New Delhi, April 16 -- When someone is in financial distress, he can rely on an advance or a borrowing - typically known as a personal loan in banking parlance. It is one of the most commonly known advances which investors can take to meet their urgent requirement for money.

Personal loan is anunsecured loan and its proceeds are straight away transferred to the bank account of consumers who are given a free rein of how to use it. One may use the proceeds of the loan for investing in a business, for an emergency, to buy a luxury item or even to go on a vacation. Among all these purposes, one task for which it is 'appropriate' to borrow is to spend on the house renovation.

Meanwhile, it is vital to know that one should take ahome loan for...