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Upstox Vs ProStocks – Discount Stock Broker Comparison

Shitanshu Kapadia
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0
Upstox Vs ProStocks – Discount Stock Broker Comparison

Upstox vs ProStocks – Upstox & ProStocks is leading online discount stock brokers. Let’s do a side-by-side comparison of Upstox and ProStocks features, brokerage, trading platform, and other facilities.

Upstox is India’s fastest growing discount stockbroker. Upstox offers a completely paperless account opening facility. You can do trading in different segments such as equity, mutual funds, commodity, currency, futures, etc. Upstox offers intraday trading @ Rs.20 which is very low.

On the other hand, ProStocks is a Flat Fee Online stockbroker. ProStocks is famous for an unlimited trading plan. You can do trading in equity, currency, and future using ProStocks. ProStocks offers intraday trading @Rs.15 per trade.

If you are planning to open a new trading account or planning to change from an existing stockbroker, this post is for you. In this post, we will compare Upstox and ProStocks side by side.

Also Read – Zerodha vs Upstox – Which one is best?

Upstox vs ProStocks – Discount Stock Broker Comparison  

Upstox Review

Upstox is a leading discount broker in India. Upstox was previously known as RKSV Securities. Upstox offers equity trading, derivatives trading, futures and options trading, and currency trading services. You can open 3-in-1 account and get an instant account transfer facility at Upstox. Upstox has more than 1 million active traders. Features of Upstox are given below.

Upstox Key Features

  • Free Demat & Trading Account
  • Open Demat Account in a single day paperless and online
  • The facility of trade on the move using mobile app
  • Upstox provides two different types of trading account to suit investor trader requirement
  • Trading platform on desktop as well as mobile
  • Facility to invest in the mutual funds
  • Trade report and earning facility
  • Advanced Charting and Analysis Facility for professional traders
  • Technical analysis and data-rich user interface

Upstox Charges

Category Fees
Equity Delivery Trade Zero
Equity Intraday Trade Rs.20 per trade or 0.05% (whichever is lower)
F&O Trades Rs.20
Options Trades Rs.20 per lot
Currency Future Rs.20
Currency Options Rs.20 per lot

Account Opening and AMC Fees

Account Opening Charges – Rs.150

AMC Charges – Rs.300 per year

Upstox Brokerage Plans

Basic Plan

Basic Plan comes with a facility of Rs.20 per trade or 0.05% whichever is lowest for equity, future, commodity, and currency. The basic plan provides up to 12x leverage on the cash segment.

Priority

Priority plan comes with a facility of R.30 per trade or 0.10% whichever is lower for equity, future, commodity, and currency. Priority plan provides up to 15x leverage on the cash segment.

Also Read – Zerodha Vs Angle Broking – Stock Broker Comparison – Review

Upstox Trading Platforms

#1 Upstox Pro Web

The Upstox Pro Web is a very good trading platform. It allows you to trade on the web with flexibility and versatility. You require a desktop, laptop or mobile with a browser for using this platform. You can access Upstox Pro Web using any browser such as firefox, mozilla, chrome, Internet explorer. However, it is recommended to use Google Chrome to use this platform.

Upstox Pro Web allows you to create five different workspaces on a single screen. In each workspace, you can add charts, quote panel, order book, watchlist, etc. You will get the facility of pinning stocks to the watchlist. Traders will get more than 100 technical indicators and trade can be placed directly from technical charts. The drag and drop facility is available for faster trading. A trader will get the facility of options strategies building. You will get an options chain that allows you to place four orders simultaneously. You will get historical data as well as a feedback facility.

#2 Upstox Pro Mobile

Upstox Pro Mobile app is the best trading app that allows trading from anytime anywhere with ease and a lot of flexibility. You will require very good internet connectivity to use this app. Upstox Pro Mobile app is available for Andriod as well as iOS users.

