RHB Bank launches 120 percent home makeover loan

KUALA LUMPUR, Malaysia – RHB Bank has partnered with The Makeover Guys to launch the Makeover Flexi Loan, a financing solution that enables homeowners and property investors to finance both their home purchase and renovation under a single facility, with support up to 120% of the property's value. This new loan, offered in collaboration between RHB Bank and The Makeover Guys, addresses the growing demand for home renovations in Malaysia.

The home improvement market was valued at RM47.7 billion in 2024 and is expected to reach RM59.2 billion by 2029. Currently, renovation financing is often treated as a separate borrowing decision, requiring homeowners to secure additional funds or use personal savings after purchasing a property before beginning renovations. The Makeover Flexi Loan simplifies this process, allowing customers to finance both their home purchase and renovation together under one facility.

This means they can plan both the property purchase and renovation from the beginning, providing greater financial certainty and a smoother homeownership journey. The loan offers up to 120% financing for the property purchase and up to 90% financing for renovation works, with an additional 30% for renovation costs. Customers can also benefit from features like mortgage reducing term assurance, legal and documentation fees, and a financing tenure of up to 35 years or until the borrower reaches the age of 70.

The Makeover Flexi Loan is suitable for both homeowners and property investors, with full Flexi features that allow customers to make additional repayments and redraw funds based on their financial needs. The progressive disbursement of renovation financing aligns with contractor milestones throughout the renovation process. Gavin Liew, Founder & CEO of The Makeover Guys, emphasized the importance of planning both property purchase and renovation together to avoid financial strain and to create a home that meets individual lifestyle and investment goals.

Sien Vee Loc, Head of Consumer Finance at RHB Bank, highlighted the necessity of evolving financing solutions as homeownership needs change. By partnering with The Makeover Guys, RHB Bank aims to bridge the gap between property financing and renovation financing, providing a seamless homeownership experience.