As the Coronavirus pandemic continues to
rampage throughout the world, it’s leaving plenty of destruction in its wake.
All the industries have been shutdown to prevent the further spread of the
infection and real estate industry is no exception to that. Many of the real estate
projects have been left unfinished as the labourers have returned to their
homes. Things are not looking good for the real estate sector but for the
customers, this could be a blessing in disguise.
Since the work has slowed down, it is quite
likely that post-lockdown the prices of properties would fall in Delhi and
therefore more people would be willing to take a home loan in Delhi and other
metro cities of the country. Many people who have always wanted to buy their
own home would be able to avail loans from banks or NBFCs (Non-Banking
Financial Companies) to fulfil their lifelong dream. Besides, even during tough
times like these, real estate is still a great investment opportunity.
According to a survey published by the
Economic Times, more than 32% of the respondents believed that despite all the
problems that have emerged because of the lockdown, real estate still is the
best option for investment.
Everyone dreams of living in their own
house and NBFCs can help them achieve their goal. Nowadays, it is easier
for borrowers to apply for a home loan
in Delhi once they’ve met the eligibility criteria. People are often
confused whether they should opt for the loan from the bank or the NBFCs. According
to a recent Financial Stability Report by the Reserve Bank of India, NBFCs have
recently been performing much better than the traditional banks in terms of
loan distribution and they’ve seen a notable increase in customer satisfaction
by 15% and much like the banks, they allow their customers to take loan against
property as well.
There are several advantages that an NBFC
has over the traditional banks. Some of them are as summarised below:
1.
Loan sanctioning process is
much faster and efficient as compared to the traditional banks.
2.
The terms and conditions of
lending and borrowing are more flexible and allow the borrower to take loan as
per his/her convenience.
3.
The NBFCs offer very enticing features
and profitable solutions for the borrowers – both new and those who exist
previously.
4.
The loans that NBFCs offer are
customizable to a large degree and these companies offer a wide range of other
financial products as well.
5.
Their customer centric approach
makes them a popular option and increases customer satisfaction, which is
paramount in running a financial business.
NBFCs are capable of lending the same amount of
loans as the traditional banks at much cheaper interest rates as well.