

Stay Up-to-Date with Our
Blogs & Articles
Choosing between Home Improvement Loans & Top-Up Loans

Your homes, just like other things in life, require regular checkups, upgrades and care. After every few years, a bit of touch-up to the paint on the walls or a makeover of the flooring or adding a new ceiling pattern is a nice way to keep your home looking new. Once a while, every homeowner likes to refurbish interiors of their home but such endeavours come with a price tag and that too an expensive one.
You can always opt for loans but getting a loan which has pocket- friendly interest rate is difficult. With time, banking sector has come up with consumer-friendly loan options which not only lower down the interest rate but also save time. If you are planning to renovate home, then you can choose from home improvement loan or a top-up loan. But before opting for either one, it is better to understand the difference between the two and how can these help you Let find out.
Home improvement loans:
There are various banks and NBFCs Non-banking finance companies which provide home improvement loans. These loans have a low-interest rate 10.5% -11.5% when compared to personal loans. The tenure for these kind of loan is also longer up to 15 years, unlike personal loan which is given for a tenure of 2-3 years. Even the loaned out amount is greater than personal loan amount. However, these loans are given after analyzing the applicant home and by rough estimation of the cost of improvement of the home.
Eligibility criteria to apply for a home improvement loan are as follows:
- Applicants should be at least the age 21 old and not above retirement age
- Having a good CIBIL score is a must
- If one doesn have a home, he or she can be co-applicant to improve eligibility
Top up loans:
It is very simple to understand how a top-up loan works. If a consumer has an existing home loan going on in a bank or NBFC and thinks that they need a renovation in their home but doesn have enough funds, then they can always go to the existing lender and apply for a loan on the existing home loan.
The rate of interest for a top-up loan is lesser to personal loan but 1-2% higher than of home loan. The tenure of a top-up loan is lesser or same as to existing loan. No extra paperwork or eligibility is required for applying for a Top-up loan.
The benefit of taking a top-up loan is that it can be used for anything like repaying a debt, personal use or child education etc.
Eligibility criteria to apply for a home improvement loan are as follows:
- Applicant should have an existing ongoing home loan in the bank
- Existing home should be at least a year old
But the big question is what to choose between both of them
Everything boils down to the necessity of the borrower. If the need for the loan is to renovate the home, then the best option will be going with home improvement loan as that would provide you with a larger corpus to work with.
Tags
Latest Blogs
Home Loans

How to Claim Tax Benefits on a Second Home Loan
Read More
IIFL Home Loans | Aug 04 6:38 AM
Home Loans

How to Claim Tax Benefits on a Second Home Loan
Read More
IIFL Home Loans | Aug 04 6:38 AM
Home Loans

How to Claim Tax Benefits on a Second Home Loan
Read More
IIFL Home Loans | Aug 04 6:38 AM
Home Loans

How to Claim Tax Benefits on a Second Home Loan
Read More
IIFL Home Loans | Aug 04 6:38 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Guidelines for Affordable Home Loan Balance Transfer
Read More
IIFL Home Loans | Jul 12 6:18 PM
Home Loans

Guidelines for Affordable Home Loan Balance Transfer
Read More
IIFL Home Loans | Jul 12 6:18 PM
Home Loans

Guidelines for Affordable Home Loan Balance Transfer
Read More
IIFL Home Loans | Jul 12 6:18 PM
Home Loans

Guidelines for Affordable Home Loan Balance Transfer
Read More
IIFL Home Loans | Jul 12 6:18 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

How to Avail Loan against Property for Business
Read More
IIFL Home Loans | Jul 06 7:14 AM
Home Loans

How to Avail Loan against Property for Business
Read More
IIFL Home Loans | Jul 06 7:14 AM
Home Loans

How to Avail Loan against Property for Business
Read More
IIFL Home Loans | Jul 06 7:14 AM
Home Loans

How to Avail Loan against Property for Business
Read More
IIFL Home Loans | Jul 06 7:14 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

What Is a Pre-approved Home Loan and Its Benefits
Read More
IIFL Home Loans | May 15 5:28 AM
Home Loans

What Is a Pre-approved Home Loan and Its Benefits
Read More
IIFL Home Loans | May 15 5:28 AM
Home Loans

What Is a Pre-approved Home Loan and Its Benefits
Read More
IIFL Home Loans | May 15 5:28 AM
Home Loans

What Is a Pre-approved Home Loan and Its Benefits
Read More
IIFL Home Loans | May 15 5:28 AM
Home Loans

