Why opting for a Loan Against Property from an NBFC can be a smarter move

NBFCs offer greater flexibility, faster loan processing, and more relaxed eligibility criteria.
Loan Against Property
5 minutes
01 April 2024

There are various ways to finance your dream home, and besides traditional banks, Non-Banking Financial Companies (NBFCs) are becoming popular among home buyers. NBFCs like Bajaj Finance Limited offer practical options with 100% digital application, flexible criteria, competitive interest rates, and quick loan processing. Whether you are a first-time home buyer or want to refinance your existing mortgage, exploring NBFCs like Bajaj Finance can open up many possibilities for owning your future home.

  1. Flexible eligibility criteria: NBFCs have more flexible requirements compared to banks. They consider a broader range of factors beyond just credit scores and salary slips. This gives opportunities to individuals with lower credit scores, non-salaried professionals, and those who may not meet the strict criteria set by banks. For example, even if someone has a CIBIL Score of 720, they can easily get a loan against property from Bajaj Housing Finance Limited.

  2. Competitive interest rates: Due to the competitive market, NBFCs offer attractive interest rates. While rates may vary depending on market conditions, NBFCs often provide competitive rates. It's essential to compare interest rates from different lenders before finalizing your loan. Currently, we offer low-interest rates starting from 9% to 12% (Floating rate of Interest), which is lower than most private banks.

  3. Faster approvals and minimal documentation: One significant advantage of NBFCs is the fast online application process. Unlike traditional institutions that involve lengthy documentation and procedures, NBFCs offer quicker turnaround times. If you need urgent financing or want to seize a time-sensitive opportunity, NBFCs can work to your advantage. We provide quick loan approvals within just 72 hours* of your online application.

  4. Customised loan products: NBFCs offer loan products that are tailored to your needs. Whether you are self-employed, a first-time home buyer, or have a low income, NBFCs provide loan against property options designed specifically for your situation. If you are an existing loan against a property customer and need a top-up loan for a wedding or a medical emergency, you can use our top-up loan facility.

In summary, NBFCs present a compelling choice for financing your dream home, offering flexibility, competitive rates, speedy approvals, and loan products customized to suit your unique needs.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.