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Home First Finance Company Loan Against Property Details

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:

PurposeYou 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 QuantumThe 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 interestThe 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.
RepaymentThe minimum repayment period is five years and the maximum repayment period is 15 years.
Prepayment/foreclosure charges

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 FeesIt will be collected at 2% of the loan amount plus GST.

Home First Finance Loan against Property Features and Benefits

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 14% to 16%.
  • 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.

Additional Info: Also Apply Home First Home Loan

Home First Finance Loan against Property Eligibility Criteria

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.

Documents Required HFFC 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

  • 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.

Home First Finance Loan against Property Interest Rates

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%

HFFC Loan against Property Processing Fee and Other Charges

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

Nature of ChargeCharges collected
Processing fee2% of the loan amount
Cheque/NACH/ECS bounce chargesRs. 500/- plus GST for every instance
Delayed payment charges2% of the delayed EMI for the delayed period
Prepayment/foreclosure charges

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 chargesNil

How to Calculate Home First finance Loan against Property EMI?

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.

HFFC Loan against Property Customer Care

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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Pre-Approved ICICI Loan Against Property @8.35% p.a 

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be 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. 

FAQs

✅ What is the definition of a Loan Against Property?

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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.

✅ What are the eligibility criteria for HFFC Loan Against Property?

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To be eligible for HFFC Loan Against Property, you should comply with the following criteria.

  • Should be 21 years and above at the time of applying for the loan.
  • Should have a minimum work experience of 3 years if salaried and minimum business existence of 3 years if self-employed.
  • The credit score should be 750 and above.
  • Should have a steady income.
  • Residents, as well as Non-Residents, can apply for the loan.

✅ How to apply for Home First Finance Loan Against Property?

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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:

  • Access the official website of HFFC
  • Choose Loan Against Property under the ‘Products’ option.
  • Click on the ‘Apply Now' button.
  • To complete the loan application, you will have to give details like name, email ID, mobile number, date of birth, gender, details of employment, income, PAN, Aadhar number, existing financial commitments, number of dependents, type of loan, loan quantum, details of the property and then click on the ‘Submit’ button after uploading the required documents.
  • You will receive a call from the HFFC representative, who will help you with the further process.

✅ Are self-employed individuals eligible to apply for HFFC Loan Against Property?

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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.

✅ Are co-applicants permitted for HFFC Loan Against Property?

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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.

✅ Will the HFFC Loan Against Property be reassessed if the status of the applicant changes during the tenure of the loan?

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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.

✅ What is the mode of repayment of HFFC Loan Against Property?

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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.

✅ What are the factors considered to decide the eligible loan amount?

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Besides the property value, the other factors considered in deciding the eligible loan amount are

  • Income
  • The number of dependents.
  • Existing financial commitments.
  • Current Savings