Navi Finserv (Navi), an RBI registered NBFC, is offering instant home loan approval to eligible borrowers through the NAVI app. The process of this home loan is completely digital and the company claims that its loan approval process is faster than conventional banks. Its interest rate is also very competitive. With Navi you can get home loan at 6.46 per cent interest rate.
Now let us see whether you should take this type of loan from new age fintech companies or are traditional banks or housing finance companies a better option? First, let’s take a look at what Navi has to offer.
Navi is offering home loans ranging from Rs 20 lakh to Rs 5 crore under this offer with a tenure of 25 years. The company is offering such facilities in cities like Bangalore, Mysore, Hubli, Davangere, Gulbarga, Chennai, Delhi, Gurugram and Hyderabad. Soon this service is set to start in Mumbai and Pune as well. The interest rate of this home loan starts from 6.46 per cent per annum. This interest rate is for those customers who have stable income, good credit score and have a good loan repayment track record.
Customers can complete almost the entire loan process without visiting the branch directly on the NAVI app. The company also does not charge any processing fee on such loans. Apart from this, no additional administrative fees, central registry filing charges and search report inquiry are also levied on such loans.
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Let us tell you that Navi Technologies is a new age fintech company which was started in 2018 by Sachin Bansal, co-founder of Flipkart and his college friend Ankit Agarwal.
how can apply
For this type of loan from Navi, you need to download the Navi app on your phone and create your account on this app. On going to the account, you will have to enter information like PAN card, death of birth, according to whatever instructions you get. Once your account is created, you will be able to enter the home loan application through this app. This app will also have the facility of auto debit from your bank account.
Experts say that Navi’s home loan interest rate is very competitive as compared to leading banks and housing finance companies. On this, customers also have the facility to choose between fixed rate and variable rate. In this, the amount of home loan is decided based on the credit score of a customer. Apart from this, Navi decides the interest rate based on the profile of the customer and the internal pricing framework of the company.
The company directly reaches the customer through its app without any intermediary, which reduces its cost and the company gives the benefit of cost savings to the customers by reducing the interest rate. Apart from this, there is no pre-payment charge of any kind on this.
MyMoneyMantra.com. K Raj Khosla It is said that before choosing your lender, you should not only compare the home loans available in the market on the basis of its cheapness but also keep in mind the service quality and charges applicable on the loan while making this comparison. He further added that since Navi Finserv is an RBI registered NBFC, the company’s offer comes under the purview of the regulator and the NBFC Ombudsman. Hence it is safe to apply for home loan through Navi App.
Please note that as per the terms and conditions of Navi, borrowers will not be allowed to uninstall the Navi app from their mobile device till the time the loan is repaid. If this rule is violated due to carelessness or accident, then it will be considered as fraud and Navi will have the right to take legal action against the Borrowers.
Experts say that it is convenient to take loans from digital lenders, but under this the relationship between borrowers and lenders is completely digital. The lender gets access to all the information stored in the borrower’s phone. For this, you have to understand how the personal data and home loan documents of a customer are kept safe by the fintech companies.
In December, Navi had faced a lot of criticism in the media after it sent personal loan offers on the basis of PAN data to all the users. Also, before applying for this type of home loan, the customer should check the back ground of the digital lender’s management. If you opt for a digital lender for a home loan, the shorter the loan tenure and the loan amount, the better. If you are a believer in the age old tradition, then banks and housing finance companies have home loans available for you at very good rates.
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