What Is a Pre-approved Home Loan and Its Benefits
Read More
IIFL Home Loans | May 15 5:28 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Key Factors Affecting Your Home Loan Amount Eligibility
Read More
IIFL Home Loans | May 12 11:58 AM
Home Loans

Key Factors Affecting Your Home Loan Amount Eligibility
Read More
IIFL Home Loans | May 12 11:58 AM
Home Loans

Key Factors Affecting Your Home Loan Amount Eligibility
Read More
IIFL Home Loans | May 12 11:58 AM
Home Loans

Key Factors Affecting Your Home Loan Amount Eligibility
Read More
IIFL Home Loans | May 12 11:58 AM
Home Loans

Key Factors Affecting Your Home Loan Amount Eligibility
Read More
IIFL Home Loans | May 12 11:58 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Affordable Home Loans In India And IIFL Home Loans
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

Affordable Home Loans In India And IIFL Home Loans
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

Affordable Home Loans In India And IIFL Home Loans
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

NCD Vs FD: What Is The Difference Between The Two?
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

NCD Vs FD: What Is The Difference Between The Two?
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

NCD Vs FD: What Is The Difference Between The Two?
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

Home Loans

Home Loans

7 Expert Tips For First-Time Home Loan borrowers
Read More
IIFL Home Loans | Nov 02 9:30 AM
Home Loans

Home Loans

Home Loan Balance Transfer - Step By Step Guide
Read More
IIFL Home Loans | Nov 02 9:30 AM
Home Loans

Home Loans

Home Loans

Steps To Close A Home Loan Without Complications
Read More
IIFL Home Loans | Aug 24 9:48 AM
Home Loans

Frequently Asked Questions: Post RBIs Moratorium On Loan
Read More
IIFL Home Loans | Sep 05 12:15 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Best Tips To Get Lowest Home Loan Interest Rates
Read More
IIFL Home Loans | Oct 03 12:15 PM
Home Loans

Best Tips To Get Lowest Home Loan Interest Rates
Read More
IIFL Home Loans | Oct 03 12:15 PM
Home Loans

Best Tips To Get Lowest Home Loan Interest Rates
Read More
IIFL Home Loans | Oct 03 12:15 PM
Home Loans

Best Tips To Get Lowest Home Loan Interest Rates
Read More
IIFL Home Loans | Oct 03 12:15 PM
Home Loans

Best Tips To Get Lowest Home Loan Interest Rates
Read More
IIFL Home Loans | Oct 03 12:15 PM
Home Loans

Best Tips To Get Lowest Home Loan Interest Rates
Read More
IIFL Home Loans | Oct 03 12:15 PM
Home Loans

Success Tips For Young First-Time Home Buyers
Read More
IIFL Home Loans | Oct 03 11:45 AM
Home Loans

Success Tips For Young First-Time Home Buyers
Read More
IIFL Home Loans | Oct 03 11:45 AM
Home Loans

Success Tips For Young First-Time Home Buyers
Read More
IIFL Home Loans | Oct 03 11:45 AM
Home Loans

Success Tips For Young First-Time Home Buyers
Read More
IIFL Home Loans | Oct 03 11:45 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

How To Claim Tax Benefits On Joint Home Loans?
Read More
IIFL Home Loans | May 21 2:45 PM
Home Loans

How To Claim Tax Benefits On Joint Home Loans?
Read More
IIFL Home Loans | May 21 2:45 PM
Home Loans

How To Claim Tax Benefits On Joint Home Loans?
Read More
IIFL Home Loans | May 21 2:45 PM
Home Loans

How To Claim Tax Benefits On Joint Home Loans?
Read More
IIFL Home Loans | May 21 2:45 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

5 Things to Consider Before Refinancing a Home Loan
Read More
IIFL Home Loans | Feb 21 3:30 PM
Home Loans

5 Things to Consider Before Refinancing a Home Loan
Read More
IIFL Home Loans | Feb 21 3:30 PM
Home Loans

5 Things to Consider Before Refinancing a Home Loan
Read More
IIFL Home Loans | Feb 21 3:30 PM
Home Loans

5 Things to Consider Before Refinancing a Home Loan
Read More
IIFL Home Loans | Feb 21 3:30 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

SIPs Can Help You to Pay Your Home Loan Interest
Read More
IIFL Home Loans | Nov 15 1:00 PM
Home Loans

