Renovation Loan Rejected Services
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What Is a Renovation Loan in Malaysia, and Should You Apply for One?
Property restoration in Malaysia might be costly, but with a renovation loan, you can actualize your idea without fully depleting your bank account.
Malaysians enjoy upgrading their homes, and everyone has their own style when it comes to home improvement. You can choose a simple, functional, contemporary, or award-winning style straight out of a magazine.
Whatever style you choose, one important consideration is the expense of refurbishment. Is it thus a smart idea to obtain funding for it, such as a renovation loan? Let us look into this further.
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How may Loan-Agency.com assist you?
Loan-agency.com may require more imaginative involvement in your next dream home renovation project. However, our renovation division can give a one-stop renovation solution for your ideal home, assisting you in obtaining a bank loan to refurbish or renovate it and increasing the likelihood of your renovation loan application being approved.
Malaysia's leading loan brokerage firm
Loan-agency.com has vast experience as a loan specialist, providing complete loan rejection services as well as loan consultancy services.
Loan-agency.com provides FREE consulting and reports for CCRIS and CTOS prior to the filing of a new loan application. Above all, we do not require any advance payment for the performance of the aforementioned services.
Loan Services Rejected
Don't be concerned if your remodelling loan application is denied.
loan-agency.com is a one-stop solution provider of comprehensive loan rejected services, including remodelling loans and personal loan rejected services. Learn more about how we interpret and handle your loan application rejection.
In the event of a rejection, we can assist in identifying the underlying issues and reasons for the rejection, developing a strategy, executing revision and rearrangement, and resubmitting to the bank with a better probability of approval.
You may learn more about our loan rejection services, which will assist you with your renovation loan application.
In Malaysia, what is a Renovation Loan?
A renovation loan, as the name implies, is a lending facility designed primarily for the purpose of remodelling one's home, including but not limited to remodelling, repair, new furniture or fittings, new lighting, and so on. They cost money, sometimes a lot of money.
Before we begin accumulating all essential papers and delving deeper into renovation loans, let us first define remodelling.
Personal Loan vs. Renovation Loan
1. Personal Loan
If you need funding to renovate your home, personal loans are the most typical option. Personal loans are available from all major banks in Malaysia, albeit the terms and conditions vary.
Because the terms and conditions differ between banks, it is prudent to perform your research and financial planning before taking out a personal loan. Choose a loan that fits your needs and financial situation to ensure a smooth payback process in the future.
Then, all you have to do is decide on a loan amount and look for a bank that gives the lowest interest rate for the loan amount you want. Take as much time as you need to compare options and make a final selection.
The last thing you want is to get into debt that you can't pay back.
Here you may browse and compare some of Malaysia's top banks' personal loan interest rates.
2. Renovation Loan
Renovation loans are a type of loan that banks make available to borrowers for the sole purpose of remodelling or refurbishing their home or property.
In Malaysia, borrowers with an existing housing loan with the same bank or packaged together with the loan package are usually eligible for a renovation loan.
You won't have to dip into your savings or worry about cash flow with a renovation loan. A remodelling loan, like a personal loan, has an interest rate, which varies between banks.
It is important to note that a remodelling loan can only be utilised for the stated purpose and cannot be diverted to another area of spending. Most banks will demand the applicant to submit invoices, proof of homeownership, or be a family member of the property's owner.
Here are some of the remodelling loans available from Malaysia's major banks:
• Maybank MaxiHome
• OCBC Bank Renovation and Refurbishment Loan
In Malaysia, there is no absolute right or wrong when it comes to taking out a renovation loan. Taking out a renovation loan to finance your desired home improvement project, like any other loan package, necessitates extensive research and dedication.
Above all, it all boils down to two critical factors:
1. Renovation's Goal
On the one hand, if your home need emergency repair or you want to give it a new look, a renovation loan is the perfect alternative for you.
If, on the other hand, you are planning a renovation to raise the value of your property, you must comprehend the scale of the renovation.
Understanding the scale of the remodelling will allow you to make an informed decision and predict the return on investment.
However, there is no guarantee that remodelling will increase the value of your home.
2. Renovation planning
You must plan your remodelling timetable and budget, whether it is for a dream home restoration project or for investment purposes.
Aside from the cost of the restoration, you must also examine the actual lifetime cost of the anticipated renovation loan.
For example, if you take out an RM25,000 remodelling loan with a 6% annual interest rate and pay a monthly instalment of RM333 for ten years, the renovation costs could wind up costing you RM40,000 in repayment!
That does not sound like a good investment, especially if you are renovating to raise the value of your home.
As a result, it is critical that you thoroughly assess the costs and benefits before deciding whether taking out a renovation loan or even completing remodelling is the correct choice for you.