We asked a Home Improvement Loan expert – Lets say a friend of your is talking to you and wants to know about Home Improvement Loans, what would you explain ?
Expert : There are two different ways you can fund your Home Improvement project.
Option 1) Personal Loan for Home Improvement :
If you are a Salaried Employed person you can take a Personal Loan for Home Improvement. The rate of Interest for Personal Loan will be on a higher side but depending upon Loan amount.
Option 2) Balance transfer top-up loan :
If you are moving into a new Home for which you have paid 12 post EMI’s. You can then look into balance transfer into any other institution. Here you get top-up loan.
So what I would recommend is first get an Estimate on how much money is required for Home Renovation or home Interior project. Check if you are Eligible. Then apply for for Home Improvement loan accordingly.