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Home First Finance Company Home Loan

Home First Finance Company
4.5

Home First Finance Company aims at meeting house seekers's requirements with their home loan scheme. The financial institute offers loans for residential property purchases & construction for self employed, salaried employees individuals, home renovation, etc.

  • Home First Finance Company
  • Home Loan
Loan Amount:₹20K - ₹75L
Interest Rate:8% - 18%
Processing Fee: Up to 2%
Tenure:25 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Home First Finance Company

8% - 18%

Up to 2%

₹20K - ₹75L

Tenure(Up to 25 Years)

Details

Features & Benefits of Home First Finance Company Home Loan

The benefits and benefits of the Home First Finance Company home loans are given below:

  • Firstly, borrowers can apply for Home First Finance Company home loan with low-interest rates
  • The financial organization offers low processing fees
  • The whole process needs Less paperwork
  • There are no prepayment penalties, so you don’t have to worry about it
  • No administrative charges or hidden costs 
  • Balance loan transfer for houses

Here’s a detailed narration considering the different features:

90% Loans

You can get a financial facility of around 90% of total property cost that also includes the registration charges, parking charges, and other charges. So, that means that you can purchase your house by playing 10% of its total value. It includes loan amounts for below Rs. 20 lakhs.

Down Payment

The financial organization offers the build-up down payment service, with which you may overcome circumstances of shortage of amounts. You will be able to book the house by paying the down payment in small amounts (some in the beginning, while the balance can be paid later on).

Loan Enhancement

When you fall short of funds and you can’t repay the loan amount monthly, you can choose the consider a Loan enhancement facility. The financial firm offers this scheme in order to increase the loan amount with the required amount only.

In addition, when you find that the property prices get escalated because of the inclusion of parking lots or some other costs, you can simply consult the professionals of Home First Finance Company for fund arrangements.

Auto Pre-pay

Now, you get the flexibility of cutting down your extended tenure to repay the EMIs smoothly. With the auto pre-pay services, you will be able to save on around 63 EMIs. The only thing is to ensure that you make an additional payment of Rs. 1000 each month towards the home loan. That will make considerable savings in the interest outflow. Nonetheless, the account gets debited by 1K per month. That gets adjusted against the principal outstanding, thereby minimising the loan tenure.

Seamless Documentation

With seamless and easy documentation, the loan-sanctioning process rather gets simplified. You don’t have to get involved in tedious documentation procedures. All you need is to go through a swift and simple method of HFFC to arrange the documents that require proof of one’s identity, income bank statements, address, and a photo. These documents will make your way for completing with maximum formalities. 

External Agents aren’t involved

You don’t have to deal with sales agents or verification executives. HFFC allows you for a simple process and sanctions the home loan by managing the process swiftly. 

These are different types of loans that the firm offers. The post has categorized the types in the given narration:

  • For Salaried employees

This loan is exclusively for salaried employees. A maximum loan of 90% may get provided for a housing loan with a tenure that ranges to 25 years. This feature also facilitates prepayments besides the EMI that does not come with any prepayment charge for the existing customers. The minimum interest rate is 8%, while the maximum is 18%.

  • Self-employed

Made for self-employed persons, individuals having irregular income may not be able to avail of the loan. You can get this loan with an interest rate ranging between 8% and 18%.

  • Loan for construction

Applicants can apply for a loan for construction to build their homes. The financial institution offers the loan within 48 hours.

  • Loan for Home Improvement

With the home renovation or improvement loan provided by Home First Finance Company, people can think of renovating their house according to their requirements. 

  • Home extension loan

Home First Finance Company provides home extension loans made for people who want to create an additional room or even flooring within a residential property. 

Home First Finance Company Home Loan Overview

Home First Finance Company is a recognizable housing finance institute that offers property loans for ready-to-move and construction purchases of houses. It also aims at simplifying the homeowners’ requirements for home renovations. The house loans help consumers from different income groups to build or purchase their homes.

Today, the company operates and offers different home loan types to suit individual consumer Home First Finance Company home loan requirements. If you want to apply for Home First Finance Company home loan, read on and learn further.

