boombee87 0 Report post Posted December 18, 2020 Hi guys, was wondering if it’s a bad idea considering to take a loan for renovation. Im contemplating to reno my grandma’s house . Its in the village but its sentimental and I really love the place Quote Share this post Link to post Share on other sites
meerah 0 Report post Posted December 21, 2020 On 12/18/2020 at 4:49 PM, boombee87 said: Is it a bad idea to taking a loan for house renovation? Thinking to breathe some new life into the property that I loves the most,old village house owned by my grandmother. y bad ah?there's a chance it might actually increase its value in the long-run. Quote Share this post Link to post Share on other sites
ZombieTan007 0 Report post Posted December 21, 2020 2 minutes ago, meerah said: y bad ah?there's a chance it might actually increase its value in the long-run. cannot think like that,there is no guarantee that renovation will add value to ur home. Quote Share this post Link to post Share on other sites
Britney123 0 Report post Posted December 22, 2020 On 12/18/2020 at 4:49 PM, boombee87 said: Is it a bad idea to taking a loan for house renovation? Thinking to breathe some new life into the property that I loves the most,old village house owned by my grandmother. i think okay but not too much Quote Share this post Link to post Share on other sites
HugzNoBen 0 Report post Posted December 22, 2020 On 12/21/2020 at 10:03 PM, ZombieTan007 said: cannot think like that,there is no guarantee that renovation will add value to ur home. for their own comfort its worth the loan Quote Share this post Link to post Share on other sites
ZombieTan007 0 Report post Posted December 23, 2020 9 hours ago, HugzNoBen said: for their own comfort its worth the loan what I mean by value is that some people want to renovate the house in the hope that if they rent and sell later they will get a high price. if for comfort there is no problem Quote Share this post Link to post Share on other sites
zifu90 0 Report post Posted December 23, 2020 10 hours ago, Britney123 said: i think okay but not too much must have emergency fund also. some low cost contractors sure ask this one tak cukup,that one tak cukup..so this can cover these extras if they come up (and they usually do). Quote Share this post Link to post Share on other sites
Lovely89 0 Report post Posted December 23, 2020 13 hours ago, zifu90 said: must have emergency fund also. some low cost contractors sure ask this one tak cukup,that one tak cukup..so this can cover these extras if they come up (and they usually do). its good to prepare incase there will be costly more than expectation Quote Share this post Link to post Share on other sites
zifu90 0 Report post Posted December 24, 2020 6 years ago I had a loan to renovate the kitchen. loan amount is not much. 3 more years to pay off. but I did not make a bank loan because i already make loan from bank when bought that house. Quote Share this post Link to post Share on other sites
Britney123 0 Report post Posted December 24, 2020 On 12/23/2020 at 10:47 AM, zifu90 said: must have emergency fund also. some low cost contractors sure ask this one tak cukup,that one tak cukup..so this can cover these extras if they come up (and they usually do). agree but aint it high loan high interest? Quote Share this post Link to post Share on other sites
Lovely89 0 Report post Posted December 24, 2020 12 hours ago, zifu90 said: 6 years ago I had a loan to renovate the kitchen. loan amount is not much. 3 more years to pay off. but I did not make a bank loan because i already make loan from bank when bought that house. may i know where you got the loan other than bank? Quote Share this post Link to post Share on other sites
yippiewong 0 Report post Posted December 24, 2020 53 minutes ago, Britney123 said: agree but aint it high loan high interest? normal meh, where they can get profit if interest too low Quote Share this post Link to post Share on other sites
HugzNoBen 0 Report post Posted December 24, 2020 On 12/23/2020 at 10:37 AM, ZombieTan007 said: what I mean by value is that some people want to renovate the house in the hope that if they rent and sell later they will get a high price. if for comfort there is no problem yah bcos he said he loved old house mean he want to live there, so take a loan is a good idea for living in new environment Quote Share this post Link to post Share on other sites
zifu90 0 Report post Posted December 26, 2020 On 12/24/2020 at 12:45 AM, Lovely89 said: its good to prepare incase there will be costly more than expectation yes.its bad if u overspend due to the lack of proper financial planning & engaging the wrong contractor.I have seen people getting into extra financial debt and issues due to renovations so dont take it lightly On 12/24/2020 at 10:02 PM, Lovely89 said: may i know where you got the loan other than bank? i loan from yayasan ihsan rakyat as most banks take too long to get the approval some fastest also 5 working days not inclusive the duration to release funds. that also not included the whole document process... . cant wait for that long and its so uncertain hahahha On 12/24/2020 at 10:44 PM, yippiewong said: normal meh, where they can get profit if interest too low depending on institution there are out there in the market some which the interest rate is even lower than banks but have to be extra careful and find those legit one !!!! the lowest i found is yir around 6.99% that also maybe because i feel its safer as they are based on Syariah terms Quote Share this post Link to post Share on other sites
ZombieTan007 0 Report post Posted December 26, 2020 4 minutes ago, zifu90 said: yes.it is bad if u overspending due to the lack of planning & engaging the wrong contractor. I have seen people getting into financial trouble due to home renovations. i take loan from yayasan ihsan rakyat coz most banks take about 5 working days and above to release the funds into our account. that one not included document processing... . i cant wait for that long.hahahha got.just must find the legit wan like yir. lowest can get around 6.99%. lower than some banks..even blacklist people also can apply..actually for muslim anything based on syariah is better..the process is more trusted.. They can still lend you quite a sum of cash, but not as much as banks is it? Quote Share this post Link to post Share on other sites
zifu90 0 Report post Posted December 26, 2020 5 minutes ago, ZombieTan007 said: They can still lend you quite a sum of cash, but not as much as banks is it? The highest amount can loan is rm150000, for me that's a lotssss already. If bank also there is no guarantee you can get 100% like what you wish for, cos they will check your financial record whether able to repay or not. Quote Share this post Link to post Share on other sites
Britney123 0 Report post Posted December 26, 2020 On 12/24/2020 at 10:44 PM, yippiewong said: normal meh, where they can get profit if interest too low but you can made and effort to find one with low interest rate or try to reduce the amount of loan itself 8 hours ago, zifu90 said: The highest amount can loan is rm150000, for me that's a lotssss already. If bank also there is no guarantee you can get 100% like what you wish for, cos they will check your financial record whether able to repay or not. wow thats a high amount Quote Share this post Link to post Share on other sites
zifu90 0 Report post Posted December 28, 2020 On 12/26/2020 at 9:06 PM, Britney123 said: but you can made and effort to find one with low interest rate or try to reduce the amount of loan itself wow thats a high amount yes,6.99% considered low alrdy. and for renovation i think 20k considered enough d..ahhh but forgot to mention only applicable loan for gov staff. so lucky la those in gov sector and i read blacklist can apply too as government..hehehhe tak boleh lari it will deduct from pay so they will still loan to you even if pay low about min 1.5k can get liao... Quote Share this post Link to post Share on other sites