Which renovation loan is the best?

This depends on the type and number of renovations you need to get done. The loan often comes with various processing, handling, or administrative fees on top of the loan amount. If your renovations involve multiple contractors, some banks may charge extra fees as your loan needs to be disbursed in stages or to multiple vendors.

Compare the type of loans in the market with these factors in mind. Sometimes, banks also extend better rates to renovation loan applicants if they are already existing home loan customers.