A 100% home renovation loan means the loan provided by the bank for the specific purpose to renovate the property. But in Malaysia these loans do not exist but the loans are usually offered for only to those housing loan borrowers of the same bank or combined with the loan package.
If you wish to convert your own home to a dream house, you need to renovate in a really thorough way. For all this, you should have good sum of money to spend for the home renovation which is known as ubahsuai rumah in Malay.
The expenses might go into lots of money. If in case you have not enough money or savings for this, then it's good to go for loans either from the bank for refurbishing of the property. To get this amount you have to go for 100 % home renovation loan which is also known as ubahsuai rumah 100% pinjaman in Malay which is accessible in Malaysia.
About three to 4 banks supply home renovation loans. A number of the banks provide loans that come with no monthly maintenance fees, flexible repayment but the maximum repayment needs to be done within 10 years period.
The names of the banks that supply loan packages in Malaysia are OCBC Bank provides renovation and refurbishment loans with no month-to-month fees, Alliance Bank that gives complete personal home loans, that's also referred to as personal loan together with the mortgage financing facilities.
In addition, Maybank provides additional financing for the personal investment requirements and for home improvement as well as for any other contingencies. These keen on taking 100 % home renovation loan can log on to the web sites of banks in Malaysia.
It is found that since 5th July 2013, Malaysian banks no longer grant personal loans with repayment period of greater than 10 years. Because of this new loan, the Bank in Malaysia imposes regulations.
Only after doing necessary comparison of the personal loan, it's best to approach the bank for the home renovation loan from the loan packages offered by them.
About the Author:
Always keep in touch with us at HP Setia shall you need to do any form of interior design work or house renovation. We do provide a range of house design to meet the requirements of our customers.
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