You have exhausted your home loan top-up options?


With so many beautiful yet expensive home decor options available on the market, you might be tempted to go beyond your already depleted construction/renovation budget to go the extra mile and buy the best items available to decorate the home of your beloved dream. 

Since building or renovating a home isn’t a recurring expense, people often try to choose the best option available even when budgets exceed mortgage and deposit limits.

In such a case, you may need to explore the options available to borrow more money. Three of these options are Personal Loan, Credit Card, and Buy Now, Pay Later (BNPL). 

“As a form of consumer credit, three options – personal loan, credit card, or BNPL – are 

somewhat similar and allow consumers to purchase or receive services in advance with a return in a definite period,” said Amit Chaturvedi, Paytail Co-Founder. 

“However, the difference in repayment terms and interest rates sets them apart. While credit cards with the lowest repayment terms have the highest interest rates (if delayed). Credit cards and personal loans also require certain parameters and are generally not offered to people with NTCs (new to credit),” he added.

Chaturvedi explains how BNPL as a concept stands out for the flexibility it offers – 

“Due to the higher benefits associated with BNPL, opting for BNPL is a better proposition than a personal loan or credit card,” says Chaturvedi. 

Commenting on the three loan options, Anil Pinapala, CEO and Founder of Vivify India Finance said, “The best option would be BNPL because with it, the price will not change much and personal will have a longer repayment period than “with a credit card where the free period is much less.

One should look for offers and wherever they are available, purchases made on BNPL, such as FlexPay offers, should be the first choice. 

“But if repayment flexibility is what an individual is looking for although comfortable with paying a little interest, 

a credit card may be an option, however, if one believes the person If one can repay the loan in less time, our advice is BNPL. On the other hand, personal loans should be avoided to decorate the home.  

Speaking on the matter, Anshuman Narain, Vice President of Cash Bean said, “Unless your home loan is about to expire, you should always choose something like BNPL. We recommend that for any loan. You may need an emergency personal loan, this is the best option as it will be disbursed quickly and is usually short term so it won’t add much to your long-term debt.

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