Use your equity
Using your equity involves borrowing against the current value of your home, before any value-adding renovations. Equity is the difference between the bank’s valuation of your house and the amount you still owe on your mortgage. The amount you will be able to borrow will depend on how much equity is available as well as your own financial situation.
Home loans generally offer lower interest rates compared to personal loans and credit cards, which is a good reason why it makes sense to use your equity!
Remember, using your equity means adding to your original debt which requires an increase in your existing home loan repayments. Make sure you are comfortable with changes in repayments.