We spoke to a Loan Expert who deals in to Home Improvement Loans. In addition to Home Improvement loans there are various other options available in market.
What are Options for Home Owners to Fund their Home Interior or Home Renovation Project ?
Expert : You have one which is personal loan for Home Improvement for which most home owners apply. And second Option which Home Owners can explore is Balance Transfer of Existing Home loans.
Say you have a home loan running with some bank on x percentage. You can transfer this loan to a new finance company & get a top-up loan. Depending upon various factors, additional Loan amount up-to 50 Lakhs is available. These loans are available with around 10% interest rate.
So there are two varieties here, one is Personal Loan for Home Improvement in-case he has his own property and no other loan running. On Second option is to transfer your existing loan to get top-up loan.