{"id":5914,"date":"2013-09-03T14:25:50","date_gmt":"2013-09-03T06:25:50","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=5914"},"modified":"2015-12-08T15:34:57","modified_gmt":"2015-12-08T07:34:57","slug":"2-types-of-loans-for-home-renovation","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/2-types-of-loans-for-home-renovation","title":{"rendered":"2 Types Of Bank Loans To Renovate Your Home"},"content":{"rendered":"

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To most people, renovation is part and parcel of the whole home buying process. Whether you\u2019re buying primary or sub-sale properties, chances are, you\u2019re going to spend quite a bit to make the home, well, you. Unfortunately, home refurbishment is also expensive. Depending on your taste and preference, the process of turning your house into a dream home could easily go up to five figures, or more.<\/p>\n

If you\u2019re thinking about renovating but don\u2019t have the cash to do so, here are two common ways you can secure financing from the banks for the purpose of refurbishing a property.<\/p>\n

<\/span>1) Personal loans<\/strong><\/span><\/h2>\n

Personal loan is probably the first and most obvious choice if you need cash to renovate your home. In Malaysia, all major banks offer such loan facility, albeit with different terms and conditions; so getting one that fits your requirement may prove to be quite a challenge.<\/p>\n

A good simple approach in using personal loan to finance your home renovation is to first decide on the amount you need, and then make the necessary comparison to find a bank that offers you the lowest interest rate for that specific amount. To find the best rate, refer to our reliable personal loan comparison table<\/a>, so you don\u2019t need to personally visit each and every bank.<\/p>\n

For those who intend to apply, take note that starting July 5, 2013, Malaysian banks can no longer grant personal loans with repayment periods of more than 10 years, due to these\u00a0new loan regulations<\/a> imposed by Bank Negara Malaysia.<\/p>\n

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<\/span>2) Renovation loans<\/strong><\/span><\/h2>\n

A renovation loan is a loan product offered by banks for the specific purpose of refurbishing a property. In Malaysia, these loans do exist, though they are usually offered only to housing loan borrowers of the same bank or bundled together with the loan package.<\/p>\n

Currently, these are some of the notable loan packages* you may wish to consider:<\/p>\n