Depending on the EMI amount that you can afford every month, a tenure is fixed for you by our relationship managers. To get an idea of what your loan with HomeFirst could look like, you can use our handy EMI calculator.
We do consult credit scores, but each of our customer applications is handled individually and personally. So long as we can be assured that you will be able to pay the EMIs regularly, we encourage you to apply for a home loan with us. The advantage of dealing with HomeFirst is that we consider each applicant personally, and not the basis of numbers alone.
A PIO or Person of Indian Origin is an individual with a foreign citizenship, who can either trace their family to India, have formerly held Indian citizenship, or are married to an Indian national. As of January 2015, this identification card has been discontinued, and merged with the OCI (Overseas Citizen of India) program instead.
HomeFirst home loans give you up to 90% of the agreement value, and even assist with the initial down payment. This makes HomeFirst home loans for salaried professionals unique, as no other loan provider offers such a large percentage of the agreement value.
Yes, the EMI amount can most certainly be increased. Using our auto prepay feature, we encourage our customers to increase EMI payment amounts and reduce their tenure, resulting in long-term savings for them, through a reduction in the principal amount.
Depending on the EMI amount that you can afford every month, a tenure is fixed for you by our relationship managers. To get an idea of what your loan with HomeFirst could look like, you can use our handy EMI calculator.
Absolutely. HomeFirst is pleased to help their customers pay off their loans in advance and reap the savings of doing so. As per RBI regulations also, financial institutions cannot charge for prepayment of loans.
It is possible to avail of tax benefits under Sections 24 and 80C of the Income Tax Act. Please contact us or a tax expert for more details on how this could affect your tax filing.
Your eligibility depends on various factors such as your current family income, credit history & existing financial obligations (if any). Use our home loan eligibility calculator to know your eligibility. Or leave your contact details on the website & we will show you a way forward.
Our only requirement from our self-employed customers is a steady source of income & good credit history to ensure that you can pay the EMI installments without an issue. We work with each customer individually to determine what the best product is for their needs, and lack of proof of income is no bar to apply for a loan for the self-employed.
Yes, an Indian address is required to apply for a home loan for NRIs.
Any close family member can be included in the loan application as a co-applicant.
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.
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.
All loans are repaid through the system of EMIs, which is debited directly from your bank account. An EMI is a fixed amount comprising a part of the principal and interest of the overall loan and is payable every month for the tenure of the loan.
No, there are no charges if you choose to prepay some or all of your loans. Not only has RBI removed prepayment charges on loans, but HomeFirst also supports and encourages our customers to prepay their loans, so as to save in the long-term.
Yes, absolutely! HomeFirst encourages co-applicants for home loans and does indeed consider all sources of income while deciding on principal amounts and EMI payments.
Absolutely. HomeFirst encourages their customers to avail of the long-term savings by increasing their EMI amounts each month to reduce their principal, and therefore reduce the tenure.
We provide home loans for gram panchayat properties only in selected areas. For details, please call us at: 08880649911
HomeFirst understands that although you have a steady income with a salary, it doesn't always mean that you have savings available easily. Many salaried professionals push their dreams of owning their homes forward because of this reason. So, we have devised a product that provides you up to 90% of the principal you require, and we assist with the down payment too. Pay for your home loan at leisure, with the minimum upfront investment that the market can offer.
Home loans are deductible under Section 24 and 80C of the Income Tax Act. For more information, contact your relationship manager, or consult with a tax expert.
Our full and final list of documentation is available in a convenient schedule here. HomeFirst understands that proof of income is not always available for self-employed customers, so we find other ways to ensure that you have a steady source of income. Apply for a loan today, and our relationship managers are sure to assist you in every way.
A spouse or a blood relative can become a co-applicant for this loan. We actively encourage family members to take on the loan together.
We do consult credit scores, but each of our customer applications are handled individually and personally. So long as we can be assured that you will be able to pay the EMIs regularly, we encourage you to apply for a home loan with us. The advantage of dealing with HomeFirst is that we consider each applicant personally, and not the basis of numbers alone.
The rate of interest for mortgage loan varies between 11.9 - 15% depending on your income profile and property type.
Yes, there can be multiple applicants for a self-employed home loan.
Yes, you can still avail of a home loan. Please contact us with details about your requirement, and we will do our utmost to accommodate your special circumstances.
HomeFirst doesn't require references to approve of home loans, however they are always helpful to a loan application if they are available.
HomeFirst has designed this product to suit the special requirements of customers who run their own businesses, and who do not always have documented proof of income. Most financial institutions give out loans only to salaried people, but HomeFirst aims to change that.
The common documents required to apply for Home Loan are Loan Application Form, KYC Documents, Income Proof, Bank Statement. Our full and final list of documentation is available in a convenient schedule here: https://homefirstindia.com/article/documents-needed-loan-application/
At the time of loan approval, the HomeFirst relationship manager will work out an EMI amount that will be deducted from your bank account on a fixed day every month. You can increase the EMI amount with our auto prepay feature, which will reduce your loan principal and the tenure of your loan while creating long-term savings for you.
Our full and final list of documentation is available in a convenient schedule here. HomeFirst understands that proof of income is not always available for self-employed customers, so we find other ways to ensure that you have a steady source of income. Apply for a loan today, and our relationship managers are sure to assist you in every way.
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.
HomeFirst has several specialized loan products, depending on the circumstances of our customers and their unique requirements. As such we are constantly innovating, and now have several varieties of home loans. You can read about all our products here.
At the time of your loan approval, you are required to fill out an ACH form, to allow the EMIs to be directly deducted from your bank account at a fixed time every month. All you need to do is ensure that your account has sufficient balance, and we will take care of the rest.
No security is necessary to apply for any of HomeFirst loan products.
Yes, details about the to-be purchased must be submitted along with the loan application. HomeFirst releases the loan directly to the builders, and thus must have complete details of the property.
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.
At the time of your loan approval, you are required to fill out an ACH form, to allow the EMIs to be directly deducted from your bank account at a fixed time every month. All you need to do is ensure that your account has sufficient balance, and we will take care of the rest.
Home loans for NRIs is a product specially created to suit the needs of an NRI (non-resident Indian). As NRI customers work and live overseas, it becomes challenging for them to apply for a home loan in India. However, we have simplified the process considerably, using technology to cut through paperwork and bureaucratic hassles of the loan application process.
No, a guarantor is not required for a home loan for the self-employed.
Yes, a permanent residential address is necessary for a home loan for NRIs application.
