Home First Finance Home Loan Interest Rates

Home First Finance Company is a non-banking financial company offering home loans to individuals looking to purchase or construct their homes. The company provides home loans at competitive interest rates to cater to its customers’ various needs and requirements.

Home First Finance Company Interest Rates range from 8.00% p.a. to 22.00% p.a. and vary based on several factors, such as loan amount, credit score, and loan tenure. The company also offers flexible repayment options to its customers, allowing them to choose a tenure that suits their financial needs. With a quick and seamless disbursal process, Home First Finance Company makes the home-ownership journey of its customers convenient and stress-free.

Home First Finance Company Home Loan Highlights

Home First Finance Company is a premier home loan provider catering to its customer’s diverse needs. The company offers several highlights and benefits to its customers, making the home-ownership journey easier and more convenient.

• Maximum loan amount: Home First Finance Company offers a maximum loan amount of 90% Loan-to-Value (LTV), making it easier for its customers to purchase or construct their dream home.
• Auto Prepay: The company offers an Auto Prepay feature allowing customers to prepay their home loan without incurring charges.
• No income proof required: Home First Finance Company does not require its customers to provide any income proof, making the loan application process quick and hassle-free.
• Loan enhancement: The company offers loan enhancement facilities to its customers, enabling them to increase their loan amount as and when required.
• Home loan for every purpose: Home First Finance Company provides home loans for every purpose, including the purchase, construction, and renovation of homes.
• Paperless process: The company follows an entirely paperless process, making the loan application and disbursal process quick and seamless.

 

Home First Finance Company Home Loan: Schemes

Home First Finance Company offers a range of home loan options to cater to the diverse needs of its customers. Whether you’re looking to purchase your first home, construct a new one, or renovate your existing property, Home First has a solution for you.

• Salaried Professionals: This home loan scheme is specifically designed for salaried individuals and offers competitive interest rates, flexible repayment options and easy eligibility criteria.
• Self-employed: This home loan scheme is designed for self-employed individuals, including business owners and freelancers. It offers a higher loan amount and flexible repayment options.
• Construction Loan: This loan is designed to help customers build their dream home. It provides funding for the entire construction process, including the purchase of land and the construction of the building.
• Extension and Renovation Loan: This loan is designed to help customers expand or renovate their existing homes. It offers to fund all home renovations, and extensions, including kitchen and bathroom, remodels, adding a new room, etc.
• Loan against Property: This loan allows customers to use their property as collateral to secure a loan. It provides a considerable loan amount and is ideal for customers who need funds for various purposes, including business expansion, debt consolidation, etc.
• Home Loan for NRIs: This loan is designed for Non-Resident Indians and offers flexible repayment options and competitive interest rates.
• Home Loan for Senior Citizens: This loan is designed for senior citizens and offers attractive interest rates and flexible repayment options.
• Home Loan Balance Transfer: This loan allows customers to transfer their existing home loan to Home First Finance Company and enjoy lower interest rates and better terms and conditions.
• Home Loan Top-Up: This loan allows customers to borrow additional funds for their existing home loan. It is ideal for customers who need additional funds, including home renovation, medical expenses, etc.

Home First Finance Company Home Loan: Fees and Charges

Home First Finance Company Home Loan has a login fee of INR 2,500 + GST. Additional fees, such as stamp duty and e-filing charges, may vary based on location. These fees are in addition to the processing fee.

How to Calculate Interest on Home First Finance Company Home Loan?

The interest on a Home First Finance Company Home Loan is calculated based on the loan amount, the interest rate, and the loan tenure. The interest rate can be either fixed or floating, depending on the loan scheme and the borrower’s choice. The interest calculation can be done using various online calculators or the formula below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here,

• P is referred to as the Principal or loan amount
• R is referred to as monthly interest (the annual interest rate is divided by 12 to get this value)
• N is referred to as Number of monthly instalments or loan tenure in months.

Why are Home First Finance Company Home Loan Interest Rates Best for the Customers?

Home First Finance Company home loan interest rates are considered best for customers because of several factors, including flexible repayment options, low processing fees, and a quick disbursal process.

• The company also offers loan customisation based on the customer’s needs and financial capacity, ensuring they can choose the best loan package that fits their budget and requirements. 
• Additionally, the company’s customer-centric approach and efficient loan management system contribute to the overall positive experience for home loan customers.

What Factors Affect Home First Finance Company Home Loan EMIs? 

• Loan Amount: The higher the loan amount, the greater the EMI amount.
• Tenure: The loan tenure, or the loan duration, also affects the EMI amount. A longer loan tenure will result in lower EMIs, while a shorter loan tenure will result in higher EMIs.
• Interest Rate: This is a crucial factor that affects EMIs. A higher interest rate will result in a higher EMI, while a lower interest rate will result in a lower EMI.
• Processing Fees: Processing fees are charges that are levied by the lender for processing a loan application. These fees can affect the EMI, as they are added to the loan amount and therefore increase the EMI amount.