Upstox Pro Mobile app allows you to trade in stocks, F&O, currencies via a single platform. You can use a charting tool for trading. You can use a universal search tool for searching stocks. You can create multiple price alerts that update instantly. You can customize the watchlist facility.

Upstox Pro Mobile does not provide the facility of investing in IPO and Mutual funds. This app does not provide a facility to access the portfolio on mobile.

#3 Upstox Pro Trading terminal

Upstox Pro Trading Terminal is a lightweight trading terminal that can be installed on the desktop. It is an application that allows you to buy and sell your stocks. You can analyze the stock and take buy and sell decisions with a click of a button. You will also get the option of one-click trade. You can personalize the dashboard and view of the trading terminal. You can create a workplace and stay organized while doing trading.

Upstox Pros

  • Low Brokerage trading facility
  • Mobile trading platform free of cost
  • Basic as well as priority plan
  • Multiple trading platforms
  • Facility to invest in Mutual funds
  • After market order, cover order and bracket order available
  • Online IPO facility using UPI available

Upstox Cons

  • Call and trade fee is charged extra
  • Unlimited monthly trading plans not available
  • Stock tips and recommendation are not available
  • 24×7 Customer service not available
  • Upstox NRI Trading and demat account facility not available

ProStocks Review

ProStocks is fastest growing online discount broker. ProStocks is famous for an unlimited trading plan. ProStocks allows the facility of trading in equity, F&O, and currency at BSE and NSE. It is one of the cheapest stock brokers in India. ProStocks offers 2 in 1 trading demat account. ProStocks offers an unlimited and flat fee trading plan. Features of ProStocks are given below.

ProStocks Key Features

  • Zero Delivery Charges and Flat Rs.15 per trade for Intraday and F&O
  • Lifetime Free AMC Demat Account
  • Free Trading and Demat Account Opening
  • ProStocks Deskop, Web based Mobile based platforms
  • Lowest Transaction charges
  • IPO Investment available but commodity trading not available

ProStocks Charges

Category Fees
Equity Delivery Trade Rs.15 per trade (Flat Fee Plan) or Free for Unlimited Trading Plan
Equity Intraday Trade  Rs.15 per trade (Flat Fee Plan) or Free for Unlimited Trading Plan
F&O Trades Rs.15 per trade (Flat Fee Plan) or Free for Unlimited Trading Plan
Options Trades Rs.15 per trade (Flat Fee Plan) or Free for Unlimited Trading Plan
Currency Future Rs.15 per trade (Flat Fee Plan) or Free for Unlimited Trading Plan
Currency Options Rs.15 per trade (Flat Fee Plan) or Free for Unlimited Trading Plan

Account Opening and AMC Fees

Demat & Trading Account Opening Charges – NIL

AMC Charges – NIL (Free for lifetime with Rs.1000 one time refundable deposit)

ProStocks Trading Platform

#1 ProStocks Desktop

ProStocks Desktop is an application cum trading terminal. ProStocks Desktop is designed for frequent traders. It is a professionally designed tool that provides multiple facilities such as intra-day charts, live streaming, multiple markets in the same window, quick and easy ordering. It is a trusted platform by many traders.

#2 ProStocks Web

ProStocks Web is a website based trading platform. It is suggested for casual investors and traders. You require a web browser and internet facility to do trading using ProStocks web. You can get real-time access to market data along with live-quotes, news and charts.

#3 ProStocks Mobile

ProStocks Mobile is app designed for people who want to trade on the move. This app is compatible with Andriod as well as iOS platform. It is a secured, simple yet powerful trading app for the traders.

