When you opt for a home loan, it is necessary to consider factors such as convenience, easy access to the loan account, customer support, and other value-added features before choosing a lender. All of these services add immense value to your experience as a borrower. In recent times, NBFCs have transformed their processes digitally, adapting them to the changing needs of customers. Today, you can approach an NBFC for a home loan and get your loan processed quite easily.
For a better understanding of the advantages of an NBFC home loan and all the other benefits you can get, read on.
A non-banking financial company, also called NBFC, operates on the guidelines of the Indian Companies Act. One of the primary roles of such entities is to offer advances and loans to individuals. NBFCs are primarily categorised on the basis of:
Some of the NBFC categories include
There are several benefits to opting for an NBFC housing loan, namely:
Keep these points when deciding on a lender for a home loan. NBFCs in India have proven to be reliable lenders and some even offer better service in comparison to others in the home financing market.
A key difference most commonly observed is that the NBFC home loan interest rate is a bit higher than that offered by a bank. The other differences to note are as follows:
Another point to note is that NBFCs have lenient home loan eligibility criteria and are able to offer a loan based on the applicant’s financial profile. For instance, the income requirements of an NBFC in Delhi for a home loan will differ from that of the same NBFC in another city.
It is clear that both lenders have their advantages but NBFCs may have an edge when it comes to overall convenience. In this regard, consider the Bajaj Housing Finance Home Loan. You can use an online tool, such as the Home Loan EMI Calculator, beforehand to know your EMIs in advance for better financial planning. With this offering, you can easily qualify for the loan, get substantial funds to purchase your dream home and repay comfortably over a tenor of up to 30 years.
To start your journey today, apply online and avail of these benefits for a hassle-free experience.
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Last update on 11-Mar-2021
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