SIPs Can Help You to Pay Your Home Loan Interest
Read More
IIFL Home Loans | Nov 15 1:00 PM
Home Loans

SIPs Can Help You to Pay Your Home Loan Interest
Read More
IIFL Home Loans | Nov 15 1:00 PM
Home Loans

SIPs Can Help You to Pay Your Home Loan Interest
Read More
IIFL Home Loans | Nov 15 1:00 PM
Home Loans

SIPs Can Help You to Pay Your Home Loan Interest
Read More
IIFL Home Loans | Nov 15 1:00 PM
Home Loans

SIPs Can Help You to Pay Your Home Loan Interest
Read More
IIFL Home Loans | Nov 15 1:00 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

What are the Best Real Estate Areas in Bangalore?
Read More
IIFL Home Loans | Jul 07 2:30 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Policies Increase the Efficiency of the Work Process!
Read More
IIFL Home Loans | Jun 01 12:45 PM
Home Loans

Policies Increase the Efficiency of the Work Process!
Read More
IIFL Home Loans | Jun 01 12:45 PM
Home Loans

Policies Increase the Efficiency of the Work Process!
Read More
IIFL Home Loans | Jun 01 12:45 PM
Home Loans
Tax Planning

Home Loans
Tax Planning

Home Loans

What Are The Benefits Of Buying A House in 20s
Read More
IIFL Home Loans | Apr 06 5:45 PM
Home Loans

What Are The Benefits Of Buying A House in 20s
Read More
IIFL Home Loans | Apr 06 5:45 PM
Home Loans

What Are The Benefits Of Buying A House in 20s
Read More
IIFL Home Loans | Apr 06 5:45 PM
Home Loans

What Are The Benefits Of Buying A House in 20s
Read More
IIFL Home Loans | Apr 06 5:45 PM
Home Loans
Tax Planning

Home Loans
Tax Planning

Home Loans
Tax Planning

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Calculate Your Eligibility With Home Loan Calculator
Read More
IIFL Home Loans | Feb 07 11:00 AM
Home Loans

Calculate Your Eligibility With Home Loan Calculator
Read More
IIFL Home Loans | Feb 07 11:00 AM
Home Loans

Calculate Your Eligibility With Home Loan Calculator
Read More
IIFL Home Loans | Feb 07 11:00 AM
Home Loans

Calculate Your Eligibility With Home Loan Calculator
Read More
IIFL Home Loans | Feb 07 11:00 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Hacked!!! Why Indian Sailors Get a Loan Rejection?
Read More
IIFL Home Loans | Oct 21 2:15 PM
Home Loans

Hacked!!! Why Indian Sailors Get a Loan Rejection?
Read More
IIFL Home Loans | Oct 21 2:15 PM
Home Loans
Pradhan Mantri Yojana

Home Loans
Pradhan Mantri Yojana

Home Loans
Pradhan Mantri Yojana

Home Loans
Pradhan Mantri Yojana

Home Loans
Pradhan Mantri Yojana

Home Loans
Pradhan Mantri Yojana

Home Loans

10 Things You Must Know About Home Loan EMI Calculator
Read More
IIFL Home Loans | Oct 05 12:15 PM
Home Loans

10 Things You Must Know About Home Loan EMI Calculator
Read More
IIFL Home Loans | Oct 05 12:15 PM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Here are 6 ways to Save Money on Your Home Loan
Read More
IIFL Home Loans | Aug 05 12:15 PM
Home Loans

Here are 6 ways to Save Money on Your Home Loan
Read More
IIFL Home Loans | Aug 05 12:15 PM
Home Loans

5 Hacks for Improving the Home Loan Eligibility
Read More
IIFL Home Loans | Jul 18 3:45 PM
Home Loans

5 Hacks for Improving the Home Loan Eligibility
Read More
IIFL Home Loans | Jul 18 3:45 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Whether taking home loan is a wise decision or not?
Read More
IIFL Home Loans | Apr 14 2:15 PM
Home Loans

Whether taking home loan is a wise decision or not?
Read More
IIFL Home Loans | Apr 14 2:15 PM
Home Loans

Whether taking home loan is a wise decision or not?
Read More
IIFL Home Loans | Apr 14 2:15 PM
Home Loans

Whether taking home loan is a wise decision or not?
Read More
IIFL Home Loans | Apr 14 2:15 PM
Home Loans

Yes, Every Home Loan Needs Insurance. Here Why
Read More
IIFL Home Loans | Apr 14 11:30 AM
Home Loans

