Navi allows transfer of home loans at 5% lesser rate

Hyderabad: Navi Finserv, an RBI-registered non-banking financial company (NBFC), has launched a new home loan scheme that enables customers to easily transfer their outstanding home loan balance to Navi and enjoy a high-value top-up loan via a user-friendly app. The customers can now get up to a 5 per cent reduction in interest rate compared to the rate on their existing home loans from other banks or NBFCs.

The borrowers can significantly save on their monthly installments by transferring their outstanding home loan balance to Navi.

Riya Bhattacharya, CEO of Navi Finserv, said: "If a customer has an outstanding home loan balance of Rs 50 lakh at an interest rate of 12 per cent from an existing lender, the customer avails the balance transfer with Navi and is offered a lower interest rate of 7 per cent, it leads to a saving of 32 per cent in the monthly EMI."

The Bengaluru-headquartered NBFC offers loans from Rs 10 lakh to Rs 1.5 crore with tenure of up to 25 years and an interest rate starting at 6.95 per cent. Customers can get instant approval in five minutes on validation of the loan application through a completely digital process.