(Representative image: Shutterstock)
Note to readers: An earlier version of this story had mentioned that the borrowers were not allowed to uninstall the Navi app from a mobile device until you repay the loan. Any accidental violation of this term will be tantamount to fraud, and the lender may initiate legal proceedings against you, as per its terms and conditions stated on its website. Navi later clarified that the customers can temporarily uninstall the app from a mobile device, due to, say a change of mobile device, by simply emailing to Navi. This information is updated in the copy. Erroneously, missed the point that un-installation of the app is allowed by sending a mail. The error is regretted.
Navi Finserv (Navi), an RBI-registered non-banking financial company (NBFC), is offering instant approval of home loans through the NAVI app for eligible borrowers. The home loan application is a digital process and the company claims that its approval time is faster than that of traditional brick-and-mortar banks. The interest rates are competitive starting from 6.46 percent per annum. Should you apply for a home loan from a new-age fintech company instead of traditional banks or housing finance companies? Let’s evaluate the offering.
Navi is sanctioning home loans in the range of Rs 20 lakh to Rs 5 crore and for tenures of up to 25 years. The company sanctions home loan projects across many cities: Bengaluru, Mysore, Hubli, Davangere, Gulbarga, Chennai, Delhi, Gurugram and Hyderabad. Soon it plans to lend for projects in Mumbai and Pune.
The home loan interest rates starts from 6.46 percent per annum. This interest rate is offered to eligible customers who have stable cash flow, a combination of good credit score and loan repayment track record. The customers can complete almost the entire application process over the NAVI app without needing to visit the branch. The company does not charge any processing fees nor levy any additional administrative fee, Central Registry filing charges (Securitisation Asset Reconstruction and Security Interest or CERSAI), search report charges, and so on.
Navi Technologies is a new-age fintech company, started by former Flipkart co-founder Sachin Bansal and his college friend Ankit Agarwal, in 2018.
In order to apply for a home loan using the Navi app, you must create an account through the app. For this, you need to provide your name as mentioned in your PAN card, personal details (date of birth, email id, mobile number, marital status, etc.), employment details, monthly income, upload your PAN card copy, etc. While availing a home loan, details of property and title documents will be required. With the supporting documents, you also have to provide a permit to gain access to your financial SMSes, contacts, location data, installed applications (on your mobile phone), storage and such other device data to evaluate your profile.
If you revoke any of the permissions on the app, you cannot complete the home loan application process using the app. You and your co-applicant also need to provide access to credit reports. Once your Navi account is active based on the information provided, your home loan eligibility is informed. You can then ount you wish to apply from the eligibility and your ability to pay monthly instalments.
The lender paydayloansohio.net/cities/yorkville/ requires you to issue auto-debit instructions from your bank account to repay the loan amount, prior to disbursal. It cannot be changed or canceled during the term of the loan. The Navi app will display the details of the EMI, including the due date and amount payable, as well as whether or not your payment was received, regularly.