Are you planning to apply for a home loan soon? Apart from banks, you can also consider NBFCs for taking home loans. NBFCs often have simpler and faster home loan application and approval processes for home loans along with more competitive interest rates, minimal documentation and swift processing. If you have a decent CIBIL score, stable record of professional employment and a default free history of repayment, you can certainly apply for a home loan depending on your eligibility.
Here are NBFCs that offer low and attractive rates of interest on home loans-
Bajaj Finserv– Bajaj Finserv is one of the leading NBFCs in India and offers home loans at competitive interest rates starting from just 8.30%. You can get home loans between Rs. 20 lakhs and Rs. 10 crore here and can use the online EMI calculator to work out the monthly payouts. You can also expect fast application, approval and disbursal processes. You can check your eligibility using the eligibility calculator. Home loan applications are approved instantly once you meet the eligibility criteria and funds are disbursed within 24 hours in many cases.
You can also get top-up loans up to Rs. 50 lakh by switching your existing home loan to Bajaj Finserv at a lower rate of interest. You can also check out the Refinance system and take a loan for an amount, which is lower than or equal to the registered property value. There are other features like the 3 month EMI Holiday which helps you skip EMI payments for three months in order to plan out your finances in a better manner.
Aditya Birla Capital– This NBFC offers funding through Aditya Birla Home Finance Limited and home loan interest rates range between 8.55% and 8.99% on an average. Home loans are offered for tenors up to 20 years and some of the features include swift processing, structured payouts or regular EMI options, zero prepayment penalty in case of floating rate home credits, doorstep services and balance transfer options.
The minimum age of the applicant should be 21 years while the maximum age thresholds are 60 years and 70 years for salaried and self-employed applicants respectively. 90% is sanctioned in case of loan to property values up to Rs. 30 lakhs and this stands at 80% in case of loans between Rs. 30-70 lakhs and 75% in case of loans exceeding Rs. 75 lakhs.
Indiabulls Home Loan- This NBFC offers home loans at 8.40% and 11.75%. Home loans are offered up to 90% of the total property value in case of loans up to Rs. 30 lakhs. This is 80% and 75% in case of loans between Rs. 30-75 lakhs and above Rs. 75 lakhs respectively. Key benefits include swift loan approval without deciding the property, NRI loans, online home loan management and access, doorstep services, swift loan disbursal and processing, home loan balance transfer provisions, more than 5,000 pre-approved real estate projects and zero foreclosure and prepayment charges.