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 and terms, competitive interest rates, and quick loan processing, NBFCs like Bajaj Finance 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 up a world of possibilities for acquiring your future home. Below are the reasons why NBFC could be the better option when taking a home loan.
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 up 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 Finance.
Due to the competitive nature of the lending market, NBFCs offer attractive interest rates. While the rates may vary depending on the institution and existing market conditions, NBFCs often provide competitive rates compared to those offered by banks. Before finalising your loan, it is advisable to compare interest rates from multiple lenders. At the moment, 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 faster online application. Unlike traditional institutions, which often involve lengthy documentation and approval 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. Bajaj Finance offers quick loan approvals within just 48 Hours* of your online application.
4. Customised loan products
NBFCs offer loan products tailored to specific customer needs. Whether you are a self-employed individual, a first-time home buyer, or someone with a low income, NBFCs can provide home loan options that cater specifically to your needs. This personalised approach enhances the chances of securing a home loan best suited to your circumstances. For instance, if you are an existing home loan customer and need a top-up loan for a wedding or a medical emergency, you can use the Bajaj Finance Top-up Loan facility.
5. Personalised customer service
NBFCs offer a more personalised and customer-centric approach compared to other traditional institutions. If you value personalised service and a more hands-on approach from your lender, NBFCs may be a better fit for you.
In conclusion, when it comes to financing your dream home, Non-Banking Financial Companies (NBFCs) like Bajaj Finance are a compelling choice.
