A common Indian Home Owner hesitates to take loans. How common are Home Improvement Loans. if your friend was asking you this question, what would you recommend, should loan be taken or not ?

EXPERT : According to me if you are eligible you should opt for Loan. Home is one of the most important part thing in life. You are goign to Renovate it to live inside for next 10-15 years may be more. If there is cash crunch right now, why are you compromising on something that will be used for next 10-12-15 years.

There are finance instruments available now. You get funds now & repay it over / upto next 8 years. Previously tenor were upto 5 years but now there are options with tenor up-to 8 years.

There are products where if you cannot pay monthly EMI, you pay smaller EMIs monthly and then whenever you have cash you can pay bigger part pay amount.

So its more about not compromising on something that you are going to use it over very long time.

Are Home Owners aware of Home Improvement Loans ?

EXPERT : Many people in Tier-I cities are aware of it. May be the reason is several finance companies are presently operating only in Tier-1 and limited Tier-2 cities. It is more of a awareness thing. As time passes more & more Indian Home Owners will know about it & it will become common to avail Home Improvement Loans.