ProStocks Pros

  • Flat fee and unlimited monthly trading plan available
  • Call & Trade facility available which is low cost
  • Online IPO facility available
  • Multiple Trading platform available
  • ProStocks has very good customer service
  • Advance Interactive voice response system

ProStocks Cons

  • 3-in-1 Account is not available only trading and demat account available
  • Commodity Trading facility is not available

Upstox Vs ProStocks Comparison

Upstox ProStocks

Final Takeaway

Upstox and ProStocks both are very good discount brokers. However, when it comes to cost ProStocks is better as it provides flat trading with a fee of Rs.15 per trade. ProStocks also provide a facility of unlimited monthly brokerage plan. On the other hand, Upstox also provides trading with a fee of Rs.20 per trade and famous for trading platforms.

Which one is best as per you Upstox or ProStocks?

*Note – All information given above is collected from the stockbroker website as on 7/3/2022. The account opening charges, margin, and other fees, etc can vary from time to time. You are requested to refer to the stockbroker website for the latest information.

11 Best Mobile Trading Apps in India 2026

Shitanshu Kapadia
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11 Best Mobile Trading Apps in India 2026

Mobile Trading Apps – Buying and selling stocks are very easy. It can be done with a click of a button anytime anywhere.

Yes! I am talking about Mobile Trading Apps. The usage of the Mobile Trading App is growing exponentially. Thanks to the technology you can download trading apps and perform quick trading, get alerts, read the news, and access your portfolio at your fingertips.

Mobile Trading Apps

Jayesh Patel 40-year-old IT professional of MNC company. He started making money in the stock market by trading when he was 35 years old but left in between. He was not getting time in the office and it was difficult for him to do trading by visiting the trading terminal installed on the desktop. He has now started using a mobile trading app for stock market trading. There are many examples like this.

As per the latest report, more than 60% of stock market trading happens via mobile app. It is due to comfort, anytime anywhere access, speed of operation, and availability of mobile apps by leading stock brokerage houses.

Here is a list of the 11 Best Mobile Trading Apps along with things to consider while shortlisting the trading app.

What is the Mobile Trading App?

The mobile trading app is an application that gets installed on your mobile device. This application allows you to do trading in the stock market on the move. It requires an internet connection. It is one of the convenient and cheapest ways to do trading. Additionally, you will get access to market news, portfolios, alerts, etc on the mobile trading app.

You will be able to save time and do a faster transaction using a mobile trading app. Here are the 10 Best Mobile Trading Apps in India.

The apps are shortlisted based on speed, performance, reviews, features, and usability.

Also Read – 10 Best Mutual Fund Mobile Apps for Investment & Portfolio Tracking

11 Best Mobile Trading Apps in India 2026

#1 Zerodha Kite Mobile App

Zerodha Kite is a trading and investing app for modern times. Kite is a small version of Zerodha’s trading platform. This app provides a clean & intuitive UI with super fast speed. You can manage all your trading and investments using this app.

This app comes with biometric (fingerprint and Face ID) 2FA. This app also provides the facility to log into the dark mode. Features of Kite by Zerodha are given below.

  • Intuitive UI with faster response time
  • Biometric Login for better security
  • TradingView charts along with ChartIQ
  • Order update and Push Notification
  • Filters and search options on Market
  • Dark Mode Facility
  • Seamless login to other apps in Zerodha Universe

Pros

  • Biometric access
  • Very good performance

Cons

  • Google Play store rating is low 3.8

#2 Groww Mobile Trading App

Groww is the most popular and preferred stock and mutual fund investing app. You need to open a demat account in order to use this app. The best part is you can invest in direct mutual fund SIP and lumpsum at zero commission from your app. It is claimed to be fast, easy & secure. Key features of the Groww Mobile Trading App are given below.

  • Simple and easy to use with KYC facility in App
  • Investment recommendation by experts in different categories
  • Mutual Fund SIP calculator
  • One-click stock trading with buy and sell facility
  • Chart, historical performance, and information on the move
  • High level of security standard used for all transactions

Pros

  • No Transaction charges
  • Direct Mutual Fund Investments
  • Intuitive and beautiful UI
  • Track your external investments
  • The facility of moving Investment from other apps to Groww

#3 Angel One – Broking Demat Account & Stock Trading App

Angel One Broking Stock Trading App allows you to do trading at your fingertips anytime anywhere. Angel Broking offers more than 40 technical chart indicators and overlays for doing analysis and trade. Key features of the Angle Broking Demat Account & Stock Trading App are given below.

