Urban Money

Home First Finance Company Loan Against Property

Home First Finance Company
4.5

HomeFirst Finance Company offers a loan against Property. Applicants who want to send their adult child abroad for studies, plan a wedding or require funds for business can avail of the loan. The financial institution will sanction the loan by disbursing the amount only when against the property mortgage. Businessmen can also get a loan against commercial properties such as a factory or shop.

  • Home First Finance Company
  • Loan Against Property
Loan Amount:₹1L - ₹25L
Interest Rate:8% - 20%
Processing Fee: Up to 1.5%
Tenure:20 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Home First Finance Company

8% - 20%

Up to 1.5%

₹1L - ₹25L

Tenure(1 - 20 Years)

Details

Features & Benefits of Home First Finance Company Loan Against Property

The HomeFirst Finance Company offers LAP by reviewing the venture, understanding the business model, and checking the documents. After the successful review of these three things, the company sanctions a loan to the individuals. LAP from HomeFirst can be obtained by self-employed people too. The only thing the company looks for is the individual’s ability to repay the loan and whether he has a fixed income source or not. Applicants will be able to enjoy a great rate of interest and a fast process. These are the benefits offered by the HomeFirst LAP:

  • Flexible documentation 
  • Tech-driven processes o loans alongside speedy approvals
  • Competitive interest rates 
  • LAP for business and personal expenses

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

As for the eligibility goes, the company checks whether the applicant has a monthly! After that, the professionals perform a background check by reviewing their family, understanding the individual’s occupation and the purpose of the loan. The eligibility for applying for LAP is different from the personal loan. Thus, the financial institute checks these parameters to evaluate Home First Finance Company Loan Against Property eligibility:

  • Applicant’s income
  • Savings, 
  • Repayment track record, including the repayment of the credit card amounts or previous loans
  • The Property’s market value (the one an applicant aims at mortgaging)
  • The claimant should be a maximum of 60 years of age at the time of the maturity of the loan

Documents Required for Home First Finance Company Loan Against Property

Rather than experiencing a lengthy process with tedious documentation, you only require giving the identity proof handy and things that prove your income, liabilities, and savings. At HomeFirst, the company sees the client first and then the documents! Here’s a list of documents required for HOME FIRST FINANCE COMPANY Loan Against Property.

  • Application form
  • ID proofs 
  • A property evaluation report

Documents Required for salaried individuals

  • Application form alongside a passport-sized photo
  • Valid photo ID 
  • Current residence proof
  • Three last day salary slips
  • Bank statements of the latest six months
  • A processing fee cheque 
  • Form 16
  • Proof of property ownership 

Documents Required for self-employed Businessman

  • Application form alongside a photo attached
  • Valid photo ID
  • Proof of residence address
  • Business evidence
  • Certificates of academic qualifications 
  • Self-employed professionals also need to submit the last three years' IT returns, Balance Sheets as well as P&L statements
  • Bank statements of six months
  • A cheque to process fees
  • Proof of ownership

FAQs

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

Is there an application fee for Loan Against Property?

Yes, the financial institute charges you with:

  • A pre-sanction fee of 2% plus the 18% GST amount; and
  • A post-sanction fee, i.e., after the sanction, customers will require paying a nominal amount for technical as well as legal charges.

What is the maximum loan amount that I can avail against the Property?

The maximum loan amount that you can avail of against the Property is 40 lakhs. The loan value that is offered against the Property is a maximum of 50% of the property value. Applicants may apply for the loans at a minimum of Rs. 1 lakh.

Can I get a loan against the plot?

Consult with the team to understand whether they offer a loan against a plot or not. 

What is LTV?

LTV happens to be the loan-to-value ratio, comparing the total amount of mortgage with the appraised property value.

What is the maximum term for which I can avail a Loan Against Property (LAP)?

You can apply for Home First Finance Company Loan Against Property between 5 and  15 years maximum.

Does home first finance company Provide a loan against Property at the best rate?

Yes, HomeFirst provides LAP at 14% to 16%.

What is the interest rate of the loan against Property in Home First Finance Company?

The interest rate of the LAP in HomeFirst is 14% to 16%.

What are the benefits HOME FIRST FINANCE COMPANY Provides on loan against Property?

With a standard Home First Finance Company Loan Against Property interest rate, you can enjoy benefits like fast and transparent procedures, simple doorstep services, and more!

  • Flexible documentation
  • Tech-driven processes o loans alongside speedy approvals
  • Competitive interest rates
  • LAP for business and personal expenses

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

Home Loan Interest Rates Spiked After RBI's Repo Hike
Shiv Kumar GuptaMay 12, 2022

Home Loan Interest Rates Spiked After RBI's Repo Hike

The Reserve Bank of India regulates the home loan criteria, which are constantly changing owing to numerous economic circumstances. Read the blog to learn more about the RBI and how its latest home loan guidelines wil

Read More
The Collateral World of Mortgaging Property
Satish PrajapatiJan 21, 2022

The Collateral World of Mortgaging Property

A mortgage is any immovable property that is given as a security or collateral against a loan for building a property. The party lending the money

Read More
The Definitive Guide: Acquire Home Loan From The Best Financial Banks
Satish PrajapatiJan 21, 2022

The Definitive Guide: Acquire Home Loan From The Best Financial Banks

The present year 2021 has been identified as a good year to invest in homes due to the lower interest rate on home loans as well as the reducti

Read More