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FAQ About Renovation Loan

Do I need to be a member to apply for a renovation loan with TCC?

Yes, you are required to be a TCC member but we have waived the membership fee.  All applicants and sureties are required to open a TCC savings account with a monthly contribution of $10.00. A minimum savings of $10 has to be maintained in the account at all times.

 

Do I need to provide sureties for the loan?

Yes. We will require at least two sureties  to be provided. However more sureties shall be required on a case by case basis.

 

I am currently working a part-time job, will I still be eligible to apply for the loan?

No. TCC will consider a full time employee to be the applicants for the loan.

 

My parents are the home owners of the property but they are no longer working. Can I take the renovation loan on their behalf?

No. TCC only provides renovation loans to the house owners. In such cases, you may take up a personal loan on behalf.

 

What mode of repayment would I need to make?

You will need to service both the principal and the interest of the loan through regular monthly GIRO repayments.

 

How do I apply for the loan?

Loan applications can be submitted via the following methods:

1. Email to loan@tcc.org.sg

2. Fax to us at 6738 1977

3. Submit at our office located at 95 Killiney Road Singapore 239537

 

How long does it take for the loan to be approved?

It will take at least 3-5 working days for the loan approval, provided that all required documents are submitted. Any missing documents will result in a delay of the loan processing. However processing time may take longer for exceptional cases.

 

Can the cheque be made payable to my personal name? And how long does it take for me to receive the cheque after approval?

 

No. All cheques have to be made payable to the renovation firm or contractors as this is a renovation loan. You will receive the cheque 2-3 days after all the applicants and sureties have accepted TCC's loan agreement.

 

The loans will be disbursed in the following breakdown :- 

 

First cheque: 40% of the approved loan amount

Second cheque: 40% of the approved loan amount

Third cheque: 20% of the approved loan amount

 

Fees & Charges

  • Processing fees:   2% to 5%, depending on loan amount and repayment period. Online applications will enjoy a 10% discount on the processing fees.
  • Upfront payment: First monthly instalment to be paid in cash upon accepting the loan.
  • Cancellation fees: 1% of the undrawn amount if the loan is cancelled after accepting the loan.
  • Late payment fee: 10% of the overdue instalment(s) or $10 whichever is higher.

 

 

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