Yes, Every Home Loan Needs Insurance. Here Why
Read More
IIFL Home Loans | Apr 14 11:30 AM
Home Loans

Yes, Every Home Loan Needs Insurance. Here Why
Read More
IIFL Home Loans | Apr 14 11:30 AM
Home Loans

Yes, Every Home Loan Needs Insurance. Here Why
Read More
IIFL Home Loans | Apr 14 11:30 AM

Prelude to Building Green - IIFL Home Loan's Guide to Sustainable Affordable Housing
Download report
Most Read Blogs
Home Loans

10 Things You Must Know About Home Loan EMI Calculator
Read More
IIFL Home Loans | Oct 05 12:15 PM
Home Loans

5 Hacks for Improving the Home Loan Eligibility
Read More
IIFL Home Loans | Jul 18 3:45 PM
Home Loans

5 Things to Consider Before Refinancing a Home Loan
Read More
IIFL Home Loans | Feb 21 3:30 PM
Home Loans

Home Loans

6 Things To Consider While Choosing Your Home
Read More
IIFL Home Loans | Oct 01 11:45 AM
Home Loans

Home Loans

7 Expert Tips For First-Time Home Loan borrowers
Read More
IIFL Home Loans | Nov 02 9:30 AM
Home Loans

Home Loans

Home Loans

Affordable Home Loans In India And IIFL Home Loans
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

Home Loans

Home Loans

Best Tips To Get Lowest Home Loan Interest Rates
Read More
IIFL Home Loans | Oct 03 12:15 PM
Home Loans

Calculate Your Eligibility With Home Loan Calculator
Read More
IIFL Home Loans | Feb 07 11:00 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Frequently Asked Questions: Post RBIs Moratorium On Loan
Read More
IIFL Home Loans | Sep 05 12:15 PM
Home Loans

Guidelines for Affordable Home Loan Balance Transfer
Read More
IIFL Home Loans | Jul 12 6:18 PM
Home Loans

Hacked!!! Why Indian Sailors Get a Loan Rejection?
Read More
IIFL Home Loans | Oct 21 2:15 PM
Home Loans

Home Loans

Home Loans

Here are 6 ways to Save Money on Your Home Loan
Read More
IIFL Home Loans | Aug 05 12:15 PM
Home Loans

Home Loan Balance Transfer - Step By Step Guide
Read More
IIFL Home Loans | Nov 02 9:30 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

How to Avail Loan against Property for Business
Read More
IIFL Home Loans | Jul 06 7:14 AM
Home Loans

Home Loans

How to Claim Tax Benefits on a Second Home Loan
Read More
IIFL Home Loans | Aug 04 6:38 AM
Home Loans

How To Claim Tax Benefits On Joint Home Loans?
Read More
IIFL Home Loans | May 21 2:45 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Key Factors Affecting Your Home Loan Amount Eligibility
Read More
IIFL Home Loans | May 12 11:58 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

NCD Vs FD: What Is The Difference Between The Two?
Read More
IIFL Home Loans | Nov 23 4:12 AM
Home Loans

Home Loans

Home Loans

Home Loans

Policies Increase the Efficiency of the Work Process!
Read More
IIFL Home Loans | Jun 01 12:45 PM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

SIPs Can Help You to Pay Your Home Loan Interest
Read More
IIFL Home Loans | Nov 15 1:00 PM
Home Loans

Steps To Close A Home Loan Without Complications
Read More
IIFL Home Loans | Aug 24 9:48 AM
Home Loans

Home Loans

Success Tips For Young First-Time Home Buyers
Read More
IIFL Home Loans | Oct 03 11:45 AM
Home Loans

Home Loans

Home Loans

Home Loans

Home Loans

What Are The Benefits Of Buying A House in 20s
Read More
IIFL Home Loans | Apr 06 5:45 PM
Home Loans

What are the Best Real Estate Areas in Bangalore?
Read More
IIFL Home Loans | Jul 07 2:30 PM
Home Loans

What Is a Pre-approved Home Loan and Its Benefits
Read More
IIFL Home Loans | May 15 5:28 AM
Home Loans

Home Loans

Home Loans

Whether taking home loan is a wise decision or not?
Read More
IIFL Home Loans | Apr 14 2:15 PM
Home Loans

Yes, Every Home Loan Needs Insurance. Here Why
Read More
IIFL Home Loans | Apr 14 11:30 AM
Home Loans

Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.