The RBI has made it mandatory for all NBFCs (Non Banking Financial Companies) to have a grievance redressal officer, whose name and contact details have to be mandatorily displayed in the premises of the NBFCs. Aggrieved borrowers who have home loan complaints can approach
NBFC Home Loan Interest Rates
Below are the Lending Rates and Interest Rates of NBFC (Non Banking Financial Companies)
MCLR
RBI governs the lending rates in India for financial transactions by financial institutions. Earlier, RBI used to decide the base rate and all FIs would follow that rate
Features and Home Loan eligibility from an NBFC
Home Loan Eligibility
NBFCs (Non Banking Financial Companies) base their home loan elgibility criteria on the borrower’s profile, which is defined by the following:
Age
Monthly income (gross and take home)
Spouse’s income
Assets and liabilities
Stability of occupation
No. of dependents
Savings
Home Loan Insurance from NBFCs
Almost all NBFCs (Non Banking Financial Companies) insist on insurance cover on the property mortgaged for a home loan, to deal with unforeseen calamities (fire, earthquake, floods, etc.). In fact, borrowers who avail a home loan against property mortgaged to the NBFC should also go in for life
