Fastest Way To Find The Right Contractors

Renof.com offering the fastest way to match the right contractors for you according to your preference at no cost!

Try now, save your time and get the right home professional's to build you dream home!

Saturday, 17 January 2015

Renovation Loan Malaysia : How to Finance a Renovation



Renovation Loan Malaysia : How to Finance a Renovation

When thinking about interior design, home renovation costs can be much higher than expected. These costs largely depend on the aspects of the house that are to be improved. If the renovation costs are too high, choosing the means of financing the renovation can be very difficult. The following sections explain the different means which you may apply to finance such a project:





Use your cash at hand or sell your unnecessary assets.


This option is also suitable for low-cost home renovation projects. Instead of interfering with your savings or the accrued interest, you can use the ready cash that you have to fund the project. If your ready cash is not enough, you can consider selling unnecessary assets and use that money to fund the remaining costs.





Borrow loans from financial institutions.

There are 4 types of Bank Loans to renovate your home:

1) Renovation Loan - This loan usually available to apply when you are buying a house and financing your property from the bank. It's bundle together with your home loan. Most of the bank will not entertain for existing home loan customers to apply for a renovation loan.

2) Top up loan - Talk to your existing financier to get extra cash out based on the Current Market Value of your property.

3) Personal Loans - It's available from most of the bank but the interest rate is high.

4) Credit card Cash on Call - Talk to your existing financier to get cash from your existing credit card limit, the interest rate usually is much better than personal loan.




Although this is certainly not the best option, you may be forced to choose it if all the other options available to you cannot fund the entire project. The main problem with this option is that it can raise the costs of the renovation by a very large amount because the loan must earn interest if it is borrowed from a financial institution. It is therefore a wise decision to combine this option with another option. You should use this option to top up the amount that you have raised from another option.

Generally, borrowing loans is discouraged. If you must borrow some loan, you may consider mortgage loans whose repayments are spread over a sufficiently long duration. The advantage of mortgage loans is that their interest rates may be much lower than the interests charged on personal loans.





Image source from: Chimporchamp.Design

7 comments:


  1. Good Day,

    I am Chua Teo (CEO) of Chua Teo Loans Firm, I'm a Reputable Money Lender who give out loans to Individuals & Companies in need of loan. Do you have a bad credit? Are you in need of money to pay bills or settle other debts? We will be glad to render you a loan service. We offer all kinds of loan at 2% interest rate. We offer loan from $5,000 USD to $50,000,000 USD, duration of 1 to 20 years.

    Apply with us and get approved without stress or delay! We await your response if you are serious and interested, upon response, you'll be mailed a Loan Application Form which you'll have to fill and send back to us. Looking forward to hear from you, you can reach us via....

    Email: chuateo_loansfirm@yahoo.com.sg

    ReplyDelete
  2. Good Day !!

    I am Hwa Jurong, a Reputable, Legitimate & an accredited money
    Lender. I want to use this medium to inform you that i render reliable beneficiary
    assistance as I'll be glad to offer you a loan at 2% interest rate to
    reliable individuals.

    Services Rendered include:

    *Home Improvement
    *Inventor Loans
    *Car Loans
    *Debt Consolidation Loan
    *Line of Credit
    *Second Loan
    *Business Loans
    *Personal Loans
    *International Loans.

    Please write back if interested.
    Upon Response, you'll be mailed a Loan application form to fill. (No social
    security and no credit check, 100% Guaranteed!) I Look forward permitting me to
    be of service to you. You can contact me via e-mail: hwa_jurong@yahoo.com.sg or hwajurong12@gmail.com
    Yours Sincerely,

    Hwa Jurong(MD).

    ReplyDelete
  3. UNIVERSAL FUNDING GROUP!!!

    Universal Funding Group is a Private Money Lender and an Investment Group that has multiple investors. We provide all kind of loans locally & internationally to individual and companies that are in need of financial support.

    We offer loans at 3% interest rate annually without stress of securing the loan and for duration of 1-25 years on a monthly repayment bases. We partner with our clients to provide the necessary equity and financing capital to succeed.

    Interested individual OR companies should contact us for more information or how to apply via

    E-mail: { universalfundinggroupltd@gmail.com },

    We await your responds! Thanks.

    ReplyDelete
  4. I am Mrs.Sandra Bents from Germny, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to ERIVAN LOAN COMPANY, she said she was given 50,000USD by MR ERIVAN , THE MANAGING DIRECTOR OF ERIVAN LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (erivanloancompany@yahoo.com) I am sure he will help you.

    ReplyDelete
  5. Specialist in Financial issues.

    Are you in debt? Do you need an instant funding? Do you dream of owning a house, Car and good Business? Do you need a loan ahead for the Christmas family vacation? Have you been in search of a legitimate loan and been turned down severally? If YES" Search no further. We offer Personal/Commercial loans at 2% interest rate without collateral. get instant Approval even with bad credit. Serious and interested applicants should please contact us via email today:lim_koh@yahoo.com.sg and be free from all your financial troubles. NOTE:we will save you from payday loans that are making billions from the prey of the poor.
    You will be contacted within 24hrs with the loan terms and conditions as soon as the details have been received. Don't waste another moment. Contact us today for the lifeline you and your home need.

    Best Regards.

    Mr.Lim Koh

    ReplyDelete
  6. I am Hwa Jurong, a Private Money Lender do you need a loan to start up business or to pay your bills and a corporate financial for real estate and any kinds of business financing. I also offer Loans to individuals,Firms and corporate bodies at 2% interest rate. I give out loan to serious minded people that are interested of loan if interested contact this email: hwajurong382@yahoo.com or hwajurong12@gmail.com

    ReplyDelete
  7. UNIVERSAL FUNDING GROUP!!!

    Universal Funding Group is a Private Money Lender and an Investment Group that has multiple investors. We provide all kind of loans locally & internationally to individual and companies that are in need of financial support.

    We offer loans at 3% interest rate annually without stress of securing the loan and for duration of 1-25 years on a monthly repayment bases. We partner with our clients to provide the necessary equity and financing capital to succeed.

    Interested individual OR companies should contact us for more information or how to apply via

    E-mail: { universalfundinggroupltd@gmail.com },

    We await your responds! Thanks.

    ReplyDelete