Frequently Asked Questions
A renovation loan is a loan used to finance the improvement, repair, or upgrade of an existing property. It covers costs associated with renovating and refurbishing the property.
Eligibility typically includes property owners with a stable income, good credit history, and sufficient equity in the property being renovated. Specific eligibility criteria can vary by lender.
Yes, you can apply for both types of loans simultaneously if you have separate projects that require funding. Each application will be assessed independently based on its own merits and requirements.
Approval times can vary, but it typically takes about 4 to 6 weeks (about 1 and a half months), depending on the completeness of the application and the lender’s processing time.
Required documents usually include proof of identity, proof of income, renovation plans, cost estimates, and proof of property ownership.
No, you cannot refinance your renovation loan.
The loan amount is typically determined based on the estimated cost of the renovation project, the value of the property, and the borrower’s financial profile, including their income and creditworthiness.
Processing fees generally include MMCB fees 20,000 MMK per pax, lawyer fees 50,000 MMK, and valuation report charges 60,000 MMK
Yes, hiring a licensed contractor is usually a requirement to ensure that the renovation project meets quality and safety standards.
The maximum loan amount depends on the lender’s policies, the borrower’s financial profile, and the value of the renovation project. It is best to consult with your lender for specific limits.