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Can I get a Home Loan?

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Can I get a Home Loan?

There is always a desire in everyone’s heart at some point of time to own a house of their own, which they can call their home. No matter where we come from or what our cultural background is, all of us want that one sweet place in our home at the end of the day. 

Though houses can have different images for everyone in their mind but still everyone wants a home. For some, this might mean a large, luxurious house in the suburbs, while for others it could be a small apartment in the heart of the city while for some just two rooms of their own. Regardless of the specifics, the basic human need for shelter and a sense of security is something that transcends cultural, economic, and social boundaries. 

While some can easily afford their homes, it becomes difficult for most of the population of India to own a home without a home loan. You think this is the bad part? Just wait for the worst, among this majority population, a part of the population can’t even afford a home loan due to many reasons like lack of proper documents, cash income and many such factors. 


  • Can I get a home loan if I am a street food vendor (vada pav stall, fruit juice stall) and so on?

This question gets directly linked to the presence of income proof, unstable employment and so on. There is a large population in India who work in the unorganized sector and do not have a proper income certificate. These people lose their hope when it comes to getting a home loan with the traditional banking system. But with HomeFirst, the answer to the question is yes. We don’t require income proof to sanction a loan. We consider all types of income, cash or documented and conduct on-field verification and get your home loan sanctioned.


  • Am I eligible for a home loan if I earn ₹15000 per month and my wife earns ₹10000 per month?

Yes, why not. This might not be the case with traditional lenders but with HomeFirst it is possible. The total income of you and your family determines the amount and tenure of the loan sanctioned but you are definitely eligible to get a home loan. You can also check our home loan eligibility calculator. You can also add as many co-applicants who are your immediate family to increase the loan amount.


  • Can I get a home loan if my salary is ₹25000 per month?

Often, there is scepticism in people’s mind that they can’t get a home loan because their salary is low. But, there’s no reason to doubt if your salary is ₹25000 per month. You can definitely avail a home loan with this salary. Also, up to 90% of the property value can be financed by HomeFirst depending upon the terms and conditions. Traditional lenders may disappoint you for a while but HomeFirst tries to the best that you get your loan financed. Not just for home loan but you can also get it for home extension, home renovation and so on.


  • Can I get a home loan if I have cash income only?

Definitely, we finance loans taking into account both cash and documented income. Any of the two types of income would suffice for you to be eligible for home loans. We finance these home loans without income proof. Our one relationship manager will talk and take care of all your needs whether you have any doubt or you are facing some issues. They will be available for all your questions and challenges. 


Here at HomeFirst, we make sure to the best of our ability that you get your first home. If your doubt doesn’t get answered here, reach out to us. HomeFirst is here to serve the dream of your home. We will try to answer most asked questions related to home loan, you can still reach out to our toll free number – 08880649911 or write to us at or visit the nearest branch in case of any assistance.


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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.

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