10 Best Loan Apps for Home Buyers in 2024
Whether buying a new home or renovating your old house, you may need a loan to fund the expense. Many banks and financial institutes operate through online applications, making it easier for customers and consumers to obtain their necessary services…including home loans.
This article lists the best loan apps for financing home purchases or renovations. I have listed some of the best home loan apps for securing home service finance for a new home purchase or a house renovation.
Best Loan Apps for Homebuyers in 2024
Here are the best loan apps for Indian home buyers
1. HDFC Home Loan App
Rating: 2.1
Reviews: 20.7 T
Downloads: 10L+
In India, HDFC is among the leading banks and housing finance companies. It is known for its quick loan availability and cooperation with clients.
The HDFC home loan app is known for providing a seamless and smooth user experience. It answers all of your loan related queries through easy calculator, and question answers available on the app itself.
App Features
They have a loan eligibility calculator, parameters for comparing interest rates, and apply for loans online. HDFC loan also has some great features like loan tracking, EMI payment options, document uploading, etc.
Loans Can be Borrowed for–
- For renovating the house.
- Buying a new house or a flat.
- Buying a new land to construct a new house.
Benefits
- HDFC home loans provide all benefits commonly available across all home financing institutions and banks.
- Borrowers can claim up to 1.5 lakh on principal repayments.
- There are plenty more tax benefits home buyers can avail themselves of through home loans.
2. ICICI Bank Home Loan App
Rating: 4.5
Reviews: 46.1L
Downloads: 1Cr+
When it comes to simplified loan application processes, and reliability, ICICI bank has a reputation. They have always simplified loan application processes making it easier for borrowers to find a solution to their loan requirements.
App Features
There are tons of features like personalized loan offers, EMI calculators, and loan application tracking features. Users who apply for a home loan can check the status of their application and see if it is approved. There is also a document upload facility where users can upload necessary documents for getting their loans. In fact, ICICI home loans offer 70% to 90% of a house’s price in the form of financing.
Loans Can be Borrowed for
Borrowers can get ICICI home loans for different purposes like –
- buying a house or a flat
- buying a land for constructing a house
- House renovations, repairs, extensions, etc.
- Construction of house on a pre-owned land.
- Buying an independent house and the land.
Benefits
- ICICI Bank provides different types of personal loans to borrowers.
- The interest rates are affordable for most borrowers.
- When taking a home loan against a property under the value of 30 lakh, the bank is said to provide a 90% LTV.
3. Dave – Banking & Cash Advance
Rating: 4.3
Reviews: 4.73L
Downloads: 1Cr+
Dave banking is a legitimate banking app for mobile users. Yes, there is a monthly charge involved for the app. But, people considering a mobile banking application would definitely love to use Dave. it offers minimum loans useful for smaller home renovations and repairs.
App Features
The app has features such as budgeting tools, and cash advances. There are also abilities for building credit. Users planning to save money to buy a home can track their spending habits and avoid unnecessary expenses.
Loans Can be Borrowed for
The loans provided at Dave Bank are cash advances and are not big-sized loans. So, if you are thinking of paying the downpayment for a house by taking Dave bank loans. These cash advances can help with smaller house repairs and renovations like –
- Bathroom Makeover.
- Paint and replace the front doors.
- Paint replacement of your front door.
- Installation of Track lighting.
- Add a dog door.
- Installation of a Backsplash.
- Add a built-in bookshelf.
Benefits
- Dave Banking provides interest-free cash advances. So, these are best for covering unexpected expenses.
- You can get instant cash of $100 without any interest.
- There is no late fee or overdraft. Users can also ask for an extension for repayment.
4. Axis Bank Home Loan App
Rating: 2.1
Reviews: 20.7T
Downloads: 5L+
Axis Bank home loans have a high range. Loan seekers can claim around 5 crore rupees in home loan. They provide different types of loans like Car loan, business loan, and home loan.
App Features
The app includes a Near Me feature to help users track the nearest bank branches, ATMs, and more. The Apply Now feature on the app makes it easier for the users to apply for credit and debit cards and loans. On top of that, there are bill payment features and scan and pay features for online transactions.
Loans Can be Borrowed for
- Axis Bank home loans can be used to construct new houses.
- Loans for home improvement.
- Top-up loans to get additional funding on loans currently existing.
- Balance transfer loans are used to switch lenders to get better loan terms.
Benefits
- The interest rate is up to 8.70% p.a. for salaried employees and 9.10% p.a. for self-employed people.
- The processing fee for loans is up to 1%.
- The offered loan amount can range between 10 Lakhs to 5 Cr.
5. Indiabulls
Rating: 4.4
Reviews: 27.3T
Downloads: 5L+
IndiaBulls is a famous financial institution based in India. IndiaBull, as a loan-providing company, has made the loan application process a lot easier for loan seekers. The app has various features, including a loan eligibility calculator. It helps you check whether you are eligible for the loans they provide.
App Features
- India Bull itself is designed to provide home loans. You can look for your perfect home.
- They provide great loan interest rates
- The sanction of loans and disbursals happens completely online.
- There is a loan eligibility calculator helping you understand your eligibility for their loans.
- There are tax benefits, stamp duty, and home loan calculators.
Loans can be borrowed for
- IndiaBulls loans are great for buying a new house.
- Loan seekers can also get loans for home improvement and house renovation.
- One can also request for loans for house repairs.
Benefits
- There are no hidden charges for loan seekers at India Bulls.
