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Types of Loans Available With HomeFirst

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Home Loans- All you need to know

Having a place of your own to call home has always been a top goal for you. Isn’t it? Well, what if we can say your priority can soon be a reality? You can always get your dream home within your budget because home loans or house loans are there to your rescue. And wait, with Home First, you can not just get a loan for buying a home but also to construct a home on your own plot, renovation, and extension of an existing structure, and so on. Well, the good news is that HomeFirst finances loans for all Indians and NRIs home loans.

Check out home loan details available in India, especially with HomeFirst

  1. Home Loan/ Flat Loan/ House Loan

The most common of all home loan types to purchase a home or a flat. We finance these loans where you can borrow money to buy a home of your choice. With HomeFirst, you can get these loans approved in just 48 hours. With HomeFirst, you can put up a home loan application online and get a seamless digitized experience. You can get up to 90% of the market value of your home and tenure can be as long as 25 years.

    1. Construction Loan

  • If you already own a piece of land and you want to build a home on that land, but you need money to pay for the building of the house, a construction loan might be right for you. This is currently our most preferred option. HomeFirst provides you with the option to get up to 80-85% of the amount funded. You also have the option of applying for construction loans online. Submit an online application for a construction loan, and after we have reviewed the paperwork relating to the property, we will get back to you with some good news.

    1. Home renovation, expansion and extension Loan

    Wanna add an extra room or floor to your existing home or renovate it with going trends. These home loans help you to accommodate your growing needs. HomeFirst is again there for you! We provide you a loan with an amount as small as 5 Lakhs.

    1. Balance Transfer Loan
  • They are often called BT loans. If you are in any way unhappy with your current lender’s service, you can always switch to us and we will be more than happy to serve you. We promise to serve you the best possible interest rates, loan tenure, and easy switching. HomeFirst can also add an extra amount to your existing loan in case of need or if the property value has increased and further cases.

    Shop Loan
    If you want a loan for shop purchase or shop expansion, HomeFirst finances these commercial loans for small business persons to either start or expand your business.

    Advantages of Home Loan

    Income Tax Benefit on Home Loan
    The most important benefit of a home loan is income tax deductions. The government has different sections under the Income Tax, where they provide deductions.

    Income Tax Amount
    Maximum Deductible Amount
    Section 24
    ₹2 lakhs per annum (interest repayment)
    Section 80C
    ₹1.5 lakhs per annum (on principal repayment)
    Section 80EE
    ₹50 thousand per annum

    No prepayment charges
    HomeFirst normally does not impose prepayment fees if you decide to pay off your loan before the agreed-upon duration, which is another benefit of a home loan or construction loan. In fact, we have an option of auto prepayment which helps you pay off your loan according to your customisation. You can also have a look at our Home Loan EMI calculator.

    Flexible Interest Rates and Tenure
    HomeFirst provides you with the option to choose the tenure of the home loan and accordingly the interest rates are determined.

    If you are looking for home loans, flat loans, construction loans, shop loans, commercial loans or any kind of housing loans, HomeFirst is there for you. This guide to home loan is there to familiarize you with all the basic terms and advantages associated with loans. With us, you can experience a fully digitized experience from loan application to closure. Apply for the same through the link here and contact us on our toll-free number 08880649911 for any kind of assistance. In case of offline – assistance, find the nearest branch here.

    Let us lend you helping hand in making your dream come true.

    Apply for a Home Loan online
    & get instant approval

    Interest rates and other charges depend on the products. Please refer to the individual product pages for the rates.

    Your home loan will be processed in 2 steps:

    1. You receive the approval of your home loan.
    2. You sign the loan agreement papers and complete other necessary documentation. The loan amount is thereafter paid directly to the builder by Home First Finance Company.

    Loan decisions are made in less than a week. You will receive an SMS on your registered mobile number as soon as we make a decision.

    HomeFirst does not charge any prepayment fees. This applies to both partial and full repayments. In fact, we have a special Auto-Prepay feature to facilitate this process for you.

    HomeFirst offers loan tenures between 1 year to 25 years. If you opt for a longer tenure, you can get the advantage of a lower EMI each month.

    HomeFirst can provide finance up to 90% of the property value. The balance has to be arranged by you from other sources. Please note: 90% financing is only available for loans amounting to less than Rs. 30 lakhs.

    All co-owners of the property have to be co-applicants to the loan. A person who is not a co-owner can also become a co-applicant to the loan.

    During the construction phase, HomeFirst will disburse funds to the builder on your behalf. These will be based on payment requests made by the builder as per the construction schedule.

    HomeFirst will charge interest only on the amount disbursed as loan during the construction phase. In this period, interest is charged only on the disbursed loan amount. For example, if you have a sanctioned loan of Rs 10 lakhs, but the property is under construction and we have disbursed only Rs 4 lakhs, you will be charged interest only on 4 lakhs. These interest payments are referred to as pre-EMI interest payments.

    EMI payments will start only after completion of the project and registration of the property.

    All cheques to HomeFirst should be written out in favor of ‘Home First Finance Company India Limited’.

    In the event of an unfortunate incident, home loan insurance will help you or your family pay off the home loan. This ensures that the burden does not suddenly fall upon family members at a bad time.

    Send us your resume on careers@homefirstindia.com with the position you are applying for in the subject line.