Live streaming of prices

  • Intraday charts with indicators
  • Online payment via 40+ banks
  • Multiple watchlists with segments
  • Instant news update and market trends
  • Mutual Fund investment
  • Advisory Calls
  • ARQ based portfolio health check utility

Pros

  • Very Good Mobile Interface
  • Integrated ARQ Tool
  • Access to Report, Advisory, and Portfolio

Cons

  • Web and Mobile both login does not work at the same time
  • Application crashes sometimes

#4 5Paisa Share Market Trading

5Paisa Share Market Trading app is one of the best trading apps that offers multiple features including one-click order placement. You can do order placement by clicking on the chart. You can make use of 5Paisa research and advisory product screeners, sensibull, etc while trading using 5Paisa Mobile App. You can also invest in direct mutual funds, insurance, digital gold using 5Paisa Mobile App. Key Features of 5Paisa Mobile App are given below.

  • Facility to trade in equity, derivatives, commodity, and currency segments
  • Live updates on stock prices and quotes from BSE, NSE, MCX
  • Multiple charts and advance technical analysis
  • One-click order placement with lightning-fast speed
  • Watchlist create a facility with sync across devices
  • Robo Investment advisor facility
  • Price alerts and instant notification on apps

Pros

  • Award-winning app with multiple facilities
  • Good privacy protection, encryption data with 256 bit SSL
  • One can buy mutual funds, insurance via this app

Cons

  • Customer support is poor

#5 ICICI Direct App

ICICI Direct is one of the best trading and investment mobile app. I am using this app for the past six months. You need to open a demat account at ICICI in order to use this app. You can trade and invest in equity, mutual funds, futures, FD, IPO, Bonds using this app. Features of ICICI Direct App are given below.

  • Dashboard view for the watchlist and market movers
  • Market research and reports on the move
  • Alert and Notification
  • Trading in Equity, F&O, currency
  • Track trade book and order book
  • View Portfolio on the move
  • Charts & Heat Map facility

Pros

  • Fingerprint-based authentication
  • Fast and easy to use interface
  • Facility to invest in IPO & FD

Cons

  • The rating on Google Play is low

#6 IIFL Markets

IIFL Market is one of the most popular and downloaded mobile trading app. IIFL Markets is awarded the best trading app in India by Zee Business awards. IIFL Markets allows instant trading to broking customer. It also allows for guest-login using OTP. You can also invest in mutual funds using this app. Features of the IIFL Market are given below.

  • In-depth analysis and expert tips on mobile
  • Interactive design and charts onscreen
  • Price alert via mobile app & news on the move
  • Derivative section for trading in Options and Futures
  • One tap support to experts
  • Mutual fund investment via a mobile app

Pros

  • Dual Stock Watch Facility
  • Faster speed and intuitive interface
  • Option to invest in Mutual funds and IPO

Cons

  • Recovery of a password is difficult and time-consuming

#7 Upstox Pro App

Upstox Pro Stock trading app provides a simple and seamless trading experience for the end-user. Upstox Pro helps you to analyze the stock market in a real-time basis. You need to open a demat account in order to use Upstox Pro App. Key Features of Upstox Pro App are given below.

  • 100+ technical indicators in real-time
  • Clean and user-friendly UI
  • Predefined customized watchlist
  • Real-time market feed and unlimited price alerts
  • Switch between day and night mode theme
  • Trade using the same ID on the web as well as on the mobile app

Pros

  • Option to trade from the chart
  • Unlimited price alerts & watchlist
  • Very good support

Cons

  • Sometimes faced error of lag with real-time market

#8 HDFC Securities Mobile Trading App

HDFC Securities Mobile Trading App is claimed to be the next generation trading app. It is easy to use and easy to navigate the mobile trading app. This app has a secured biometric login using fingerprint and face recognition. Features of the HDFC Securities Mobile Trading App are given below.

