Home Loans: Often, NBFCs take less time in processing loan applications than banks. NBFCs ask customers for fewer documents than banks.
Home Loan: Despite the impact on the economy due to corona infection, there is a trend of buying in real estate. There are two reasons for this – one, the prices are low, while the interest rate on the loan is also the lowest in the last several years.
To take a home loan, customers also have the option of non-banking financial companies that offer loans at much lower interest rates than banks.
Among the major NBFCs, HDFC Home Loan and Bajaj Housing Finance Finance are offering loans at 6.75 per cent interest rate, which is the cheapest compared to the rest.
For loans up to Rs 30 lakh, HDFC is offering home loans to women home buyers at 6.75 per cent, while it is 6.8 per cent for other customers.
Tata Capital is offering home loan at 6.9 per cent. This offer is available till 30 June 2021.
LIC Housing Finance, which is a subsidiary of Life Insurance Corporation of India, is also offering home loans at the rate of 6.9 per cent.
Apart from this, companies like Sundaram Home Finance also offer loans for buying plots to build a house.
Take loan from bank or NBFCs?
Like banks, NBFCs are also a type of financial institution. These companies also give other retail loans like banks. However, there is also some difference between these two.
NBFCs cannot accept demand deposits or issue cheques. NBFC companies are not a part of the payment and settlement system, which is the main job of banks.
Also, deposits in NBFCs do not get the facility of deposit insurance, which is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Often, NBFCs take less time to process loan applications than banks. However, banks have also accelerated this process in the last few years due to competition.
Often NBFCs ask customers for fewer documents than banks.
home loan demand
According to official figures, 47.5 per cent of home loans are for less than Rs 25 lakh while 24.6 per cent are for loans between Rs 50 and Rs 75 lakh.
There are only 14.6 percent people taking loans of Rs 75 lakh to 1.1 crore.
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