Nowadays there is MLTA which is better than MRTA as described by banker. Unlike MRTA, you won't need to pay in lump sum. Furthermore, the coverage of MLTA is not decrease in relative to your loan amount but fixed.

As for renovation works, It all depends on personal preference, some like to renovate in grand manner while others do it in moderate manner.
MAybe I can help you in renovation works, just PM me.