- First and foremost, if you’re to take a loan against the mortgaged property, then it’s almost impossible. The reason being you do not have the property papers with you. The best you can do is to ask your existing lender to top up your loan for home improvement. But approaching a new lender is just not plausible.
- Second in line, you can opt for a home improvement loan from your existing bank or the new lender against the property and use the same money for home improvement.
- Last but not the least, if you have a home loan and the existing lender refuses for a top up. You can easily get your home loan balance transferred to another lender and have your loan refinanced with an additional top-up loan facility available in the scheme.
As we already understand, a home renovation loan is considered to make beauty changes to your existing property. Home Improvement Loans are smaller loans for fitment to smaller needs. This type of loan pretty much covers your house improvement treatment, whether with a new piece of construction, newer interiors or overhauling of the existing property for better. The topic of this article can confuse a few, therefore it’s good to clarify straight away. So here, do we mean taking a home improvement loan against the property which has already been mortgaged or is it planning to take a home improvement loan of this mortgaged property. The following possibilities can be underlined as an outcome of our understanding: