Loan Against Property
A multi-purpose loan that caters to all your financial needs
Why is an HomeFirst Loan Against Property suitable for you?
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Quick and Easy Loan Process
Get the approval you require without any hassles. To facilitate quick processing, the loan has an easy online application, basic eligibility criteria, and a minimal documentation requirement.
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Loan with Minimum documentation
When you apply for a loan against property, you won’t have to fill out a huge amount of paperwork. You only need to submit basic documentation, which saves time and expedites verification.
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Loan enhancement
Have an unexpected expense, or has the property value increased? Don’t worry, because we will add on the extra amount to your existing loan.
Eligibility
Loans are available to all salaried professionals. Find your eligibility with our handy calculator.
Calculate my eligibility
FAQ’s
A loan against property (LAP) / property loan / mortgage loan is just a secured loan, wherein we as the financial institution keep the property papers as a security until the loan is repaid.
The following are the main Purposes of loan Against Property viz. You can use the funds,
- For Business expansion / Working capital: For Business Expansion, purchasing machinery / equipment / raw materials / stock etc. and all other business requirements
- For Personal needs: Children’s higher education, marriage expenses or any family functions, medical emergencies, home improvement or furnishing
- For Debt consolidation: You can opt to settle all those high interest rate loans, that you might have borrowed in trying times. Live stress-free!
Your eligibility is usually dependent upon your monthly income. We will try to understand your occupation, family background & end use of the loan. Instead of hassling you with a lengthy list of required documents, you just have to keep your identity proof handy and we will do a careful assessment of your income, savings, liabilities etc. At Home First we have a popular saying – “We see you, and not your documents!”
Ohh! Yes! Absolutely. If anyone has a the ability to repay a loan and has a fixed
source of income he/she can take a loan from us. We will review your venture, understand your business model and not just look at your documents to sanction a loan.
We usually consider the following type of properties:
- Self-Occupied Residential Property (SORP): Applicant must be staying in the house, that he/she wants us to mortgage.
- Mixed Use Property (Self Occupied + Commercial / Rental): Applicant can have a property where he’s staying, and some portions of the property has been given on rent for commercial purpose.
NB: Commercial Properties are not accepted if it does not have self-occupied residence in it. All mortgages will have to be registered either as Registered Mortgage or Registering MOD as per the laws.
The fees HomeFirst will charge to avail Loan Against Property includes:
- Pre – Sanction Charges: 2% of Loan amount + 18% GST
- Post- Sanction Charges: After Sanction, Customer will have to pay a nominal amount for as Legal and Technical charges. We at HomeFirst emphasize on complete transparency as it’s one of our core values!
Any Blood-relative can be the co-applicant for LAP. Spouse / Parents are a common choice. However, if the property is co-owned, all co-owners mandatorily need to be co-applicants in the loan.
Example: If Mr. Sharma has applied for LAP in HomeFirst, then he can make his Wife/Parents/Brother/Children can become co-applicant.
We’re simplifying the documents that are needed below as per the category of applicant.
The rate of interest will be in between 14-16%. We’re simplifying this for you.
- Loan up to Rs. 9,99,999 the Rate of Interest would be 16%
- Loan from Rs. 10,00,000 – Rs. 19,99,999, the Rate of Interest would be 15%
- Loan above Rs. 20,00,000 up to Rs.50,00,000, the Rate of interest would be 14%
We provide LAP with a minimum tenor of 5 years to a maximum tenor of 15 years.
On 4th of every money the EMI amount would be debited automatically from your bank A/C. It’s mandatory that you have a functioning bank account and repayment will be routed through it
Yes! it’s allowed. After 6 months of taking the loan, you can go for a loan closure. We will charge 3% closure fee. You can also opt for 25% of loan prepayment every year with 3% fee. But No Prepayment / Closure is allowed within 6 months of the loan.
Yes, you can apply! We would closely evaluate your application and try to extend the loan. But as a thumb rule a lower credit score means a higher interest rate on the loan
We deal in the affordable segment i.e. loan amount up to 40 lakhs. The value of loan that we can offer against your property would be maximum 50% of your property value. Applicant can also apply for loans as low as 1 lakh.
Your loan will be reassessed under the criteria i.e. being followed for the loan assessment of a Resident Indian. We can provide LAP to every individual who possesses a valid Indian Passport and is Residing in India.
I always wanted to buy a home for my family. HFFC gave me the confidence and the support to achieve this.