Home Loan Rates 2018 5180 views
Table of Contents
- 1 About HFFC Home Loan
- 1.1 HFFC Home Loan Interest Rates
- 1.2 HFFC Home Loan Eligibility Criteria
- 1.3 HFFC Home Loan EMI Calculator
- 1.4 Documentation for Home First Finance Company Home Loan
- 1.5 Features and Benefits of Home First Finance Company Home Loan
- 1.6 HFFC Home Loan Customer Care Contact Number
About HFFC Home Loan
Buying your dream home? Planning to keep your finances separately for the home loan? Before proceeding further, you should check your monthly budget and evaluate your affordability in paying off the monthly installments (EMIs) of your home loan. Remember, it’s not only the EMIs that you have to incur but also bear other expenses such as registration fees, society charges, transfer fees, stamp duty, renovation or interior decoration(if any). But when it comes to buying a home, Home First Finance Company India Private Limited is the right home loan solution you can look for. HFFC is a young Housing Finance Company, which provide loans to the low and middle-income individuals, who want to buy homes. The majority of the customers are the first time buyers with HFFC who find difficulty in dealing with big financial institutions for their home loan requirements.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
HFFC Home Loan Interest Rates
|Minimum||Maximum||One Time Processing Fees(₹7900-₹13,900)+Service Tax*|
Note: Fixed rate of interest will be 2% higher than the floating rate mentioned above.
*Service Tax @ 14.00% HFFC PLR – 14.5% Wef: 1st June’ 2015
Please Note: Stamp duty, e-filing charges, CERSAI filing charges and other statutory dues applicable on the Memorandum of Equitable Mortgage, may differ based on the location and will be charged along with the processing fees.
HFFC Home Loan Eligibility Criteria
- Home loans are availed by salaried individuals who have a continual source of income.
- Home loans are offered for a tenure of 1 year to 25 years. If you choose a long tenure, you can get the benefit of a lower monthly outflow in the form of EMI.
- The amount for home loans varies between ₹1 lakh to ₹30 lakhs.
- Loans are available up to 90% of the property value and tenure can be as long as 25 years. Also, you can avail a loan with joint borrowers depending upon you and your co-borrowers’ eligibility.
HFFC Home Loan EMI Calculator
For determining your eligibility for a home loan, use Home First Finance Company Home Loan EMI Calculator which will require you to enter the following details as:
- Your Net Monthly Income
- Existing Loan EMIs
- Number of Members in the Household
- Co-applicant’s Net Monthly Income
- Co-applicant’s Existing Loan EMIs
- Rate of Interest on Housing Loan
- Tenure of Housing Loan in Months
After submitting the above details, you will get to know your eligibility amount for applying towards home loan.
For example, if You are a banking professional, earning ₹32000 p.m. You have applied for a home loan of ₹30,00,000 payable after 15 years at varying interest rates 14.00%-16.00% p.a. You wish to ascertain the total equated monthly installments along with the interest amount that will outgo towards home loan. The following table discloses about the calculated EMI, interest payment and the total amount(EMI+Interest) required to be paid each year on your home loan.
Table showing EMI, interest outgo and total amount payable on your home loan
|Loan Amount(in ₹ )||Loan Tenure(in years)||Interest Rate(% p.a.)||EMI(in ₹)||Total Interest Outgo(in ₹)||Total Amount(EMI+Interest)(in ₹)|
|30,00,000||1||14.00%-16.00%||2,69,361- 2,72,193||2,32,336- 2,66,311||32,32,336- 32,66,311|
|30,00,000||2||14.00%-16.00%||1,44,039- 1,46,889||4,56,928- 5,25,344||34,56,928- 35,25,344|
|30,00,000||3||14.00%-16.00%||1,02,533- 1,05,471||6,91,184- 7,96,960||36,91,184- 37,96,960|
|30,00,000||4||14.00%-16.00%||81,979- 85,021||9,35,013- 10,81,000||39,35,013- 40,81,000|
|30,00,000||5||14.00%-16.00%||69,805- 72,954||11,88,285- 13,77,250||41,88,285- 43,77,250|
|30,00,000||6||14.00%-16.00%||61,817- 65,076||14,50,840- 16,85,438||44,50,840- 46,85,438|
|30,00,000||7||14.00%-16.00%||56,220- 59,586||17,22,483- 20,05,240||47,22,483- 50,05,240|
|30,00,000||8||14.00%-16.00%||52,115- 55,586||20,02,992- 23,36,290||50,02,992- 53,36,290|
|30,00,000||9||14.00%-16.00%||49,001- 52,576||22,92,119- 26,78,181||52,92,119- 56,78,181|
|30,00,000||10||14.00%-16.00%||46,580- 50,254||25,89,592- 30,30,472||55,89,592- 60,30,472|
|30,00,000||11||14.00%-16.00%||44,660- 48,430||28,95,118- 33,92,696||58,95,118- 63,92,696|
|30,00,000||12||14.00%-16.00%||43,114- 46,975||32,08,389- 37,64,365||62,08,389- 67,64,365|
|30,00,000||13||14.00%-16.00%||41,853- 45,801||35,29,083- 41,44,977||65,29,083- 71,44,977|
