Home First Finance Company (HFFC) is a young and dynamic housing finance company that offers home loans to low and middle-income individuals, especially in the affordable housing segment. Whether you want to buy, construct, or renovate your dream home, Home First has a loan solution for you.
In this article, we will explain how to apply for Home First home loan online, what are the eligibility criteria, interest rates, documents required, and other details. We will also cover some of the unique features of Home First home loan, such as Auto-Prepay, no income proof, and PMAY scheme.
What is Home First Home Loan?
Home First home loan is a loan that you can avail from Home First Finance Company (HFFC) to finance your home purchase or construction. You can borrow up to Rs. 50 lakh for a tenure of up to 30 years, depending on your eligibility and repayment capacity.
Home First offers home loans under three categories: Jumbo Home Loan, Instant Home Loan, and Pradhan Mantri Awas Yojana (PMAY) Home Loan.
- Jumbo Home Loan: This is for loan amounts up to Rs. 50 lakh and repayment tenures up to 30 years. This is suitable for customers who want to buy or construct a spacious home in a good location.
- Instant Home Loan: This is for loan amounts up to Rs. 10 lakh and repayment tenures up to 15 years. This is suitable for customers who want to buy or construct a small or medium-sized home in a low-cost area.
- PMAY Home Loan: This is for customers who are eligible for the PMAY scheme, which provides a subsidy of up to Rs. 2.67 lakh on the interest rate. This is suitable for customers who belong to the Economically Weaker Section (EWS), Low Income Group (LIG), or Middle Income Group (MIG) categories.
Home First home loan interest rate ranges from 9% to 14% per annum, depending on your credit profile, loan amount, and tenure. The processing fee is 2% of the loan amount plus taxes as applicable.
What are the Benefits of Home First Home Loan?
Home First home loan has several benefits that make it an attractive option for borrowers. Some of the benefits are:
- Easy and hassle-free online application and approval process
- No income proof required for self-employed or informal salaried customers
- No prepayment penalty for existing customers who opt for Auto-Prepay feature
- Competitive interest rates and flexible repayment options
- Quick and responsive customer service
- PMAY scheme benefit for eligible customers
- Credit enhancement through credit guarantee fund
How to Apply for Home First Home Loan Online?
Applying for Home First home loan online is a simple and convenient process. You can follow these steps to apply for Home First home loan online:
- Visit the official website of Home First at here and click on “Apply Now” under the “Home Loan” section.
- Fill in the application form with your basic details such as name, income, purpose of loan, PAN card number, etc.
- Upload the required documents online such as ID proof, address proof, income proof, bank statement, property papers, etc.
- The Home First home loan team will contact you to complete the application process and verify your details.
- Once your application is approved, you will receive a loan agreement that you need to sign digitally.
- The loan amount will be disbursed directly to your bank account within 48 hours.
What are the Eligibility Criteria for Home First Home Loan?
To be eligible for Home First home loan, you need to meet the following criteria:
- You must be an Indian citizen residing in India
- You must be between 21 and 65 years of age
- You must be employed for at least 6 months with a minimum income of Rs. 15,000 per month
- You must have a good credit history and repayment track record
What are the Documents Required for Home First Home Loan?
The documents required for Home First home loan are:
- PAN card
- Aadhaar card or any other ID proof
- Address proof such as electricity bill, rent agreement, etc.
- Income proof such as salary slip, bank statement, ITR, etc.
- Property papers such as sale deed, builder agreement, NOC, etc.
What are the Features of Auto-Prepay Feature?
Auto-Prepay is a unique feature offered by Home First that allows you to make prepayments in addition to your EMI without any prepayment charge. This helps you reduce your interest cost and repay your loan faster.
To avail this feature, you need to opt for it at the time of loan application or anytime during the loan tenure. You can choose the amount and frequency of prepayments as per your convenience. You can also change or cancel the Auto-Prepay option at any time.
What are the Features of PMAY Scheme?
PMAY scheme is a government initiative that aims to provide affordable housing to all by 2022. Under this scheme, eligible customers can avail a subsidy of up to Rs. 2.67 lakh on the interest rate of their home loan.
To avail this scheme, you need to meet the following criteria:
- You must not own a pucca house in your name or in the name of any family member in any part of India
- You must belong to the EWS, LIG, or MIG category as per the income criteria defined by the government
- You must apply for a home loan under the PMAY scheme with Home First or any other participating lender
- You must submit the PMAY application form along with the required documents
Here are some frequently asked questions about Home First home loan:
Q: What is the customer care number of Home First?
A: You can contact the customer care of Home First at 1800-3000-4747 or email at firstname.lastname@example.org.
Q: How can I check my Home First home loan status online?
A: You can check your Home First home loan status online by visiting the customer portal and logging in with your loan account number or application ID. You can also download the Home First customer app from the Google Play Store and check your loan status on your mobile phone.
Q: Can I prepay or foreclose my Home First home loan?
A: Yes, you can prepay or foreclose your Home First home loan after paying a minimum of 12 EMIs. The prepayment or foreclosure charges are nil for existing customers who opt for Auto-Prepay feature and 4% of the outstanding principal amount plus taxes as applicable for other customers.
Q: Can I get a top-up loan on my existing Home First home loan?
A: Yes, you can get a top-up loan on your existing Home First home loan if you have a good repayment history and credit score. The top-up loan amount and interest rate will depend on your eligibility and current loan status.
Q: What are the late payment charges for Home First home loan?
A: The late payment charges for Home First home loan are 2% per month on the overdue amount plus taxes as applicable.