Navi Home Loan Interest Rate
With instant loan approvals and 100% paperless loan application procedures, Navi Home Loan is one of the best home loan options. Navi Home Loan interest rate starts at 8.55% per annum. Customers are offered flexible EMI payment options as well. The maximum loan amount goes up to Rs. 5 crores and the maximum loan repayment tenure extends up to 30 years.
Navi Home Loan EMI Calculator
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Navi Home Loan Key Highlights
| Amount of Loan | Up to Rs. 5 crores |
|---|---|
| Rate of Interest | 8.55% p.a. onwards |
| Processing Fees |
Nil |
| Max Tenure for Loan Repayment | 30 years |
Navi Home Loan Interest Rates in 2024
As mentioned earlier, Navi Home Loan interest rate 2024 starts at 8.55% per annum. The company offers home loans to different categories of applicants at the following rates of interest as tabulated below:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 8.45% per annum onwards |
| Self Employed Applicants | 8.60% per annum onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.55% per annum onwards |
Navi Home Loan Interest Rates for Women
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Women applicants | 8.39% onwards |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Customers | 7.39% onwards |
Interest rates were last updated on 25th January 2024
Navi Home Loan Interest Rates for All Schemes in India
Navi Home Loan offers different loan schemes for different requirements. Some loans are available to construct a house from scratch while some are needed to finance improvements or upgrades to an existing property. The table below shares the interest rates on different types of home loans availed by Navi customers:
| Navi Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Navi Home Construction Loan | 8.39% p.a. onwards |
| Navi Home Under-Construction Property Loan | 8.74% p.a. onwards |
| Navi Top-Up Home Loan | 7.39% p.a. onwards |
| Navi Home Loan Balance Transfer | 8.39% p.a. onwards |
Navi Home Loan Interest Rates for Balance Transfer, Top Up, and Overdraft
Navi Home Loan has multiple home loan schemes to help you finance your dream house. It also ensures you are not loaded with the excessive financial burden of repaying the loan amount all your life. This is why the NBFC offers the following options to its customers.
Navi Home Loan Balance Transfer
If you feel that the interest rate on the home loan availed with your existing bank is difficult to afford, Navi Home Loan allows you to transfer the remaining (outstanding or balance) amount to Navi at relatively affordable interest rates. Navi Home Loan balance transfer interest rate starts from 8.39% per annum.
Navi Home Loan Top-Up
To help you cover any unplanned or unexpected expenses, Navi Home Loan offers a top-up loan feature. As the name suggests, you can easily top-up your provided home loan amount with an additional amount at an interest rate from 7.39% p.a. onwards.
Navi Home Loan Overdraft Option
Sometimes, you need quick access to a loan amount without having to waste time applying for one. Navi Home Loan overdraft facility allows you to tap into your own excess funds or overdraft feature whenever you need quick and urgent access to funds during some emergencies. Navi home loan overdraft interest rate is defined as 9.9% per annum.
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Compare Navi Home Loan Interest Rate with Top Banks
The table below does a comparative analysis of the home loan interest rates and processing fee charges for the top banks/NBFCs in India with those of Navi Home Loan. This would help you make an informed choice when choosing a home loan lender:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Navi Home Loan | 8.55% p.a. onwards | Nil |
| ICICI Bank | 8.75% p.a. onwards | 0.50%-2.00% of the loan amount or Rs. 3,000 (whichever is higher) |
| Axis Bank | 10.50% p.a. onwards | Up to 1% of loan amount subject to a minimum Rs. 10,000 |
| IDFC Bank | 8.75% p.a. onwards | Up to 3% of the loan amount |
| Yes Bank | 9.40% p.a. onwards | 1.5% of the loan amount or Rs. 10,000 (whichever is higher) |
| Union Bank of India | 8.35% p.a. onwards | 0.5% of sanctioned loan amount + GST |
Navi Home Loan Balance Transfer Interest Rates
As stated in the earlier section, Navi Home Loan allows for the transfer of the remaining amount (unpaid home loan) from your existing bank to Navi. This is usually done to allow customers to avail of relatively lower interest rates and also enjoy other features offered by Navi.
Navi Home Loan balance transfer interest rate starts at 8.39% per annum for both salaried and self-employed loan applicants. Given below is the procedure to apply for a home loan balance transfer with Navi Home Loan:
- Visit BASIC Home Loan and click on Repay Right
- In the given form, enter details such as existing loan repayment tenure, outstanding loan amount, existing EMI payable, existing annual rate of interest, and new annual interest rate.
- After filling out the required details, click on ‘Next’.
- The total savings made with the Navi Home Loan Balance Transfer option will be displayed on your screen.
- Alternatively, you may connect with one of our BASIC Home Loan team representatives to help you avail of Navi Home Loan Balance Transfer.
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How to Calculate Navi Home Loan Interest Rates?
Before applying for a home loan amount with Navi Home Loan, it might be better to calculate the interest rate and accordingly compute the exact amount of EMI that you would need to pay on your home loan amount. For this, you would need to use a simple online tool called the home loan EMI calculator. This can easily be found at EMI. For your reference, the table below offers details on the rate of interest on home loans with Navi as well as the EMI payable on home loans for 10, 20, and 30 years.
Navi Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.55% p.a. onwards | Rs. 12,425 | Rs. 8,710 | Rs. 7,725 |
| Rs. 20 lakh | 8.55% p.a. onwards | Rs. 24,851 | Rs. 17,420 | Rs. 15,449 |
| Rs. 30 lakh | 8.55% p.a. onwards | Rs. 37,276 | Rs. 26,130 | Rs. 23,174 |
| Rs. 40 lakh | 8.55% p.a. onwards | Rs. 49,701 | Rs. 34,840 | Rs. 30,898 |
| Rs. 50 lakh | 8.55% p.a. onwards | Rs. 62,127 | Rs. 43,550 | Rs. 38,623 |
| Rs. 60 lakh | 8.55% p.a. onwards | Rs. 74,552 | Rs. 52,259 | Rs. 46,348 |
| Rs. 70 lakh | 8.55% p.a. onwards | Rs. 86,977 | Rs. 60,969 | Rs. 54,072 |
| Rs. 80 lakh | 8.55% p.a. onwards | Rs. 99,403 | Rs. 69,679 | Rs. 61,797 |
| Rs. 90 lakh | 8.55% p.a. onwards | Rs. 1,11,828 | Rs. 78,389 | Rs. 69,521 |
| Rs. 1 crore | 8.55% p.a. onwards | Rs. 1,24,253 | Rs. 87,099 | Rs. 77,246 |
The table gives an approximate idea of the monthly EMI at the 8.55% p.a. interest rate Navi Home Loan offers. The EMI is subject to variation depending on various factors such as loan tenure, interest rate, and repayment capacity of the borrower.
FAQ's
Navi Home Loan interest rate starts at 8.55% per annum.
The minimum salary requirement from the applicant for Navi to approve a home loan is Rs. 25,000 per month.
A CIBIL credit score ranging between 650 and 750 is considered sufficient for availing of a home loan from Navi.
Yes, most banks and NBFCs in India, including Navi, allow customers to transfer the balance home loan amount to another bank/lender to avail of lower interest rates or better customer service.
Generally speaking, floating interest rates on home loans are relatively lower and, therefore, considered better than fixed interest rates.
Navi Home Loan operates in 5 cities - Bengaluru, Chennai, Hyderabad, Mumbai, and Pune.