|30,00,000||14||14.00%-16.00%||40,815- 44,845||38,56,868- 45,34,021||68,56,868- 75,34,021|
|30,00,000||15||14.00%-16.00%||39,952- 44,061||41,91,403- 49,30,984||71,91,403- 79,30,984|
|Year||Principal(in ₹)||Interest(in ₹)||Balance Amount (in ₹)|
|1||52,470- 63,390||4,16,034- 4,76,262||29,36,610- 29,47,530|
|2||61,509- 72,857||4,06,567- 4,67,223||28,63,753- 28,86,021|
|3||72,105- 83,737||3,95,687- 4,56,627||27,80,016- 28,13,916|
|4||84,525- 96,242||3,83,182- 4,44,207||26,83,774- 27,29,391|
|5||99,085- 1,10,614||3,68,810- 4,29,647||25,73,160- 26,30,306|
|6||1,16,156- 1,27,135||3,52,289- 4,12,576||24,46,025- 25,14,150|
|7||1,36,168- 1,46,121||3,33,303- 3,92,564||22,99,904- 23,77,982|
|8||1,59,624- 1,67,941||3,11,483- 3,69,108||21,31,963- 22,18,358|
|9||1,87,124- 1,93,022||2,86,402- 3,41,608||19,38,941- 20,31,234|
|10||2,19,359- 2,21,850||2,57,574- 3,09,373||17,17,091- 18,11,875|
|11||2,54,982- 2,57,147||2,24,442- 2,71,585||14,62,109- 15,54,728|
|12||2,93,060- 3,01,448||1,86,364- 2,27,284||11,69,049- 12,53,280|
|13||3,36,828- 3,53,378||1,42,596- 1,75,354||8,32,221- 8,99,902|
|14||3,87,131- 4,14,254||92,293- 1,14,478||4,45,090- 4,85,648|
|15||4,45,552- 4,86,228||34,479- 43,112||0|
Documentation for Home First Finance Company Home Loan
You are entitled to home loan application after submitting your home loan application form along with the documents mentioned below:
|Identity Proof (Any one)||-Pan Card|
-Voter Id Card
-Identity Card issued by Employer
|Address Proof (Any one)||-Passport|
1 passport size photograph
|Income Proof||For Salaried Employees:|
-Latest 3 Months Salary Slip
-Form 16 (latest year)
For Self-employed individuals:
-P&L and Balance sheet for latest 3 years Or
-Proof of business (3 years)
|Bank Statements||Latest 6 months|
Features and Benefits of Home First Finance Company Home Loan
1. Loans up to 90%
Finance facility is available up to 90% of the ‘Total Property Cost’ including registration charges, parking, other charges etc. This means you can buy your dream home by paying only 10% of the total value. It comprises of loan amounts for less than ₹20 lakhs.
2. Build Up Down Payment
With Build Up Down Payment facility, you can easily overcome the situation of shortage of funds. As you can book your dream home immediately by paying your down payment in parts—some amount in the beginning and the balance, later.
3. Auto Pre-pay
Now you have the flexibility to cut down the extended tenure for repaying your EMIs. With auto pre-pay facility, you can save on 63 EMIs. All you have to do is to make an extra payment of Rs. 1000 every month towards your home loan. By cutting off, your last 63 EMIs will make substantial savings in your interest outflow.
However, your account will be debited by ₹1000 per month. This will be adjusted against your principal outstanding, which will minimize the tenure of your loan.
Let’s see how EMI burden can be reduced:
Loan Amount: ₹10 lakhs
Loan Tenure 20 Years: 240 months
Auto Prepay Amount: ₹1,000 p.m
Regular EMI: ₹12,074
Revised Tenure: 177 months
4. Loan Enhancement
If you fall short of funds for repaying towards your home loan in any month, consider Loan enhancement facility available from Home First Finance Company India Pvt. Ltd. It will increase your loan amount with just the amount required.
Also, if you find that your property prices have been escalated due to the sudden inclusion of a parking lot or any other cost, then contact Home First Finance Company for seeking help for an arrangement of funds.
5. Easy Documentation
Follow the HFFC big checklist for getting all your requisite documents ready, when it comes to applying for a home loan. It will save your time rather than getting involved in the tedious documentation process. Just go through the simple and swift procedure of HFFC for arranging your documents which require the establish proof of your identity, address, and income along with bank statements and a photograph—making a way for completing with all the maximum formalities.
6. No External Agents
No need to worry about that you have to deal with any sales agents and verification executives. At HFFC, the process is very simple as the entire process of the home loan application to the final sanction is being managed by the well-trained Home relationship managers.
HFFC Home Loan Customer Care Contact Number
If you face any difficulties regarding the eligibility criteria, understanding of home loan disbursements, lack of any document for producing evidence or want any financial advice towards obtaining home loan then get in touch with an experienced customer care representative of Home First Finance Company India Pvt Ltd by calling on 1800 3000 8425 (Toll-free number). You can also email your queries or grievances(if any) at the email address given on the website.