- The documentation process for applying for loans is pretty easy and simple.
- Attractive loan interest rates.
- The loan disbursal process is speedy and smooth.
- The repayment tenure is flexible and suits the needs of loan seekers.
6. Piramal Finance
Rating: 4.4
Reviews: 27.3T
Downloads: 5L+
Piramal Finance is a P2P lending app that helps borrowers with a range of features. Through the app, borrowers can take instant home loans for construction, home buying, and more. The loan application process is fast and simple, thanks to their operational efficiency.
App Features
The app makes it easy for calculating loan eligibility, examining interest rates. Also, the loan application is done online. Additionally, there are different offers available such as EMI calculators, document uploading features, and loan monitoring and loan tracking features.
Loans can be borrowed for
- Loan borrowers can borrow the loans to build new houses.
- Loans are also available for home improvement.
- Home purchase.
- Loans against properties are also available.
Benefits
- The loans provided by Piramal Finance are simple, hassle-free, and fast.
- Instant loan sanction makes it easier for loan seekers.
- Loan disbursal is done online.
- The interest rate provided at Piramal Finance is reasonable enough.
- There is no hidden charge associated with the loans.
- Easy loan documentation.
7. Navi
Rating: 4.3
Reviews: 1,597,463
Downloads: 3Cr
Navi provides home loan with a long tenure for repayment and high loan amount. Yes, you can take up to 5 Cr in home loan and repay it within 30 years. The loan process is hassle free is done entirely through their loan app online. Also, the process is peerless (100% ).
App Features
- Navi is a finance app that provides both online loans and other features like UPI payment, mutual funds, cash loans, and so on.
- The application has different calculator options like home loan calculators, SIP, Mutual funds, PPF, PF, and Recurring Deposit calculators.
- Navi apps are available on Android and iOS.
Loan benefits
- The Navi home loans help you buy a new home, construct a new home, or finance your home renovation.
Benefits
- It is a secure loan. You have to pledge collaterals.
- Loan repayment is possible through EMIs.
- Navi has loan interest rates of 8.55% p.a. onwards
- They charge the borrowers with a zero percent foreclosure.
- Loan repayment is possible within a tenure of 30 years.
8. Bajaj Finserv
Rating: 4.5
Reviews: 1,422,686 votes
Downloads: 40L+
Bajaj Finserv provides different types of loans like gold loan, home loan, personal loan, and more financial products through their online application. Many Indian home buyers are considering Bajaj Finserv for home buying. In fact, applicants can apply for home loans and get them approved within 48 hours.
App Features
The app provides an easy application process and instant loan approval. The loan amount is flexible, and applicants don’t have to go through a difficult documentation process.
Loans Can be borrowed for
Bajaj Finserv provides loans for different purposes like –
- Purchasing home
- House reconstruction.
- Home renovation.
- Car loans.
- Two-wheeler loans.
- To cover for medical emergencies.
- Growing or funding a business.
Benefits
- A high amount (up to 40 lakhs ) loan can be available through the Finserv application.
- Loan seekers can plan with the EMI calculator available on the application.
- They offer a very competitive interest rate of 9.99% p.a. Onwards.
- The loan repayment tenure is within 12 to 72 months.
9. Loan Tap
Rating: 3.6
Reviews: 1,422,686 votes
Downloads: 10L+
If you are looking for a loan app for a moderate amount of money for smaller home renovations, then Loan Tap is a good option. This is a good loan and home financing application and provides great short-term loans.
App Features
The app provides a fast loan application and approval process. The loan repayment option is also flexible and according to the applicant’s needs. There is no need to visit the bank for a physical verification. In fact, users can access their bank accounts at any time. The platform has a loan EMI calculator.
Loans can be borrowed for
Loantap loans help fund a wedding, or personal emergencies and also for home renovations. From home buying to home renovations – Loan Tap helps you get all of it done…easily.
Benefits
Borrowers have the flexibility of choosing the loan amount and meeting their financial needs. These needs can be small and flexible or help with gathering larger financial requirements. Some benefits here include –
- Great EMI options for loan repayment
- Long loan repayment period, stretching up to 30 years.
- Quick online loan sanction.
- Different loan tax benefits are under section 80C.
10. Dhani
Rating: 3.7
Reviews: 1,422,686 votes
Downloads: 5 Cr+
Dhani is popular for its tagline, “phone se loan app,” which offers seamless operations for loan applications, verification, and approval. In fact, it is possible to get an instant disbursal of a moderate amount into the bank account within few hours. The loan interest rate also has a moderate range.
App Features
The Dhani Loan app completes the loan application process online. There is no need for physical verification. Users can take loans within the range of ₹1000 to ₹15 lakh. In addition, the Dhani loan application process is fast, and the approval process takes little to no time if you fulfill all the criteria. Easy accessibility and loan management features are part of this app.
Loans can be borrowed for
- Home reconstruction
- Home Renovation
- House repair.
- Minor changes to the doors, walls, or floors.
Benefits
- The loan process is completely online.
- Borrowers can borrow between ₹1,000 to ₹15 lakh
- They provide a competitive interest rate starting from 13.99% p.a.
- The loan repayment tenure is between 3 months to 24 months.
Final Words
Among many of the home loan providing institutions and banks, the above-mentioned offer online loan application and amount disbursal. If you were looking for a loan app to finance your home purchase or home renovation, the list provided above should be able to help. Hopefully, this article was beneficial. Please let us know if you have any queries related to this. Thank you for reading.
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