  • Real-time charting and instant access to trending investment ideas
  • Trade-in Equity as well as derivatives
  • Get stock details in a single click
  • Get news and notification on market events
  • Tap and find the next investment opportunity
  • Trading as well as investment facility on the move

Pros

  • Multiple accounts can be managed in the single app
  • Safe and Secure trading with higher security standards
  • Trade and get notification alerts at the same time

Cons

  • The size of the app is larger and it occupies more space
  • Detail report facility is not available for the customer

#9 Motilal Oswal MO Trading App

Motilal Oswal MO Trader is an easy-to-use trading app that provides advanced and intuitive interface and features. The popularity of this app is growing gradually. This app provides the facility of equity, forex trading, and commodity trading. You can enjoy one-click trading on this app. It is a dynamic trading app. Features of the Motilal Oswal MO Trader App are given below.

  • The option of strategy builder with customization
  • Live Technical Charts
  • Facility to Square off position with a single click
  • Global Search Bar to search for stock, currency, commodity
  • Customization in the app’s bottom bar and access data
  • Support to Sensibull platform
  • Trade Guide Signal Tool

Pros

  • Facility to buy and sell with a single click
  • Support for other trading platforms
  • Saving Order and executing later

Cons

  • Google Play Rating is low

#10 Kotak Stock Trader App

Kotak Stock Trader App is a dynamic share trading platform. You can trade in real-time and track the market using a mobile app. You can get the facility of in-depth analysis on the app while doing transactions. Key Features of the Kotak Stock Trader App are given below.

  • Manage your Portfolio on the move
  • Place the order in few taps
  • Track stock market with charting tools
  • Invest in IPO, Mutual Funds, ETF and Bonds
  • Monitor Stock Portfolio any time

Pros

  • Higher level of security with multiple authentications
  • Allow selling from the position view page

Cons

  • User Experience is average

#11 Options Trader by Dhan

Options Trader by Dhan is developed by Raise Financial Services. The app is built specifically for F&O traders, offering them a clean interface combined with professional-grade tools. You need to open a demat account with Dhan in order to use this app, and the account comes with zero AMC for life. Features of the Options Trader by Dhan are given below.

  • Lightning-fast order execution with 95% of orders processed under 25 milliseconds
  • A dedicated F&O trading app built specifically for F&O traders
  • Built-in ScanX stock screener with heatmaps and option chain analysis
  • Super Orders feature for setting entry, target, stop loss, and trailing stop loss together
  • #MadeForTrade community for updates and new product launches
  • Offers 10+ pre-built strategies like Straddles, Strangles, and Iron Condors, etc
  • 100+ indicators with TradingView integration.

Pros

  • Offers Biometric login access
  • Access to the DEXT T3 terminal for professional traders
  • Both the app and the web platform for F&O trading

Cons

  • Relatively newer brand compared to some established players 
  • It can overwhelm beginners due to various advanced features
  • Offers 10+ pre-built strategies like Straddles, Strangles, and Iron Condors etc
  • 100+ indicators with TradingView integration.

 How to select Mobile Trading Apps for Stock Market Trading?

As of now, there is no thumb rule for making a selection of Mobile Trading App. However, I have listed my recommendations below that will help you in making a selection of the Mobile Trading App.

  • You should check the user interface of the app. The app should be intuitively easy to operate. The buy and sell should be a single click preferably from a single location.
  • The App should be compatible with Android as well as IOS versions. The version should be supported on old as well as new operating systems/platforms.
  • You can also look at the popularity and usage of the apps. You can go through the download count and available at app store. It is one of the leading indicators to know about App popularity.
  • In the Mobile trading app, research is an important part. The app should offer detailed information along with research data that will help in doing trading.
  • You can also go through rating data available at the app store. The rating data helps in the selection of the app.

