NEW DELHI: Navi Finserv (Navi) has launched quick and affordable retail home loans via its lending app--Navi Lending--in Mumbai, Delhi, Noida and Gurugram. 

Navi will provide home loans of up to ₹5 crore for tenures of up to 25 years and interest rate starting at 6.46% per annum, which is among the lowest in the industry. Eligible customers can avail loans for as much as 90% of the property value. Customers who apply on the app can avail an additional cashback incentive of 0.5% of the loan amount that is disbursed by 31 January 2022.

Customers can download the app from Google Play Store and Apple Store, select the ‘Home Loan’ button, complete the paperless journey to check their eligibility, and immediately receive the home loan offers as per the eligibility criteria. 

The loan sanction process is entirely digital and paperless, offering customers a simple, transparent and speedy option for home loans. Loans offered by Navi can be availed to purchase ready-to-move-in homes, under-construction properties, for self construction, as well as loans against property. Customers can also transfer the balance from other lenders and avail top-up on the same with Navi, according to a press release.

“We believe in a customer-first approach and leveraging technology to give customers a completely new experience while taking home loans…Launched in February 2021, our home loan category has already sanctioned loans of approximately ₹250 crore within its first year of operations and on receiving this great response, we are thrilled to now bring home loans to new geographies at low-interest rates. We are committed to continuously making loans and other services more simple, affordable and accessible for customers," a company spokesperson said.