Eligibility Criteria and Factors Affecting Home First Finance Company Home Loan Eligibility

The eligibility criteria on the basis of which you will receive the home loan approval from HFFC are mentioned below:

  • Home loans get availed by salaried individuals who have a continual income source.
  • Home loans get offered for the tenure of 1 to 25 years. While choosing the long tenure, you may get benefits of the lower monthly outflow, and that’s your EMI.
  • The home loan amount varies between Rs. 1 lakh and Rs. 30 lakhs.
  • Loans are available to 90% of your property value & tenure can be around 25 years. In addition, applicants may avail of the loan with the joint borrowers (based on the eligibility of the co-borrowers and applicant).

Home First Finance Company  Loan against Property Fees and charges

The fees and charges associated with Home First Finance for Loan Against Property are:

  • Pre-Sanction: 2% of the total loan amount plus the GST (18%)
  • Post-Sanction: After sanction, individuals need to pay the nominal amount for Technical and legal charges.

Home First Finance Company Loan Against Property Interest Rates

Tabulated below is the Home First Finance Company Loan Against Property interest rate:

Floating One-time Processing Fee
Minimum Maximum
8.00% 20.00% Rs 11,525 to Rs 70,000 + GST*

The rate of interest will fall between 8% to 20%. 

  • For loan amount up to Rs. 9,99,999, usually interest rate is 16%.
  • For a loan amount ranging from Rs. 10,00,000  and Rs. 19,99,999, generally the interest rate is 15%.
  • For a loan amount ranging from Rs. 20,00,000 to Rs.50,00,000, interest rate is typically 14%.

Documents Required for Self-employed Individuals

Here are the documents required for the loan:

For identity proof, one can select any of these:

Voter Id Passport
Pan Card Identity Card by the Employer
Driving License

For address proof, anyone:

Ration Card Passport
Electricity Bill Telephone Bill
Lease Agreement
1 passport-sized photo

For Income Proof

For the salaried individuals:

Last three months Salary Slip ITR
Form 16 (of last year)

For the self-employed people:

ITR Bank statement of last 6 months
Balance sheet and P&L for latest three years Or Business proof of last three years

How the EMI Calculation Process works for Home First Finance Company Loan Against Property

You can calculate your Equated Monthly Instalments (EMIs) by determining the principal loan amount, maximum tenure offered by Home First Finance Company and the rate of interest. You can use the formula given below to calculate the monthly EMI you have to pay on the HFFC loan against the property. 

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where

  • The principal loan amount: P can be 90 percent of teh property value.
  • The rate of interest: R ranges from 8 to 18 percent.
  • The loan tenure: n can be up to 25 years

To eliminate the possible errors and manual calculations, count on Urban Money's Loan Against Property EMI calculator and plan your finances accordingly. This cutting-edge tool allows you to compute monthly repayment just by entering a few details such as loan amount, repayment tenure and the applicable rate of interest.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is a Home Loan Tax-Saving Deduction?

Under Section 80C, a home loan principal falls under the income tax act. This section clearly states that individuals get entitled to tax deductions on amounts paid as repayments of principal components on housing loans. 

What is The Minimum Salary For A Home Loan?

The Home First Finance Company does not limit applicants with salary requirements. But if the applicant is unable to pay the EMIs monthly, they can get the flexibility of cutting down the extended tenure & repay EMIs via the auto pre-pay feature. They need to pay Rs. 1000 every month towards their home loan.

Can I Take Two Home Loans at a Time?

Yes, you can get two loans at the same time in India.

What is the maximum and minimum home loan amount I can get from Home First Finance Company?

The maximum home loan amount that an applicant can get from Home First Finance Company is Rs. 30 lakhs.

How to check Home Loan Status in Home First Finance Company?

To check the home loan status, you have to get the house loan certificate online or offline. You require installing the app & accessing the status from the Home First Finance Company official website.

Does Home First Finance Company Checks for CIBIL Score for Home Loan?

To acquire the Home First Finance Company home loan eligibility, you need to have a higher CIBIL score. The Lower CIBIL score only reduces the chance of getting approval for the home loan.

When Do Home Loan EMIs Start?

EMI will start only when the property gets completed & after the applicant takes possession of the house.

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