Top 3 Advantages of Taking Home Loans Through NBFCs 

 Buying your first house would be a huge milestone in your life. This important financial decision should be made after proper thought and deliberation. There are two ways to finance your brand-new home. You can either buy the house with your savings or take out a home loan. While the former does seem like the simpler choice, it is not a smart move to deplete your finances to buy a home.

 Buying a property requires a lot of money, and locking in such a significant amount of funds may land you in a soup later on. If you spend all your money on buying a house, it will become immensely difficult for you to meet any expenses that may arise due to unforeseen situations, including medical emergencies. The best housing loans in India, on the other hand, are available at affordable interest rates and can help you to acquire ownership of your dream home by simply paying an EMI every month. 

 As you decide to take out a home loan, two options shall be available to you, banks and non-banking financial companies [NBFCs]. While banks have been traditionally the most popular lenders of home loans, the situation is gradually changing. Today NBFCs have become an important part of the Indian financial market and enjoy a high degree of popularity among borrowers. In many cases, people who get their home loan applications rejected by banks are able to avail the funding they need through NBFCs due to their comparatively lenient rules and regulations. 

• Relaxation in terms of credit score: Getting a home loan approved by a bank can be extremely difficult if your credit score is below 700. In a country like India, there are many people who do not even have proper credit history. Hence, many of these people are unable to acquire the funds they need through banks. NBFCs, however, do provide certain relaxations when it comes to credit scores.  Capri Global Housing Finance offers home loans even to  people who do not have a credit history. 

• Simple documentation: The documents required by NBFCs to get a loan approved are quite basic and minimal. They do not require extensive documentation like most banks. As a result, the document verification process of NBFCs is also way faster than banks. 

• Swift loan disbursal: As NBFCs do not have stringent rules and regulations like banks, and their documentation is also not lengthy, they manage to maintain a speedy approval process. Home loans are approved and disbursed by NBFCs quite swiftly and smoothly. Hence, taking home loans from them would be a good idea for people who require the loan money urgently. 

Today you can find several reputed and well-established NBFCs across India that offers home loans. These loans can buy a ready-to-move-in house, under-construction property, or even a residential plot. If you already have a plot, then you can use the loan money to construct a house on it as well.