Buying a home is a dream for many, and securing a home loan is often the first step toward making that dream a reality. If you have been exploring your options, you may have come across the term "NBFC." But what is an NBFC, and how can it help you in your home-buying journey? Let us break it down simply.
What is an NBFC?
Non-Banking Financial Companies (NBFCs) are financial institutions that offer a range of financial services. These institutions play a crucial role in the financial ecosystem, especially for individuals seeking quick and accessible credit options including home loans. NBFC home loans often come with flexible terms, making them an attractive choice for aspiring homeowners.
Why choose an NBFC for your home loan?
- Flexibility in loan amounts: NBFCs typically offer a range of loan amounts that can suit your financial needs. Whether you are buying a small apartment or a larger home, you will likely find a suitable option.
- Easier eligibility criteria: One of the standout features of NBFCs is their eligibility criteria. They often consider factors beyond your credit score, allowing more people to qualify for a loan.
- Quick approval process: If you are in a hurry to secure financing, NBFCs usually have a faster approval process than traditional banks. You can expect quicker loan disbursement, allowing you to close deals swiftly.
- Customisable repayment options: NBFCs often provide flexibility in repayment plans. You can choose a tenure that suits your financial situation, whether it is short or long-term.
- Competitive interest rates: While banks usually offer lower interest rates, many NBFCs provide competitive rates as well. Plus, they often have fewer hidden charges, making them an attractive option for many homebuyers.
Understanding the basics of home loan
When applying for a home loan from an NBFC, there are a few essential terms and concepts you should understand.
- Principal: This is the original amount that you borrow. For example, if you take out a loan of Rs. 50 lakh, that is your principal.
- Interest rate: This is the cost of borrowing. It can be fixed or floating. A fixed rate means your payments remain constant, while a floating rate can change over time.
- EMI (equated monthly instalments): This is the amount you pay monthly towards your loan. It includes both principal and interest. Using an EMI calculator can help you determine how much you will pay each month.
- Tenure: This refers to the duration of your loan, usually ranging up to 32 years. A longer tenure means lower EMIs but higher overall interest costs.
Tips for a successful loan application
- Maintain a good credit score: While NBFCs are flexible, having a good credit score can improve your chances of approval and might get you better interest rates.
- Reduce existing debts: Before applying, pay off any outstanding debts. This can increase your eligibility and make your application look stronger.
- Keep your documents ready: Having all your documents in order can speed up the approval process significantly.
- Understand your financial limits: Do not borrow more than you can afford. Calculate your EMIs and ensure they fit within your monthly budget.
Consider Bajaj Housing Finance Home Loan
Buying a home is a significant financial decision, but with the right home loan, it can become easier and more affordable. If you are considering purchasing a home, look no further than Bajaj Housing Finance Home Loan. You can benefit from attractive features such as:
- High loan amount: Get a home loan of up to Rs. 15 crore* to turn your dream home into reality.
- Low interest rates: Enjoy interest rates starting from 8.25%* p.a, with EMIs as low as Rs. 741/lakh*.
- Quick approval: Get approval within 48 Hours* of applying – sometimes even sooner.
- Long repayment tenure: Repay your home loan comfortably with tenure of up to 32 years.
- No foreclosure fee*: Individual borrowers with a floating rate of interest can prepay or foreclose their loan at no extra charge.
- Easy application: Benefit from our doorstep document collection service for a hassle-free process.
- Balance transfer facility: Transfer your existing home loan and get a top-up loan with better terms.
Ready to take the next step toward your dream home? Apply for a Bajaj Housing Finance Home Loan today.
Documents required to apply for Bajaj Housing Finance Home Loan
The necessary documents for a Bajaj Housing Finance Home Loan include:
- KYC documents: ID and address proof.
- Income proof: Salary slips or financial statements for self-employed individuals.
- Bank statements: Last six months’ statements.
- Business proof: For self-employed.
Please note that this is a general list and may vary depending on your specific loan application.
Eligibility criteria for Bajaj Housing Finance Home Loan
To qualify for a Bajaj Housing Finance Home Loan, you will need to meet the basic home loan eligibility requirements:
- Nationality: Must be an Indian resident.
- Age: Salaried individuals should fall between 23 years and 67 years; for self-employed, between 23 years and 70 years.
- CIBIL Score: Generally, a score of 725 or higher is required.
- Employment: Salaried, professional, or self-employed individuals are eligible.
How to apply for Bajaj Housing Finance Home Loan
Ready to apply? Here is a quick, step-by-step guide to get started:
- Click ‘APPLY’ on the official page.
- Enter your name, contact number, and job type.
- Select the loan type you want.
- Verify your phone number via OTP.
- Fill out additional details, like income and loan amount.
- Enter your birth date, PAN, and other relevant information.
- Click ‘SUBMIT’ to complete the application.
Ready to own your dream home? Start your application with Bajaj Housing Finance and make your homeownership journey easier.