Over to you

Which Mobile Trading app do you use for doing trading?

What is Pre EMI? – Pre EMI vs Full EMI Difference

Shitanshu Kapadia
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What is Pre EMI? – Pre EMI vs Full EMI Difference

Pre EMI vs Full EMI – Pre EMI is EMI paid for before starting an actual EMI of a loan. Pre EMI is generally paid for under-construction properties.

As we know that buying a dream home is very difficult. The cost of real estate is sky-rocketing. You need to shell out a lot of money to purchase or construct your own house. Additionally, you also need to go for a home loan when it comes to buying a dream home. Home Loan comes with Pre EMI and Full EMI. Let’s try to understand – What is Pre EMI? and the difference between Pre EMI and Full EMI.

Pre EMI

What is Pre EMI?

EMI stands for Equated Monthly Installment and Pre EMI stands for Previous to Equated Monthly Installment. This means if you borrow money from the bank to purchase a property that is under construction and loan is disbursed partially. You need to pay the interest amount on the disbursed home loan amount. It is known as Pre EMI. Pre EMI contains only the interest component.

Let’s try to understand this by example. Suppose Mr.Ravi wants to purchase a house and he selects one under-construction property. The payment terms for this property is on the percentage completion of construction. It is in four phases linked with milestones. Mr.Ravi applies for a home loan and go for loan disbursement in four stages. Mr.Ravi needs to pay Pre EMI Interest for the disbursed amount. Actual EMI starts when Mr.Ravi takes possession of the property.

Also Read – 10 Best Bank for Home Loan in India

What is Full EMI?

Full EMI is EMI applicable to the fully disbursed stage. Suppose you take a home loan and you have taken possession and all property. Once your home loan is fully disbursed EMI applicable on the home loan is Full EMI. Full EMI contains the principal as well as the interest component.

How Pre EMI is calculated?

Mr.Ravi has purchased a property with Pre EMI option of 1 year. He has paid Pre EMI interest for one year as the property was under construction for 1 year and full disbursement was done after 1 year. The first disbursed amount was 5 Lakh on January 1, the Second disbursal of 5 Lakh was on 1st July. The remaining two disbursals of 5 Lakh each was on 1st October and 31st December.

Pre EMI calculation in above case would be – (4375 x 6) + (8750 x 3) + (13125 x 3) = Rs.91875

The formula for calculating Pre EMI would be [P X r X (1+r) ^ n]/ [(1+r) ^ n-1]

Where P is principal, r is the rate of interest and n is the total number of installment.

Note – Above example is for reference only.

Difference between Pre EMI and Full EMI

Pre EMI vs Full EMI

Pre EMI Full EMI
Loan Disbursal in Parts Full Loan Disbursal
Interest calculated on Disbursed Loan Amount Interest Calculated on Principal Loan Amount
Payment begins on the first disbursal Payment begins on final disbursal
The principal amount does not reduce Principal Amount will get reduced with payment of EMI
No Tax Benefit on Pre EMI for first 2 years Tax Benefit is applicable on Full EMI
Suitable for Property Investors Suitable for Self Usage Property
End up paying extra interest and risky in case of delay in construction No extra interest amount
Loan Payback not started with Pre EMI Loan Payback started with Full EMI

Tax Benefits on Pre EMI and Full EMI

Pre EMI and Full EMI both enjoy tax benefits. However, there is no tax benefit for Pre EMI option for the first two years. The tax deduction is not applicable during under construction phase of the property. Once possession of the property is taken and EMI starts you can apply for tax benefits.

The tax benefit is applicable for both principal and interest components paid via EMI. The amount paid as interest in Pre EMI and EMI will be aggregated and considered for a tax deduction in five equal installments.

