Get instant approval on Home Loans with Navi

Enjoy attractive interest rates starting at 8.55% p.a. with flexible EMI options

What is a Home Loan?

Navi Home Loan offers housing loans up to ₹5 Crores at attractive rates. Repay over 30 years with flexibility. No more complicated processes. Just your dream home, waiting for you.

A home loan is the amount you borrow from a financial institution for the purpose of purchasing or constructing a dream home or carrying out renovations. It is a secured loan, meaning you have to pledge collateral. Just like any other loan, you can repay your housing loan in easy EMIs (Equated Monthly Installments). Moreover, you can also claim tax benefits under Sections 80C, 24B, 80EE and 80EEA.

Navi offers housing loans of up to ₹5 Crore at attractive interest rates and flexible repayment tenures of up to 30 years. Download the Navi app from App Store or Play Store, tap on ‘Home Loan’ to auto-install the home loan app, apply and get instant loan approval.

Home Loan Interest Rate and Charges

Interest Rate: 8.55% p.a. onwards

Loan Amount: Up to Rs.5 crore

Tenure: Up to 30 years

Foreclosure Charges: Zero

How to Apply for Navi Home Loan?

Get the Navi App

Download the Navi app from Play Store or App Store. Tap on ‘Home Loan’ to auto-install the home loan app.

Fill in personal details

Enter a few personal and employment details

Complete KYC verification

Complete your KYC with PAN, Aadhaar and bank statement.

Instant loan approval

Get provisional loan sanction letter

Home Loan Eligibility Criteria

Indian Resident

Salaried

Age: 22 - 62 years

Documents Required

Navi offers instant loans with minimal documentation. To complete your KYC, you just need

PAN Card and Aadhaar Card

Bank Statement or GST returns

Home Loan in different cities

Navi Approved Builders

Home Loan for different budgets

What our customers say about us

Highly recommend this for home loan. Good interest rates, transparent process and fees. Whole process is streamlined and most of it is done online. Had a great experience!

Rounak Kakkar

Navi made the process of securing a home loan very easy. everything was available at fingertips. Legal verification and valuation of the property went smoothly. Digital process really made the mortgage process simple.

Bhargava Pamidighantam

Navi made the process of securing a home loan very easy. everything was available at fingertips. Legal verification and valuation of the property went smoothly. Digital process really made the mortgage process simple.
Bhargava Pamidighantam
Highly recommend this for home loan. Good interest rates, transparent process and fees. Whole process is streamlined and most of it is done online. Had a great experience!
Rounak Kakkar
Navi made the process of securing a home loan very easy. everything was available at fingertips. Legal verification and valuation of the property went smoothly. Digital process really made the mortgage process simple.
Bhargava Pamidighantam
Highly recommend this for home loan. Good interest rates, transparent process and fees. Whole process is streamlined and most of it is done online. Had a great experience!
Rounak Kakkar

Highly recommend this for home loan. Good interest rates, transparent process and fees. Whole process is streamlined and most of it is done online. Had a great experience!

Rounak Kakkar

Navi made the process of securing a home loan very easy. everything was available at fingertips. Legal verification and valuation of the property went smoothly. Digital process really made the mortgage process simple.

Bhargava Pamidighantam

Highly recommend this for home loan. Good interest rates, transparent process and fees. Whole process is streamlined and most of it is done online. Had a great experience!
Rounak Kakkar
Navi made the process of securing a home loan very easy. everything was available at fingertips. Legal verification and valuation of the property went smoothly. Digital process really made the mortgage process simple.
Bhargava Pamidighantam
Highly recommend this for home loan. Good interest rates, transparent process and fees. Whole process is streamlined and most of it is done online. Had a great experience!
Rounak Kakkar
Navi made the process of securing a home loan very easy. everything was available at fingertips. Legal verification and valuation of the property went smoothly. Digital process really made the mortgage process simple.
Bhargava Pamidighantam

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Frequently Asked Questions

For what purposes can I take a home loan?

Navi offers home loans for buying an under construction or a ready property from a developer, purchase of a resale property, to construct a housing unit on a plot of land, to make improvements and extensions to an already existing house and to transfer your existing home loan availed from another financial institution to Navi.

How do I repay my home loan?

You can repay your home loan through EMI. You may issue standing instructions to your banker to pay the instalments through ECS (Electronic Clearing System). The EMI amount will get auto debited from your bank account on the EMI due date.

What is an EMI?

When you take a loan, you are required to repay the loan through monthly installments within a specified tenure. You repay the loan in Equated Monthly Instalments (EMIs) comprising both principal and interest. Repayment by way of EMI will start on the date as provided in your repayment scheduled.

How should I calculate my home loan EMI?

You can use a home loan EMI calculator to check your monthly repayment obligations. Enter the loan amount, tenure and interest rate to check your loan EMI.

