Home First Loan Against Property

If you own a property, you can avail of a secured loan in the form of a Home First Finance Company Loan against property if you are in need of urgent funds instead of a personal loan. The rate of interest is less for the loan against property, and the EMI is affordable as you will get flexible repayment tenure of up to 15 years.

The details of HFFC Loan Against Property are given below. The loan process is very simple, and with the assistance of the representatives of the Company, the experience will be seamless and hassle-free:

The Home First Finance loan against property interest rate between 12.80% - 18.50%. Apart from interest rate, you will be required to pay a login fee of Rs. 2,500 + GST, stamp duty, CERSAI filing charges, and other charges (as applicable).

You can also check Loan Against Property Interest Rates Online

The schedule of charges for HFFC Loan Against Property is given below.

The following are the features of Home First Finance Loan Against Property.

• Purpose of the loan: It is a multi-purpose loan and can be availed for investing in a business, to meet wedding expenses, for a family vacation, meet medical expenses, for the education of your children, for repairs and renovations of the property, for investing in property etc. The loan is similar to a personal loan but with a lower interest rate as it is a secured loan.
• Loan amount: The loan amount will depend on factors like repayment capacity, number of dependants, existing commitments etc. The loan amount permitted will be up to 50% of the market value of the property with a maximum of Rs. 40.00 lakhs. 
• Nature of Security: Self-occupied residential property will be accepted as security. A property that is self-occupied and partly rented out for commercial purposes also will be accepted. Home First Finance Company Loan Against Property will not be provided against a totally commercial property without self-occupancy.
• Turnaround time: The turnaround time for the loan approval is very short, and you can expect a decision within a week.
• Documentation: Simple documentation that reduces the turnaround time of the loan approval.
• Paperless loan process: You can apply for HFFC Loan Against Property online and also upload soft copies of the required documents, which makes the whole loan process paperless.
• Interest: The rate of interest depends on the loan amount and ranges between 12.80% - 18.50%.
• Repayment: A repayment period ranging from 5 years to 15 years is provided.
• Processing Fee: Nominal processing fee at 2% of the loan amount.
• Prepayment: Prepayment of the loan is permitted after six months from the date of availing of the loan. Prepayment charges will be collected at 3% of the prepaid amount. For loans availed by individuals at a floating interest, no prepayment charges will be collected.

The Benefits of the HFFC Loan Against Property are:

• You will receive continuous updates about the status of the loan, and the approval also will be conveyed through email or SMS.
• A dedicated relationship manager will assist you throughout the loan process till the disbursement of the loan.
• A dedicated customer portal for various functions like accessing the loan statement, making prepayments to the loan, for raising service requests is provided.
• Customer convenience and comfort being the top priority, Home First Finance Company puts in maximum efforts to provide the best customer service.
• The Company will ensure quick completion of the process once the loan is approved.

You can also Check Loan Against Agricultural Land

The following eligibility criteria should be fulfilled to qualify for Home First Finance Loan Against Property.

• The candidate should be 21 years and above at the time of submitting the loan application.
• Both salaried individuals and the self-employed can apply for the loan.
• The loan will be provided for both Resident as well as Non-Resident Indians.
• The applicant should have a steady income source.
• A work experience of 3 years for salaried individuals and business existence of over three years for the self-employed is mandatory.
• The minimum credit score required to be eligible for the loan is 750 and above.

The following documents have to be submitted along with the loan application. 

Any one of the following documents can be provided as Proof of Adress

• Passport
• Voter’s ID
• Aadhar Card
• Driving licence

Any one of the following documents can be provided as Proof of Identity

• PAN Card
• ID Card issued by the Employer
• Voter’s ID Card
• Aadhar Card
• Passport
• Driving Licence

Documents to be submitted as income proof by salaried individuals

• Salary slip for the last three months
• Form 16
• IT Returns
• Bank Account Statement for the last six months

Documents to be submitted as income proof by the self-employed

• Audited Balance Sheet and Profit and Loss Account for the last three years
• IT returns with income computation for the last three years.
• Bank account statement for the last 12 months
• Proof of business existence like GST Certificate, Partnership Deed, Memorandum of Association, Articles of Association depending on the constitution.

Property Documents to establish marketable title

• Registered sale deed
• Encumbrance certificate for the last 13 years
• Possession Certificate
• Agreement of Sale in the case of a flat under construction
• Occupancy Certificate for flats ready for possession.
• NOC from Housing Society or Builders as the case may be.
• Any other documents demanded by HFFC at the time of loan processing.

EMI of Home First Finance Loan against Property depends on the loan amount, rate of interest and the loan tenure. To calculate the EMI, the following formula has to be applied.

EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1 where

P is principal

R is rate of interest

N is the tenure

Manual calculation of EMI by applying the formula mentioned above is tedious and has scope for errors. If you have to arrive at an EMI that suits your budget, you will have to do the calculations again and again with different combinations of loan amount, interest and tenure. To make the EMI calculation process simple, an EMI calculator is provided on the official website of the Company. You can follow the simple steps given below and arrive at an affordable EMI that will be 100% accurate.

• Access the official website of HFFC
• Choose the LAP EMI Calculator on the ‘Calculator’ option available on the home loan page of the website.
• Provide the loan amount, interest and tenure. The EMI will be calculated in no time. 
• You can do the calculation any number of times with different combinations till you arrive at the EMI that suits your pocket.

You can contact the HFFC Loan Against Property Customer Care Centre for any queries regarding the loan at the numbers given below:

For queries regarding a fresh HFFC Loan Against Property: +91-8880649911

For queries regarding the existing HFFC LAP: +91-8880549911