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:
|Purpose||You can utilise the loan for anything - investing in a property, expanding a business or starting a business, for medical emergencies, planning a wedding, for education expenses of your children, etc.|
|Loan Quantum||The loan amount will be up to 50% of the market value of the property with a maximum of Rs. 40.00 lakhs. You can also apply for a loan as low as Rs. 1.00 lakh.|
|Rate of interest||The rate of interest depends on the loan amount. For a loan amount up to Rs. 10.00 lakhs, the interest rate will be 16%. For an amount between Rs. 10.00 lakhs to Rs. 20.00 lakhs, the interest will be 15% p.a. For an amount above Rs. 20.00 lakhs, the interest rate will be 14% p.a.|
|Repayment||The minimum repayment period is five years and the maximum repayment period is 15 years.|
Prepayment is permitted only after six months from the date of availing the loan. Prepayment charges at 3% of the prepaid amount will be collected. Foreclosure charges will be 3% of the outstanding balance on the date of foreclosure.
There will be no prepayment/foreclosure charges if the loan is availed by individuals at a floating interest rate.
|Processing Fees||It will be collected at 2% of the loan amount plus GST.|
The following are the features of Home First Finance Loan Against Property.
Additional Info: Also Apply Home First Home Loan
The following eligibility criteria should be fulfilled to qualify for Home First Finance Loan Against Property.
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
Any one of the following documents can be provided as Proof of Identity
Documents to be submitted as income proof by salaried individuals
Documents to be submitted as income proof by the self-employed
Property Documents to establish marketable title
The interest rates on Home First Finance Loan against Property depend on the loan amount.
For a loan up to Rs. 10.00 lakhs: 16%
For a loan of Rs. 10.00 lakhs to Rs. 20.00 lakhs: 15%
For a loan above Rs. 20.00 lakhs: 14%
The schedule of charges for HFFC Loan Against Property is given below.
|Nature of Charge||Charges collected|
|Processing fee||2% of the loan amount|
|Cheque/NACH/ECS bounce charges||Rs. 500/- plus GST for every instance|
|Delayed payment charges||2% of the delayed EMI for the delayed period|
3% of the prepaid amount for prepayment and 3% of the outstanding liability for foreclosure.
No prepayment charges for loans availed by individuals at a floating interest rate.
|Document retrieval charges||Nil|
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.
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
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
A loan against property is a secured loan provided with the property as the security. HFFC provides loans against self-occupied residential property. The property could also be partly self-occupied and partly rented for commercial purposes. A loan will not be provided against a commercial property.
The loan will be similar to a secured personal loan and can be utilised for any purpose.
To be eligible for HFFC Loan Against Property, you should comply with the following criteria.
You can apply for Home First Finance Loan Against Property either online or by visiting the nearest branch of HFFC. To apply for the loan online, you will have to follow the procedure given below:
Yes. Self-employed individuals with a business existence of a minimum of three years and a regular income can apply for HFFC Loan Against Property.
Yes. You can apply for HFFC Loan Against Property jointly. Any close relative can be a co-applicant for the loan. The loan can be availed jointly with the parents or spouse. If the property is in joint names, all joint owners should be co-applicants for the loan.
If the applicant was an NRI at the time of availing of the HFFC Loan Against Property and subsequently there was a change in the status to Resident during the loan tenure, the loan will be reassessed as per the norms set for Resident Indians.
HFFC Loan Against Property will be provided only if you have an operative account at HFFC. On the due date, the EMI will be debited to the account maintained at HFFC.
Besides the property value, the other factors considered in deciding the eligible loan amount are