Navi Finserv Home Loans
Home Loan Bank Information
Table of Contents
- Highlights of Navi Finserv Home Loan
- Navi Finserv Home Loan Charges
- Navi Finserv Home Loan Interest Rates
- Eligibility Criteria for Navi Finserv Home Loan
- Navi Finserv Home Loan Types
- How to Apply for Navi Finserv Home Loan
- Navi Finserv Home Loan EMI Calculator
- Document Checklist for Navi Finserv Home Loan
Introduction
A house of one’s own is everyone’s much cherished dream. Amidst rising expenses and expensive loans, Navi Finserv Private Limited has come forward to help finance home loan borrowers with affordable home loans at reasonable interest rates. Navi Finserv has been a recent player in the home loan sector as a non-government company. Formerly known as Chaitanya Rural Intermediation Development Services Private Limited, Navi Finserv was incorporated on February 14, 2012, as a Private Limited Company.
Navi Finserv Home Loans
Navi Finserv has been in the market for almost a decade now, and its service portfolio comprises new and innovative financial products catering to various financial needs of society. The Company follows a focused approach to extend loans that meet the borrowing needs of middle income families. Currently, the Company aims to be a Pan India Financial Services Company capable of delivering the full spectrum of financial services.
The Company currently offers digital personal loans, home loans, and loans against property to various customer segments. Customers can avail of home loans for under-construction, self-constructed, and even ready-to-move-in properties as per their needs and eligibility.
Floating Vs. Fixed Interest Rate
Navi Finserv offers home loans at interest rates in two categories:
- Fixed-Rate of Interest Home loans: In such home loans, the rate of interest remains fixed at the same rate at which the loan was disbursed. This rate remains the same throughout the repayment tenure of the loan.
- Floating Rate of Interest Home Loans: Unlike fixed-rate home loans, the interest rate on these types of home loans is variable. It changes as per the benchmark rate that the lender follows and the market fluctuations. Therefore, the impact of the interest rate movements also passes onto the home loan borrowers.
Here is a systematic comparison of fixed interest rates and floating interest rates for the convenience of buyers:
| Fixed Interest Rates | Floating Interest Rates |
|---|---|
| Interest rates remain constant throughout the loan tenure | Interest rates fluctuate as per the benchmarking movement |
| Comparatively higher | Relatively lower rate |
| Fixed EMIs apply | Variable EMIs applicable |
| Prepayment penalty applies | No prepayment penalty |
Highlights of Navi Finserv Home Loan
Navi Finserv home loans are available for customers up to a high loan amount of Rs. 5 crores. However, the exact loan amount for which a borrower will be eligible will depend on his eligibility and other factors as per the lender’s discretion.
Here is an overview of home loans from Navi Finserv:
Regular Home Loans
| Feature | Details |
|---|---|
| Interest Rate | Start at 6.95% |
| Loan Amount | Maximum Amount: Rs. 5 crores |
| Repayment Tenure | 30 years |
| Loan-to-Value | Up to 90% |
Loan Against Property
| Feature | Details |
|---|---|
| Interest Rate | Start at 6.95% |
| Loan Amount | Maximum Amount: Rs. 5 crores |
| Repayment Tenure | 30 years |
| Loan-to-Value | Up to 95% |
- Navi Finserv Home Loans are available for various purposes and cover the purchase and construction of a residential property.
- Customers can take loans to purchase a flat, house, or bungalow from privately developed approved projects or any other new or existing residential property.
- The loans are available at affordable interest rates starting from 6.95% per annum.
- Navi Finserv provides flexible repayment options for its home loans through easy EMIs.
- The repayment can be spread across a maximum period of 30 years.
- Navi Finserv is known for its digital loan process. In addition, customers can have access to their digital platform through the Navi App from the comfort of their homes and office.
- Customers can avail of an easy and simplified loan application process and can apply online.
- The home loans come with the standard assortment of income tax benefits as per the applicable sections of the Income Tax Act, 1961. In addition, customers can get tax savings on the principal as well as the interest amount paid towards their home loans through various deductions and exemptions.
Navi Finserv Home Loan Charges
The official website of Navi Finserv provides a comprehensive list of applicable fees and charges on its home loans. Here is a detailed list of these charges in the table given below.
All charges are effective February 15, 2021.
| Documentation Charges | |
|---|---|
| Loan Statement | NIL |
| Retrieval Charges for loan /property document copies in custody | NIL |
| IT Rebate/ Exemption Certificate | NIL |
| No Due Certificate | NIL |
| CIBIL Query Charges | NIL |
| CERSAI Charges | NIL |
| Late Fee Charges | |
|---|---|
| Cheque Bounce | Rs. 1,000 |
| EMI Bounce Charges | Rs. 3,000 |
| Penal Interest | 2% per month for the outstanding EMIs |
| Pre Loan Disbursal Charges | |
|---|---|
| Loan Processing Fee | Up to 1% of the loan amount |
| Legal Charges | Rs. 6,000 |
| Administrative Fee | NIL |
| Valuation Charges | NIL |
| Property Swapping | Rs. 15,000 |
| SRO Search Charges | NIL |
| Payment Mode Swap Charges( Foe Post Dated Cheque/ECS/NACH) | NIL |
| Loan Interest Rate Change Charges | |
|---|---|
| Floating to Fixed | 2% of the principal outstanding |
| Fixed to Floating | 2% of the principal outstanding |
| Reduction in Floating Rate | 0.5% of the principal outstanding |
| Other Charges | |
|---|---|
| Original Property Documents Retrieval | Rs. 2,000 per request |
| Certification of the submitted documents to Navi | Rs. 500 per request |
| Visit charges | NIL |
| Suit, Legal, Recovery Charges | On Actuals |
| Recovery charges for over-due payments | Rs. 200 per visit |
| Loan Balance Transfer/Foreclosure/Prepayment Charges | |
|---|---|
| Balance Transfer document handling | Rs. 5,000 |
| Prepayment/ Foreclosure Charges for Fixed Rate Loans | 2% of the principal outstanding |
| Prepayment/ Foreclosure Charges for Floating Rate | NIL |
Navi Finserv Home Loan Interest Rates
- Navi FinServ provides home loan interest rates starting at 6.95%.
