There are a range of options in the market to finance your dream home. While traditional banks have been the go-to-choice for home loans, Non-Banking Financial Companies (NBFCs) are emerging as a promising option for home buyers.
With 100% digital application, flexible criteria, competitive interest rates, and quick housing loan processing, NBFCs like Bajaj Housing Finance Limited is a practical option. Whether you are a first-time home buyer or looking to refinance your existing mortgage, exploring the offerings of NBFCs can open a world of possibilities for acquiring your future home.
1. Flexible eligibility criteria
NBFCs offer more flexible eligibility criteria as compared to banking institutions. They consider a wider range of factors beyond credit scores and salary slips. This flexibility opens opportunities for individuals with lower credit scores, non-salaried professionals, and those who may not meet the stringent criteria set by banks. For instance, an individual with a CIBIL Score of 725 can easily get a home loan from Bajaj Housing Finance Limited.
2. Competitive interest rates
Due to the competitive nature of the lending market, NBFCs offer attractive interest rates. While the rates may vary due to the existing market conditions, NBFCs often provide competitive rates. Before finalising your loan, you must compare interest rates from multiple lenders. Currently, we offer low-interest rates starting from 8.25%* p.a, which would be lower than most private banks if not all.
3. Faster approvals and minimal documentation
One of the significant advantages of NBFCs is the fast online application. Unlike traditional institutions, which often involve lengthy documentation and procedures, NBFCs offer a faster turnaround time. If you need urgent financing or want to seize a time-sensitive opportunity, NBFCs can work to your advantage. We offer quick loan approvals within just 48 HOURS* of your online application.
4. Customised loan products
NBFCs offer loan products tailored to your needs. Whether you are a self-employed individual, a first-time home buyer, or have a low income, NBFCs provide home loan options to cater specifically to your needs. If you are an existing home loan customer and need a top-up loan for a wedding or a medical emergency, you can use our top-up loan facility.
Additional Read: Home Loan Verification Process
