Navi Home Loan
Founded in the year 2012, Navi Finserv Limited emerged as Navi Housing Finance in the year 2016. This NBFC mainly offers digital gold loans, mutual funds, home loans, and microloans. Navi offers digital lending products such as personal and housing loans with a focused and systematic approach. The Navi home loan interest rate starts at 8.55% per annum. Potential homeowners choose Navi Housing Loan over other banks and NBFCs because it offers home loans with zero processing fees and minimum documentation. Navi offers attractive and affordable home loans through the Navi App. The three main offerings of Navi are Ready-to-move-in home loans, self-construction home loans, and under-construction home loans. Besides, the NBFC also offers flexible balance transfer home loans for existing home loan borrowers.
Navi Home Loan EMI Calculator
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Break up of Total Payment
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Navi Home Loan Key Highlights
Get the lowest interest rates with Navi Housing Finance
| Loan Amount | Up to Rs. 5 crores |
|---|---|
| Rate of Interest | Starts at 8.55% per annum |
| RPLR | |
| Processing Fee |
Nil |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Floater/ Fixed |
| Charges for Prepayment/Foreclosure | Floater: Nil | Fixed: 2% of the amount pre-paid during the period of applicability of the Fixed Rate of interest |
Navi Home Loan Interest Rates in 2024
Navi Finserv Housing Finance has gained popularity over the years for its affordable rate of interest and zero processing fee. At present, Navi home loan rate of interest starts at 8.55% per annum. The table below shows the current Navi home loan interest rate 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Floater Plan (For Salaried) | Starting at 8.55% per annum |
| Fixed Plan (For Salaried) | Starting at 8.55% per annum |
| Floater Plan (For Self Employed) | Starting at 8.55% per annum |
| Fixed Plan (For Self Employed) | Starting at 8.55% per annum |
Interest rates were last updated on 21st September 2023
Navi Home Loan Eligibility Criteria
Getting a Navi home loan is not difficult because of its relatively easy eligibility criteria. The Navi home loan eligibility is mainly based on the applicant's age, nationality, and employment status. The table below highlights all the main eligibility criteria for Navi home loans:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 22 - 62 Years | 22 - 62 Years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 40,000 per month | Rs. 5-6 lakhs per annum |
Navi Housing Loan Processing Fee and Charges
Aspiring homeowners look for Navi home loans not only for a low-interest rate but also because of zero processing fees. While almost all banks and NBFCs charge some percentage of the loan amount as the processing fee, the Navi home loan processing fee is currently zero on all home loan schemes. The table below shows the processing fee and other charges levied by Navi on home loans:
| Processing Fee | Nil |
|---|---|
| Login Fees | Nil |
| Swapping Charges | Rs. 500 per instance |
| Cheque Bounce | Rs. 500 per instance |
| EMI Bounce Charges | Rs. 3,000 |
| Loan Cancellation Charges | Rs. 15,000 |
| Swapping (Fixed to Floater) | Up to 0.25% of the outstanding principal and the yet to be disbursed amount at the time of the conversion/ cap of Rs. 25,000 + taxes, whichever is lower |
| Penal Interest or Late Fee Charges | 2.00% per month on overdue amount |
| Legal and Valuation Charges | Nil |
| Administrative Charges | Nil |
| Foreclosure/ Prepayment Charges |
|
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Navi Home Finance Schemes and Top Plans
Navi Finserv Housing Finance offers three main housing loan schemes to those residing in India. At the moment, Navi home loans are available in only select cities like Delhi, Mysore, Chennai, Hyderabad, and Bengaluru. It is expected to offer home loans in Mumbai very soon. Listed below are the Navi Home Loans offered to eligible applicants:
1. Navi Home Loans for Ready-to-Move-In Homes
- Ideal housing loan scheme for those looking to buy a ready-to-move-in home
- Hassle-free loan processing with minimum documentation
- Lower interest rates
2. Navi Home Loans for Self-Construction Homes
- Best housing loan scheme for those who want to self-construct a home on an existing plot
- Maximum loan repayment tenure of up to 30 years
- Low interest rates
3. Navi Home Loans for Under-Construction Properties
- Best housing loan schemes for those who want to invest in an under-construction residential property
- Easy home loans with minimum documentation
- Maximum loan repayment tenure of up to 30 years
Note: All of the above home loan plans are made available to applicants solely at the discretion of Navi Home Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Navi Home Loan
The best thing about choosing Navi Housing Finance is that it offers home loans with minimum documentation. The Navi home loan documents required list is shared below for your reference:
Documents Required for Salaried Applicants
- Salary slips for the last 6 months
- Latest Form 16/ Latest Income Tax Returns
- Bank Statements/ GST Returns for the last 6 months
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Navi Home Loans
Documents Required for Self-Employed Applicants
- Business Address Proof
- Profit and Loss Account Statements attested by a CA
- Balance sheet for the past 3 years
- Latest ITR
- Bank statements where business income is credited for the last 6 months
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Navi Home Loans
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find Navi Home Loan Offices Near You
If you are planning to visit one of the offices of Navi Home Loans near you to understand the Navi Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form, and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Yes, Navi is a good and reliable NBFC offering attractive home loans up to 90% of the property cost to eligible borrowers. The maximum repayment tenure for Navi home loans is up to 30 years, and offers flexible repayment modes.
The current interest rate for a Navi home loan starts at 8.55% per annum. However, we suggest you verify the same by visiting Navi's official website or app.
The maximum loan amount offered by Navi Housing Finance is up to Rs. 5 crores to eligible applicants.
Yes, Navi home loans are approved and regulated by the RBI. It is a digital lending platform that offers easy home loans to eligible applicants with minimum documentation and eligibility criteria. It adheres to all the regulations and guidelines set by the central bank.
An applicant can easily get a Navi Cash Home Loan without income proof. These are instant loans up to Rs. 20 lakhs offered by Navi Housing Finance.
The minimum salary for a Navi home loan is Rs. 40,000 per month.
An existing Navi home loan borrower can easily apply for top-ups to meet personal and professional expenses.
Yes, an existing home loan borrower can foreclose the Navi loan before the tenure ends. There is no foreclosure fee for floater plans, but for fixed plans, there is a foreclosure fee of 2% of the outstanding amount.