Should I take Personal Loan for interior work at home ?

POSTED BY Mitra. A ON March 27, 2014 3:49 pm COMMENTS (2)

I pay 35K ( which is 1/3 of my NMI ) as EMI for my existing Home Loan. I plan to do an interior work for my apartment. Even though I have liquid assets, I don’t want to use that , and then gone out of liquid funds.

Hence, is it worth to take a Personal Loan for this purpose? Am I going to over burden my financial condition ? Please help.

2 replies on this article “Should I take Personal Loan for interior work at home ?”

  1. ashalanshu says:

    Dear Mitra, how about postponing your interior work for at least 15-18 months?

    Thanks

    Ashal

  2. Credexpert says:

    Dear Mitra,

    You should opt for a home improvement loan rather than a personal loan.

    Most banks provide home improvement loans for the purpose of renovating houses and this can be taken with an existing home loan. Such loans are advisable over personal loans as they are secured and hence their rate of interest is lower than that of personal loans.

    Regards,
    Credexpert
    https://www.credexpert.in

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