List of factors to consider before opting Pre EMI

Pre EMI option is costlier. You need to consider the following factors before opting for Pre EMI.

  • Your financial condition and capacity to repay debt.
  • Check if you will be able to withstand additional Pre EMI along with your expenses.
  • The purpose of buying property Investment or usage.
  • Find out potential returns from the property.
  • Calculate the opportunity cost of money that you can save by Pre EMI.
  • A tax benefit does not apply to the interest amount at the starting stage.
  • In case of delay in the property construction, you have to pay additional Pre EMI.

Conclusion

You have to consider multiple factors such as your financial condition, builder reputation, market condition, the purpose of buying property, etc. before opting for Pre EMI option in the home loan.

Best Home Renovation Loan in India

Shitanshu Kapadia
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0
Best Home Renovation Loan in India

Home Renovation Loan –  Everyone wants to build a beautiful dream house like Antilia. But, due to a lack of money, it is difficult to build a dream home and renovate it. Renovating home and making it beautiful and comfortable is becoming a necessity today.  When you are renovating a home funding is a key thing. A home improvement loan is one of the best ways to get finance for renovation.

A home renovation loan can be taken to renovate, modify, repair, or revamp your home. You can fulfill your dream and live a comfortable life in your home by renovating and making it more beautiful using a home improvement loan. These loans are similar to the home loan. A home loan allows you to purchase a new house. However, in a home improvement loan, you can improve your already owned house.

Home Renovation Loan

Home Renovation Loan – Features

Home Improvement Interest Rate

Home Improvement Interest rate is the same as that of the home loan interest rate. The home improvement interest rate would be adjustable (floating) over the tenure of the loan or fixed. The interest rate option can be selected by the customer at the time of adopting a loan.

Amount

You can get a loan up to 100% of the improvement subject to the market price of the property. Few banks keep a maximum cap up to 90% of the property value. The estimate of improvement would be verified by the technical officer. The amount would further depend upon your income and capacity to repay the loan.

Eligibility

Home improvement loan eligibility depends upon your income. You can apply for this loan individually or jointly. Salaried, as well as self-employed individuals, can also apply for the home improvement loan. The minimum age limit to apply for this loan is 21 years.

Usage

A home improvement loan can be used for the renovation of your house. The renovation work would involve all types of activity related to the improvement of your home. Few examples are repairs of the house, flooring work, celling work, electrical and plumber work, painting work, home extension work etc. In short, you will get complete flexibility for the usage of home renovation loans.

Also Read – 10 Best Bank for Home Loan in India 2020-21

Documents Required

Following documents would be required in order to apply for home renovation loan.

  • Application Form
  • Identity document – Aadhaar Card, PAN card
  • Income Proof – Bank statement of 6 months or Income tax return
  • Residence proof
  • Original Title Deed of your home
  • Photographs of applicant
  • Cheque for Processing fee
  • Estimate for the renovation work

Best Home Renovation Loan in India

#1 HDFC Home Renovation Loan

HDFC offers home renovation loans to salaried as well as self-employed people. The loan is offered to new as well as old HDFC home loan customers. Home improvement loan can be applied individually or jointly. All property owner have be co-applicant for the home improvement loan.

Loan Amount

Loan Amount Maximum Amount
Up to 30 Lakhs 100% of improvement estimate up to 90% of market value of property
30 Lakhs to 75 Lakhs 100% of improvement estimate up to 80% of market value of property
Above 75 Lakh 100% of improvement estimate up to 75% of market value of property

 

Interest Rate – Salaried

For Women (up to 30 Lakhs) 6.95% to 7.45%
For Others (up to 30 Lakhs) 7% to 7.50%
For Women (30 Lakhs to 75 Lakhs) 7.2% to 7.70%
For Others (30 Lakhs to 75 Lakhs) 7.25% to 7.75%
For Women (75 Lakhs and above) 7.30% to 7.80%
For Others (75 Lakhs and above) 7.30% to 7.85%

