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Types of Loans Available With HomeFirst

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All loans aren’t the same. If the borrower has to get cash, first, he will need to choose which sort of loan is right for his needs.

HomeFirst Finance Company has a wide variety of products available to our customers, depending on their unique circumstances. In this article, we cover each of them in brief.

  1. Loans for home purchase (from our approved developers)

This is the most common type of loan and it’s as easy as a pie. We are not blowing our own trumpets here, but with us, you can get a loan approved within 24 hours. Just a few clicks or a couple of taps on your smartphone, and you are all set to experience the best service you’ve ever had with a financial institution. Loans can be up to 90% of the property value and tenure can be as long as 25 years. You can also avail of a loan with joint borrowers, depending upon you and your co-borrowers’ eligibility.

  1. Home construction loans

This is our current favorite. Imagine you own or have inherited a plot of land and wish to construct a house on it. The home construction loan is the ideal choice for you. We are here to make your loan application process a smooth ride for you. We will scrutinize property-related documents, along with your own credentials, and there you have it; soon standing on your own plot and watching your dream home come up.

  1. Home improvement, renovation and expansion loans

You are looking at the specialist here. Your house badly needs a repair, or you are adding a new balcony. Maybe you are getting married and need to expand your home for your growing family. For any alteration work, like a new floor or just a bathroom, our home improvement and expansion loan are there for you. We finance 80-85% of the total repair cost.

  1. Balance transfer loans

If for any reason, you are unhappy with the services of your current lender, we would be more than happy to get you on-board. Whether it is interest rates, loan tenure, or any other related issues, we guarantee nothing but the best service. As per RBI guidelines, closure charges are done away with. So, why trudge along when you can run?

  1. NRI home loans

These loans are specifically designed for the benefit of non-resident Indians. They boast a quick and easy process, which is carried out entirely online. The hassle-free paperwork, an array of pre-payment options, and the maximum loan tenure make us a perfect fit to service an NRI customer.

  1. Shop loans

Some residential complexes have dedicated areas to build shopping complexes or small shops. We finance these sorts of establishments. It’s a pretty good investment for small business owners who often look for expansion.

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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.