- These rates are available for both regular home loans and loans against properties.
| Loan Type | Interest Rate |
|---|---|
| Standard Home Loans | 6.95% onwards |
| Loan against Property | 6.95% onwards |
Eligibility Criteria for Navi Finserv Home Loan
Navi Finserv offers home loans for customers in various categories and income groups. The exact details are available with the lender. Interest customers need to check with the lender and can call the Navi Customer Care number at +91 80108 33333.
Navi Finserv Home Loan Types
Navi Finserv home loans are available in two categories:
Regular Home Loans
Customers can take regular home loans to purchase a new or existing house, flat, bungalow, or any other type of residential property. These loans are available for under-construction, self-constructed, and even ready-to-move-in properties as per customer eligibility and requirements.
- Interest rates start at 6.95%.
- LTV of up to 90% of the property value is available.
- The maximum repayment tenure is 30 years.
Loan Against Property
A loan against property is a type of a secured loan. Here the borrowers can take a personal loan by keeping their existing and constructed property as security or collateral with the lender. The property continues to be mortgaged with the lender till the borrower pays off the loan. The customers can utilize the loan funds for personal needs like marriage, education funding for children, or other non-speculative purposes.
- Interest rates start at 6.95%.
- LTV of up to 95% of the property value is available.
- The maximum repayment tenure is 30 years.
How to Apply for Navi Finserv Home Loan
Navi Finserv has a digital loan platform through the Navi loan app. Customers can download the app from Google Play Store or App Store on their smartphones. They can follow the instructions as available on the app to guide them through the loan application procedure.
Conversely, interested customers can call the Navi Customer care number at +91 80108 33333. A loan officer will guide them through the loan application process.
Navi Finserv Home Loan EMI Calculator
- Home loan borrowers can calculate their EMIs online with the help of the digital tool in the form of the Navi Finserv home loan EMI Calculator.
- This handy tool is available on the Navi App that customers need to download on their smartphones.
- Navi home loan EMI calculator helps calculate EMIs accurately without any complex formulas or calculations.
- It gives a clear picture of the loan repayment schedule.
- Home loans EMIs or equated monthly installments can be determined based on the total loan amount borrowed, the rate of interest, and the loan tenure.
- The customers can access this free tool on the Navi App and enter input details like the amount, tenure, and interest rate of their home loan.
- The Navi Finserv Home Loan EMI Calculator will calculate their EMIs based on a mathematical formula and display the results in a graphical form that is easy to comprehend by the customers.
- Customers can also use this tool to compare and calculate various sets of EMIs based on different input data.
Document Checklist for Navi Finserv Home Loan
Interested candidates for Navi FinServ home loans need to check the exact loan details as well as the application guidelines for the loan with the lender. They can either call the customer care number or download the Navi App and follow the instructions on how to apply and which documents to submit for the loan application.
A general checklist for documents required for a home loan application is given below:
Documents for Salaried Individuals
KYC Documents
Identity Proof, Residence address proof, Age Proof
Income Proof
Previous three months’ salary slips, previous six months Bank statement containing salary credits, last 2 years’ ITRs, and Form 16
Property Documents
- In case of New Home/Property: Allotment Letter or Buyer Agreement, wherever applicable, along with builder/developer payment receipts
- In case of Construction Property: Plot Title Deed, Approved Plan from the Local Authorities, along with a Construction Estimate from an architect or an engineer.
- In case of Resale property: Property title deed with any past chains, if applicable, payment receipts and sales agreement.
Besides these, a cheque for the loan processing fee and a duly filled in application form with passport-sized photographs of all applicants and co-applicants.
Documents for Self-employed Individuals
KYC Documents
Identity Proof, Residence address proof, Age Proof
Income Proof
Last 3 years’ ITRs for Individual & Business (attested by a CA), last 3 years’ P&L Account Statement & Balance sheet (All Annexures and schedules attested by a CA), and Individual & Business Bank account statement for last 6 months, at least
Property Documents
- In case of a New Home: Home Allotment Letter/ Buyer Agreement, Payment Receipts from the Developer.
- In case of a Resale Home: Property Title Deeds, including past chain, Sales Agreement, along with receipt of initial payment
- In case of Construction Property: Plot Title Deed, Approved Plan from the Local Authorities, NEC (No Encumbrance Certificate), a Construction Estimate by an engineer or an architect.
Besides these, a filled-in loan application form and self-attested photographs of all loan applicants. Other documents may be required for non-individuals or partnership firms. Applicants can check the exact set of documents from the Navi loan officers.