I went to OCBC Jalan Besar on Tuesday morning and make enquiry on my property loan.
I hope to get a term loan or overdraft since I am not selling for the time being but hope to get some cash out of my property.
Huan Wei, the Relationship Manager told me my property can maximum stretch to a valuation of 500K. That means I can have a loan or overdraft of 64K.
I have discussed with Leon and he is agreeable to it.
Interest rate for Overdraft is at 6.5%/annum currently.
We will sign the application tomorrow and hopefully by end of June, we can have amount of money.
We hope to setup a small Music cafe at our existing shop.
We are also planning to learn some basic bakery skill from Phoon Huat this Friday and subsequent Fridays. Phoon Huat charges $36 for each participant with all ingredients and utensils provided. We think it is a good deal as we can learn 2 items and bring back the cake or bread home after the lesson.
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