What is the LTV ratio in home loan?

LTV ratio or Loan-to-Value ratio in home loans represents the percentage of the property value for which we can finance you against the actual value of the property. For instance, if your LTV ratio stands at 60%, it means that you could get 60% financing of the property value.

What is Loan Against Property?

A loan against property or LAP is a secured loan that is sanctioned against property pledged as collateral. This property could either be your land, home or a commercial premise owned by you. The property remains as collateral with the lender until the loan is repaid in full. However, unlike home loans, you can use the LAP amount for any purpose. Existing Loan Against Property(LAP) from other banks and financial institutions can also be transferred to Navi. We offer LAP at attractive rates starting from 8.55% p.a.

What is borrower’s contribution?

You are required to pay 10-25% of the total property cost as ‘own contribution’ depending upon the loan amount and the LRV ratio that will be funded by Navi.

What is home loan balance transfer?

Home loan balance transfer refers to switching your outstanding home loan availed from another Bank / Financial Institution to a new lender. You can opt for balance transfer with Navi at the same rates as home loans offered by Navi.

Can I foreclose my home loan with Navi?

Yes, you can foreclose your home loan via lump sum payments subject to terms and conditions. Navi doesn’t charge any loan foreclosure fee.

Can I get tax benefits on home loans?

Yes, you can get tax benefits on home loans under Section 80C, 24(b), 80EE and 80EEA. Under the current laws, you are entitled to an income tax rebate for interest repayment up to Rs. 1,50,000 /- per annum. Moreover, you can get added tax benefits under Section 80 C on repayment of principal amount up to Rs. 1,00,000 /- per annum. As the benefits could vary each year, read our blog to know more about home loan tax benefits.

What is the maximum financing I can get with Navi for a home loan?

You can get 90% of the value of property as a home loan with Navi subject to terms and conditions.

Does Navi provide NRI Housing Loan?

Currently, Navi provides housing loans only to Indian residents.

What is an under-construction property?

An under-construction property is a property in the process of being constructed and where possession would be handed over to the buyer at a specified date.

In which cities Navi Home Loan is available?

Currently, Navi Home Loan is available in Mumbai MMR, Bengaluru, Hyderabad, Chennai, Delhi, Pune and Mysore.

How much processing fee do I have to pay?

Currently, Navi doesn’t charge any processing fee on housing loans.

Is taking home loan insurance mandatory with Navi home loans?

No, it’s not mandatory to take home loan insurance. However, home loan insurance is highly recommended so that you can protect your family financially during unforeseen circumstances.

Can I take a joint home loan?

Yes, you can take a joint home loan to share repayment obligations. However, a co-borrower for a joint housing loan can only be your spouse, parent, sibling, son, or daughter.

What security will I have to provide?

Navi will create a charge over the security for financing the loan to you. Therefore, you shall ensure that the title of property given as a collateral is clear, marketable, and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Will interest rate change during home loan tenure?

For floating interest rate loan, the interest rate will change during the tenure of the loan. The interest rate applicable to your home loan will change based on your sanction terms.

When do I start paying the principal amount?

Repayment of the principal commences from the month following the month in which you avail full disbursement of your loan. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI. If you also choose to pay any amount over and above the EMI which is paid by you goes towards principal repayment, thus helping you repay the loan faster.

What is a Sanction Letter?

A Sanction Letter is issued after the home loan documents is processed and accepted by Navi. A sanction letter is not a loan agreement. It will have multiple details included such as (i) total sanction amount (ii) loan (iii) repayment tenure (iv) home loan interest rate provided (fixed or floating) (v) EMI details, etc. (vi) Other crucial terms and conditions. A Sanction Letter is valid for 90 days.

How can I get my tax interest certificate?

You can download your interest certificate on the Navi app.

Change of interest rate will change the tenure or EMI?

Change of interest rate will adjust your loan tenure. If you wish to change your EMI please write to us.

Navi Technologies Ltd

Know More About Navi Home Loans

What is Navi Home Loan?

Get instant approval on home loans up to ₹5 crore with Navi Home Loan. Navi offers home loans at attractive interest rates starting from 8.55% p.a. with flexible EMI options up to 30 years. Download the Navi app, click on the Home Loan Card to automatically install the home loan app, enter your details, and receive an instant sanction letter.

Features and Benefits of Navi Home Loan

Here are some of the features and benefits of Navi Home Loan:

100% paperless application process: No paperwork required to apply for Navi Home Loan
Instant approval: Get instant approval on housing loan based on your eligibility
Flexible EMI options: Enjoy flexible repayment tenures of up to 30 years
Zero processing fee: No processing fee applicable
No pre-closure charges: Pre-pay your home loan at no extra cost
Balance Transfer and LAP facilities: You can switch your existing home loan to Navi through our balance transfer facility or consolidate your existing debts via Loan Against Property

How to Apply for Navi Home Loan?

