for up to $30000. It could also be at the value of 6 times your monthly income. The loan is capped at the lower of the two.
You have the power to choose your loan tenure. It can range from a year, right up to half a decade.
In order to be eligible for a loan, you will have to either be a Singaporean or a Permanent Resident holder. Your age should not fall below 21 years. Neither should it go above 59 years. The annual income you earn must show a figure of $24000 and above.
The current rate for a renovation loan is 5.38% p.a. You can actually enjoy 0% p.a. with OCBC if you take a home loan with them. These rates are subject to the Effective Interest Rates.
This is one of the rare banks that gives you your first three cashier orders for free. You have the power to split the payments you make to your contractor. Keep your interior designer on her toes. Release the next sum when you are happy with the work’s progress. OCBC renovation loan also throws in complimentary insurance. This will cover your loan’s outstanding balances if death or total and permanent disability occurs.
When your loan is approved, you will be charged a fee of $200. This is the processing fee. There is also an administrative fee that comes to 1% of your loan amount.