Kolhapur is one of the major towns in the Indian state of Maharashtra and purchasing a home there should be a good thing as the quality of life is richer there.
If you have plans to avail a Home Loan in Kolhapur to fund your dream house, you will find many banks and non-banking finance companies (NBFCs) offering a loan.
However, if you are confused when it comes to selecting one of them, let’s provide you some reasons that will convince that availing a Home Loan from NBFC is good!
Top reasons you should choose an NBFC for a Housing Loan
Non-banking finance companies (NBFCs) not only offer a higher House Loan amount at lower interest rates but even comes with many more benefits.
- Competitive Home Loan Interest Rates
Home Loan interest rate is one of the major aspects of a Home Loan, and anyone who is offering a lower rate of interest may be considered. It’s because a Home Loan repayment is a long-term commitment which will affect your monthly income for long. As a result, opting for even a fraction of discount in the rate can help you save money which you can divert towards other goals in life. NBFCs offer an attractive Home Loan interest rates of 8.35% with longer tenors to combat your needs super-easy. Having a longer tenor means paying lower EMIs and it also means easily servicing the loan.
- Less Rules and Regulations
Compared to banks, NBFCs follow relaxed set of rules and regulations while processing a loan request and awarding it. Hence, you get to avail a housing loan without much hassles. What’s more, they also let you apply online with quick approval and money disbursal, saving your time and energy.
- Loans available for People with Poor CIBIL Score
Banks will provide a House Loan in Kolhapur to only eligible candidates with a Credit Score reading at least 700 or more. As a result, your application may be rejected if your CIBIL Score is not healthy and in case if you have applied with a bank. On the other hand, NBFCs are lenient while processing a Home Loan request. They may sanction a loan but you may have to cough up higher rates. But, the overall purpose of availing the loan to buy a home will be served.
- Zero Prepayment and Foreclosure Charges
If during anytime within the tenor of your housing loan if you wish to prepay it to reduce the principal, interest rate and EMI or foreclose it before the tenor, you can do all. Yes, non-banking finance companies do not levy any fee for prepayment and foreclosure of a Home Loan account before the scheduled tenor.
- Online Account Management
Leading non-banking finance companies also let their Home Loan customers access their entire Home Loan information on the go via their digital customer portals. When you have the access to all your Home Loan information such as EMIs, interest-rate and more, you can easily control and manage it. In other words, it also helps you track and streamline the housing loan account from anywhere and 24/7.
The Bottom Line
You just went through some of the reasons that make NBFCs hot favorites when it comes to availing a Home Loan in Kolhapur or anywhere else over banks. Home Loans are available online, and you can apply for it as per your convenience quick!