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How to Pick the Best NBFC for your Home Loan

Posted January 25, 2018 by Anamika Verma to Finance 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

Choosing the right lender for a Home Loan is a crucial decision. Unlike other loans, Home Loans have longer tenures. So, it is important to pick one with a low interest rate. Look at the various interest rates offered by different non-banking financial companies (NBFCs).

You must compare them before you finalize a Home Loan. But, low housing loan interest rate is the not the only criterion. There are other factors that help to choose the best lender for Home Loan you need to assess as well. Read on to find out what they are:

  • Good service

The lender needs to be transparent. The lender’s representative should explain the terms and conditions of the loan clearly. A good lender is willing to follow up on any questions you may have about your Home Loan. They must be willing to walk you through all the benefits and risks of the Home Loan.

Also, very often, the service provided by the lender stops after you zero in on them. Consider that as a red flag. Good service doesn’t stop there. You expect the lender’s representative to communicate with you from the beginning to the end.

  • Flexibility

Your lender must be flexible. A good lender should be willing to accommodate your needs and do so without breaching any terms. They may lower your interest rate based on your credit score or be willing to negotiate the terms within reasonable limits.

  • Reputation

A good NBFC always has a good reputation. Ask around and find out if the lender is reliable. Check out the reviews of the various NBFCs online. A trustworthy lender always has positive feedback from most customers.

Which lender ticks all these boxes?

There are several lenders in India. But, Bajaj Finserv is one of the foremost NBFCs in the country. That’s because Bajaj Finserv offers Home Loans at an interest rate of 8.35%, one of the lowest in the country. With a Home Loan interest rate as low as that, you can repay your loan with ease.

There are other reasons too, that suggest Bajaj Finserv is the right lender for you:

  1. You save time: It takes lesser time to approve and disburse your Home Loan. Unlike most lenders, they take about 24 to 48 hours to process your Home Loan.
  2. You can top-up your loan: They allow you to borrow over and above your loan amount. The borrowing limit in this case is Rs.50 lakh. Plus, you can avail the top-up amount at a low interest rate.
  3. You get breathing space: They give a three-month EMI holiday. This feature can help you plan your repayment better.
  4. You can refinance your loan: Getting a new mortgage by paying off the old loan is called refinancing. Bajaj Finserv offers you this facility. This means you can always shift to a new mortgage offering lower interest rate.
  5. Balance transfer: You can opt for a loan balance transfer with Bajaj Finserv if you already have a Home Loan and are not satisfied with it.

In conclusion

Picking the lowest rate of low housing loan interest helps a lot. But you must also take into account other benefits before making the final choice. This is why Bajaj Finserv can be best suited for you. They provide you more than just a Home Loan.

About Anamika Verma: Anamika Verma writes various types of tutorial related to finance and has a vast experience as a financial advisor. Her expertise on financial issues is well sought after and she is known for her in-depth knowledge topics such as loan, fund. house finance. She has written more than 1000 blogs on topics related to house, home, home improvement and many more. A post-graduate in finance management , Anamika loves to travel or cook in her free time.

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