RHB Bank has partnered with renovation firm The Makeover Guys to offer financing that covers both a property purchase and renovation costs.
The Makeover Flexi Loan provides eligible customers with financing of up to 120% of the property’s value.
This comprises up to 90% for the home purchase and an additional 30% for renovation work, mortgage insurance or takaful, legal costs and documentation fees.
Borrowers can repay the loan over a maximum of 35 years or until they reach the age of 70, whichever comes first.
Its Full Flexi features allow them to make additional repayments and redraw funds when needed.
Renovation funds will be released progressively as contractors reach project milestones. The facility is designed for homeowners and property investors.
Customers can access consultation, interior design, project management and construction services through The Makeover Guys.
“We have seen customers delay moving in, renovate room by room over several years or compromise on what they originally wanted because the renovation budget was not available upfront.
The Makeover Flexi Loan changes that by allowing homeowners to plan both their property purchase and renovation together from day one,”
said Gavin Liew, Founder & CEO of The Makeover Guys.
“As homeownership needs evolve, financing solutions must evolve as well. Traditionally, property financing and renovation financing have been treated as separate decisions, even though both are fundamental to creating a home.
We saw an opportunity to bridge that gap by bringing these financing needs together under a single solution,”
said Sien Vee Loc, Head of Consumer Finance, Group Community Banking, RHB Bank Berhad.
Featured image: (From left) Vincent Lim, Chief Revenue Officer, The Makeover Guys; Gavin Liew, Founder and Chief Executive Officer, The Makeover Guys; Sien Vee Loc, Head of Consumer Finance, RHB Bank Berhad; and Christine Wong Sze Pin, Head of Homeowners, RHB Bank Berhad.
