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Navi Finserv Home Loans

Home Loan Bank Information

Bank Name
Interest
Tenure
Processing Fees
AMBAK
8.25%
0 - 30
YEARS
0 %
+ GST
BASIC Home Loan
8.35%
0 - 28
YEARS
Rs 999
+ GST
PNB Housing Finance Limited
8.5%
1 - 30
YEARS
Rs 999
+ GST
Canara Bank
8.4%
1 - 30
YEARS
0.5 %
+ GST

Table of Contents

 

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:

  1. 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.
  2. 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.

 

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