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Review of Navi Digital Home Loan

Review of Navi Digital Home Loan

  • By Saral Credit
  • November 22, 2021

Diving into the past scenario where the whole world suffered from the pandemic and many people have the financial crisis. So, now people who suffer from such conditions prefer to go with home loans as this is the best way to have your dream house without any burden. When it comes to home loan services, then there is a huge competition where one can find many home loan options for which they can go. Although many of the banks and institutions have special home loan departments to serve people, Navi has now introduced the digital home loan service in the home loan services revolution. When everything has gone digital, this is the revolution in the home loan services where people don’t have to bother about extra charges like service and building costs. Talking about the physical services that we had been taking till now charge some extra fee, but now, one can avail the home loans without any extra fee or charges. 

About Navi Finserv: This amazing financial service aims to be a Pan India financial company. It provides a full spectrum of financial services by developing various types of financial products. This is the digital financial service provider so; the question that arises first is all about trust. Navi fin serves privately limited (NAVI) was incorporated in 2012 on 14 February.

It is a focused and systematic approach that strives to meet the borrowing need of middle-income families. During the last two years, what most people have experienced is the financial crisis. So, now it’s time to focus on something that gives you financial services that can heal what people suffered in the past. The focus of the Navi financial services is to help in the empowerment and capacity building of middle-income families. This is what we can call a service that shapes the future of finance.

Products Provided by Navi: 

Loan against Property: A person can have a loan up to 5cr where the interest rate starts at 6.4%. The tenure will be up to 15 years. This loan is on the constructed properties, and you can have on-the-spot approval for this loan. 

Digital Personal Loan: Personal loan where the tenure will range up to 84 months (7 years). The interest rate will be 12-36%, but the interest rate depends on the reducing balance method per annum. One can easily apply for this loan with the help of a digital application available on the Navi app. 

Housing loan: Here, one can have the loan and can easily move into under-construction and self-construction properties. The interest rate will be 6.4%, and the person can avail the amount upto5 Cr with a tenure of up to 30 years. On-the-spot approval can be done, and LTV up to 90% is also there. 

Transfer of Home Loan at a 5% Lesser Rate:

(NBFC), a non-banking financial company, has launched a new home loan scheme that enables people to quickly transfer their outstanding home loan balance to Navi. Just with the help of a user-friendly app, they can also avail themselves of the high-value top-up via a user-friendly app. The best advantage of transferring the home loan to Navi is the customer can now get up to a 5 percent reduction in the interest rate.

By this, customers can save their monthly installments by transferring their outstanding home loan balance. For example, if the customer has the existing home loan balance of Rs 50 Lakh at an interest rate of 12percent from an existing lender, he can transfer the home loan to Navi. After transferring the loan, he can avail of the reduction in the interest rate that will be 7 %. This leads to a saving of 32 percent in their monthly income. 

Interest Rate Categories Offered By Navi: 

Navi provides home loans at interest rates in two categories:

  • Fixed-Rate of Interest Home Loans: In this rate, interest remains fixed at the same rate at which the loan was disbursed. Throughout the repayment tenure of the loan, this rate remains the same. Fixed EMI is applied with a prepayment penalty. These are comparatively higher in rate.
  • Floating Rate of Interest: Here, the interest rate on these types of home loans is variable. According to the benchmark the rate of interest changes with the rate that the lender follows and the market fluctuations,. The impact of the interest rate movements also passes onto the home loan borrowers. These are relatively lower in rate. Variable EMIs are applicable with no prepayment penalty.

Highlights on Navi Home Loans:

  • Navi home loan is available for various purposes and covers the purchase and construction of a residential property. 
  • The interest rate is affordable, which starts from 6.95%per annum.
  • The repayment can be spread across a maximum period of 30 years. 
  • Customers can take this loan to purchase a flat, bungalow, or house from privately developed approved projects. They can also go for any other new or existing residential property. 
  • Navi provides flexible repayment options for its home loan that can be availed through easy EMIs. 
  • This is a digital loan process where customers can access their digital platform through the Navi app to avail the home loan from the comfort of their home or office. 
  • The easy and simplified loan application process and customers can apply online. 
  • As per the applicable sections of the income tax act, 1961, the home loan comes with the standard assortment of income tax benefits. Here customers have tax savings on the principal and the interest amount paid towards their home loans through the various deductions and exemptions. 

How to Apply For the Navi Digital Home Loan: 

Navi home loan is a digital loan platform, so this makes it a more simplified source of getting the home loan. Customers can download the app from the Google play store or app store on their smartphone. Applying for a loan is very simple as the instructions are available on the app to guide them through the loan application procedure. With the number provided in the app, customers can contact a loan officer to guide them. 

Eligibility Criteria for Navi Digital Home Loan:

Although there are no such eligibility criteria for the Navi Finserv home, the exact details are available with the lender so, interested customers can call the lenders for all the details; there are numbers provided for the services of the customers. 

Documents Checklist for Navi Home Loan:

With the loan with the lender, interested customers should need to check the exact loan details as well the application guidelines. To follow the instructions, customers can call the customer care number or download the app and know how to apply and what the required documents are. Here are some of the documents that are needed:

  • Document for the Salaried Individual: KYC documents, residence address proof, age proof, identity proof, and income proof. For the income proof, customers can provide the previous three month’s salary slips, the last six months' bank statement containing salary credits, form 16, and the last two years' ITRs. 
  • Property Documents: Payment receipts are needed in case of the new home or the property allotments letter or buyer agreement with builder /developer.
  • When you are reselling your home, property title deeds, including past chain, sales agreement, and receipt of the initial payment, are needed.
  • Plot title deed, approved plan from the local authorities, NEC (No encumbrance certificate), a construction estimate by an engineer or an architect is needed in construction property.

Also Read- All about Home Saver Loans: Should You Take One? 

Besides these documents, a filled-in loan application form and self-attested photographs of all loan applicants are required. By contacting the Navi loan officers, applicants can check the exact set of documents. Flipkart co-founder Sachin Bansal launched the Navi app for instant personal loans. When there is an ad in any of the sectors, there are some pros and cons. Navi also has pros and cons. 

  • Pros: Interest rates are reasonable, understandable, easy process, and less time consuming
  • Cons: The number of products is less

Working On the Navi Instant Personal Loan App:

  • Install the App: Download the app from the play store register: Using the mobile number register.
  • Complete Your Profile: Some of the details are asked, and you have to fill in your basic information and make your profile complete for loan eligibility.
  • Select Loan and EMI Amount: After completing the profile, choose the loan and EMI amount of your choice
  • Complete KYC: Using Aadhar card and PAN card, complete your KYC.
  • Bank Details: Fill in your required bank details.
  • Instant Money: For the money transfer, enter the bank details and get instant cash in your account.

Today every service has migrated to digital platform offering a seamless and heck-proof experience. Getting a home loan is also completely digitalized with this revolutionary option. Navi is the new start of the digital home loan revolution. Easy to handle and simplified app for your dream project. There are many of the operational cities of the Navi app. So, it’s now easy to have home loans by enjoying the comfort of home or office.