 

Pros

  • Interest rate option for adjustable and fixed both
  • Low interest rate for the home renovation loan
  • Available for new as well as old customers
  • Easy Documentation

Cons

  • Property Insurance is required
  • Processing fee is 0.5% of home loan amount or Rs.3000 whichever is higher

#2 Bajaj Finserv Home Renovation Loan

Bajaj Finserv offers home renovation loan via personal loan route. You can get approval for home improvement loan quickly and easily. The approval time for Bajaj Finserve Home renovation loan is very less. The loan disbursement take place very quickly.

Loan Amount

Bajaj Finserv offers home improvement loan up to 25 Lakh. You can renovate or redecorate your home with a personal loan of Rs.25 Lakh.

Interest rate

The interest rate starts from 12.99% onwards. The tenure would be from 2 years to 5 years.

Pros

  • Online facility to apply for loan
  • Flexible Loan tenure

Cons

  • Higher rate of interest

#3 ICICI Home Renovation Loan

ICICI Bank offers personal loan for the home renovation purpose. The maximum amount of loan offered by ICICI for this purpose is 20 Lakh. It is loan without any collateral and it can be processed quickly. Applicable interest rate and other details are given below.

Loan Amount

The maximum loan permissible by ICICI under this option is 20 Lakh.

Interest rate

The interest rate starts from 11.25%.

Pros

  • Quick processing and disbursal
  • Less documentation
  • Facility to apply loan online

Cons

  • Higher rate of interest

#4 Bank of Baroda Home Improvement Loan

You can renovate your home and make it very good living space by Bank of Baroda Home Improvement Loan. The home improvement loan from Bank of Baroda comes with competitive interest rate and zero pre-closure charges. You will also get group credit life insurance cover along with this loan. Key features detail of this loan is given below.

Loan Amount

Home improvement loan amount offered by this bank is very high. You can get loan amount up to 10 Cr. The amount depends upon your income and valuation of the property.

Interest rate

The rate of interest applicable on the loan is variable and in the range of 6.85% to 7.85%.

Pros

  • Higher loan amount is offered
  • Repayment period is up to 30 years
  • No prepayment charges
  • Attractive rate of interest

Cons

  • Lot of documentation work required

#5 Tata Capital Home Renovation Loan

Tata Capital also offers loan for the home renovation. You can borrow up to 25 Lakh from Tata Capital for the renovation of your house. You can use Tata Capital Home Renovation loan for all types of renovation including repair and structure modification. No security collateral required for this loan.

Loan Amount

The loan amount varies from Rs.75000 to 25 Lakh

Interest rate

The interest rate starts from 10.99% and loan tenure is from 1 year to 6 years

Pros

  • Loan is available for the lower amount starting from Rs.75000
  • Flexi EMI option is offered
  • Loan can be used for the modification renovation of outdoor space

Cons

  • The rate of interest is slightly higher

 Advantages of opting Home Improvement Loan

 Lower Interest Rate

The rate of interest for home improvement loans is lower compared to other loans such as a personal loan. Most of the time home loan interest rates would be equal to the home loan. The lower interest rate would be beneficial as you would be able to save money.

Flexibility in Usage

One of the key benefits of home improvement loan flexibility of usage. You can use this loan for civil, carpentry, painting work, etc.

Less Paper Work

The paperwork required for a home improvement loan would be very less if you opt for a home improvement loan from the same bank. Bank will do physical verification of the document and ask for minimum documents for clearance of the loan.

Multiple Options of Lender

There are multiple options for getting a home improvement loan. Most of the home loan lenders would offer home improvement loans. You can get more options so that you can select an appropriate lender before opting for a loan.

Conclusion

A home renovation loan is one of the best and most appropriate options if you are planning to renovate your home. Make sure to compare all available loan options before selecting a home renovation loan.

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