Home First Finance Company Home Loan

Home First Finance Company (HFFC) Home Loan

About Home First Finance Company (HFFC)

Based out of Mumbai Home First Finance Company (HFFC) Limited (MFL) is a non-banking financial institution registered with the Reserve Bank of India (RBI). The started operations in 2010, the company turned profitable in 2014. The company is currently valued at more than Rs.850 crores.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Home First Finance Company (HFFC) Home Loans

Home First Finance Company (HFFC) offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Home First Finance Company (HFFC) Home Loans are tailor made catering to the needs of various customers.

Advantages of Home First Finance Company (HFFC) Home Loans

• Low interest rates
• Low processing fees
• Less paperwork
• No prepayment penalties
• No hidden costs and administrative charges
• Balance home loan transfer

Features of Home First Finance Company (HFFC) Home Loan

Objective:

Home First Finance Company (HFFC) home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Loan amount up to 90% of the property value

Loan Tenure:

Repayment period is flexible and will vary from person to person.

Prepayment Charges: NIL

Processing Fees:

For salaried: Rs 9,990 to Rs 21,990 + GST*

For self-employed: Rs 11,990 to Rs 23,990 + GST*

Interest Rate:

For salaried:

Minimum of 11.90% and Maximum of 14.00%

For self-employed:

Minimum of 12.90% and Maximum of 15.00%

Fixed interest rates

For fixed interest rates add 2% to the above-mentioned rates

Eligibility Criteria:

To avail the home loan from Home First Finance Company (HFFC), you need to have the following eligibility criteria.

• You should be more than 21 years of age
• Steady income with minimum 2 years of experience

Documents Required to Apply for Home First Finance Company (HFFC) Home Loans

Important documents to be submitted while applying for home loans with Home First Finance Company (HFFC)

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Home First Finance Company (HFFC) home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Home First Finance Company (HFFC), Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Home First Finance Company (HFFC) account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Home First Finance Company (HFFC) account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Home First Finance Company (HFFC) account at your nearest Home First Finance Company (HFFC) Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Home First Finance Company (HFFC) Home Loan?

You can either apply online or visit a nearby Home First Finance Company (HFFC) branch for the application. You can also download the home loan application form from the Home First Finance Company (HFFC) official website, complete the form and submit it the bank representative.

Home Loan and Credit Score

A good credit score is really the starting point to get the best offers on home loans from all lenders, with a score above 750+ you will be able to get flexible repayment tenor, reduced interest rates and save on monthly EMIs.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Home First Finance Company (HFFC) Home Loan FAQs

1. What are processing fees on Home First Finance Company (HFFC) Home Loans?

For salaried: Rs 9,990 to Rs 21,990 + GST*

For self-employed: Rs 11,990 to Rs 23,990 + GST*

2. Is there penalty for prepaying the Home First Finance Company (HFFC) Home Loan?

There are no prepayment penalties

3. What is the maximum loan repayment period for Home First Finance Company (HFFC) home loans?

Repayment period will vary from person to person

4. How Can I apply for a Home First Finance Company (HFFC) home loan?

You can either apply online or visit a nearest Home First Finance Company (HFFC) branch and take the help of the bank’s representative.

5. Does Home First Finance Company (HFFC) Bank facilitate balance home loans transfer?

Yes, you can transfer your existing home loan to Home First Finance Company (HFFC) Bank.

6. Can I get tax benefits from Home First Finance Company (HFFC) Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.