Need 50-60L for interiors, flat is in my in-laws name. Which loan makes sense?
We're moving into a new home from my in-laws, but I need to do interiors and buy furniture, expecting it to run 50-60 lakh. Problem is the flat isn't in my name. It's registered on my wife's parents name and they've taken a home loan on it, so the registration can't move to my wife's name right now.
I earn 1.8L in hand every month, CIBIL 805, zero loans running.
My father has a couple of properties, so one option is loan against property with him as the applicant and me paying the EMI.
Other option is stacking it. Gold loan of about 10L, plus my salary account shows 30L personal loan eligibility, so roughly 40L there, and the rest from an NBFC at around 12%.
Anyone took loan for interiors at this budget without owning the property? What did you end up going with, and is splitting across two or three loans a dumb idea or does it work out fine?
EDIT 1: Adding context since a few things keep coming up.
Why the flat is on my in-laws name: My wife isn't earning, so the home loan had to go on their name. Once it's closed the flat gets registered on my wife's name or my son's.
On default risk: My wife has a few sites and lands on her name. If it ever came to that, we sell and clear the loan. This is our primary residence, not an investment.
On the 50-60L number: This includes everything from scratch. False ceiling, modular kitchen, wardrobes, plus all furniture and appliances. Sofa, beds, dining, TV, 4 ACs, fridge, washing machine. Nothing carried over from the old place. The figure came from neighbours in the same society who've done their flats, some have gone up to a crore.
Also the interior work amount I quoted matches the 10% of flat cost thumb rule, but I realised, that doesn't mean I should spend it, unless I can afford it