Follow these few easy steps to get instant approval on your home loan via the Navi App:

1. Download the Navi app, click on the Home Loan Card to automatically install the home loan app.
2. Enter your personal details like name, DoB, income, employer’s name, PAN details, address, etc
3. Complete your KYC with PAN, Aadhaar, and bank statement
4. Get instant approval on your housing loan based on your eligibility

Navi Home Loan Interest Rate & Charges

Refer to the table below to get complete details on Navi Home Loan:

Interest Rate: 8.55% p.a. onwards*
Processing Fee: Zero
Foreclosure Fee: Zero
Loan Amount: Up to Rs.5 crore
Tenure: Up to 30 years
Loan-to-Value Ratio: 90% of the property value

Navi Home Loan Eligibility Criteria

Indian resident
Salaried
25 - 62 years
Credit Score - 675 or above

Navi Home Loan Documents Required

PAN card
Aadhaar card
12 months’ bank statements
Property documents

Types of Home Loans

Here are some of the different types of housing loans you could opt for:

1. Home Purchase Loan: You can apply for a home purchase loan to buy a house or property. These loans come with flexible repayment tenures and 75% - 90% LTV ratio.
2. Home Construction Loan: A home construction loan can be availed to meet the expenses related to construction of a new house or to complete the construction of an unfinished house.
3. Plot Loan or Land Purchase Loan: A plot loan allows you to buy a plot or land on which you can construct your house or property. The interest rates are usually similar to that of home loans.
4. Home Improvement Loan: You can give your existing home a makeover with a home improvement loan. The interest rates are usually similar to that of home loans, however, the repayment tenure is generally up to 15 years.
5. Home Extension Loan: Planning to construct a third floor on your two-storey house? Take a home extension loan to meet the cost.
6. NRI Home Loan: Non-resident Indians looking for constructing a house in India can opt for NRI home loans. The repayment tenure for NRI home loans could be lesser than home purchase loans.
7. Loan Against Property (LAP): Loan Against Property is a secured loan where your property works as collateral against the loan. Unlike home loans, you can use the LAP amount for any requirement. Customers often opt for LAP for debt consolidation.
8. Home Loan Top-up: You can get a top-up on your home loan in case you need additional funds. There’s no end-use restriction for top-up home loans, meaning you are free to use the top-up amount to meet your personal financial requirements.
9. Bridge Loan: If you are planning to buy a new property by selling off the existing one, you can apply for a bridge loan. These loans basically help you take care of short-term fund requirements till you gather funds by selling off your old house/property. The tenure for bridge loans is shorter than home loans.

Things to Remember Before Taking a Home Loan

Here are a few factors to consider before taking a home loan:

Compare lenders: Compare multiple lenders on the basis of fees and charges, interest rates, and other terms and conditions before taking a loan. Ensure that the overall cost of the loan doesn’t overwhelm you. This would help you make an informed decision.
Evaluate your credit score: Your credit score defines your creditworthiness. Lenders prefer customers having a credit score of 750 or above. Also, having a good credit score could help you get better deals on your loan like preferential interest rates, higher loan amount, etc. Ensure that you have an above average CIBIL score to experience hassle-free loan application.
Check your repayment capacity: Make sure that you are financially stable enough to clear your EMIs every month. Lenders could charge a hefty penalty fee for missed EMIs.
Have a repayment plan: Chalk out a repayment plan to avoid unnecessary stress on or before the EMI due date.
Check the land/property-related documents carefully: Whether you’re constructing a house on a plot or buying a new house, always make sure that the land or property is free of any dispute.

How to Calculate Home Loan EMI?

It’s good to calculate your home loan EMI beforehand so that you can plan your finances accordingly. This could also help you make an informed decision while applying for a loan. You can use a personal loan EMI calculator to calculate your personal loan EMI. All you need to do is enter the loan amount, interest rate, and tenure. Once done, you will be able to check your monthly repayment obligations.

Formula for personal loan EMI Calculation -

P x R x (1+R)^N / [(1+R)^N-1], where

P = Principal loan amount

N = Loan tenure in months

R = Monthly interest rate

The rate of interest (R) on your loan is calculated per month.

R = Annual Rate of interest/12/100

If the rate of interest is 7.2% p.a. then r = 7.2/12/100 = 0.006

For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:

EMI = ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714

The total amount payable will be ₹11,714 * 120 = ₹14,05,703. Principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703.

Conclusion

Applying for a housing loan at Navi is a breeze. No boring paperwork or filling out multiple forms required. Download the Navi app, click on the Home Loan Card to automatically install the home loan app and enter your details. You will be able to see how much loan you are eligible for in minutes. Also, you can save more on the overall cost of the loan because we don’t charge processing fees. Apply for a Navi Home Loan today!