This article is general information, not financial advice. Please verify terms with your bank/NBFC before acting.
EMIs shown for illustration only; check lender quotes
Personal loans are quick and flexible for mid-sized renovations, with no collateral. However, a top-up on an existing home loan or a dedicated home improvement loan can be cheaper.
Compare total interest and tenure. If rates are higher on PL, ensure EMI fits comfortably and consider prepayment once cash flows improve.
- Small, urgent projects → PL for speed.
- Large projects with existing home loan → evaluate top-up at lower rates.
- No tax benefits on PL interest for renovation; factor this into total cost.