Home First Finance Company India (HFFC) is a housing finance company that provides home loans at affordable interest rates (starting from 11.90%) for a tenure of up to 20 years. The NBFC uses a set of criteria to determine the eligibility of an applicant for a home loan offer. HFFC offers home loans to salaried as well as self-employed applicants with a regular source of income and a good credit score.
It is important to be aware of all the factors that influence the probability of approval of your home loan application so that you may plan your finances accordingly. Here are some of the criteria that HFFC uses to determine the eligibility of an applicant for a home loan:
Nationality: The applicant must be a citizen of India.
Age: Age is another important factor considered while determining the eligibility of an individual for a home loan. In order to be eligible for a home loan from HFFC, the applicant’s age must be between 21 years and 68 years.
Income and Employment: HFFC offers home loans to both salaried and self-employed individuals provided that they have a regular inflow of income.
Credit Score: As is the case with most other loans, HFFC grants home loans to applicants with stable credit history and at least a decent credit score- preferably 750 or above.
Loan to Value (LTV) Ratio: It refers to the ratio of the amount of loan granted to the value of the property for which the loan is availed. LTV is often expressed in percentage. HFFC offers an LTV of up to 90%, which means, an amount equal to up to 90% of the property value can be availed as a home loan.
HFFC uses a set of metrics to determine the eligibility of an applicant for a home loan offer. Some of the factors that affect the eligibility of an applicant for a home loan are- credit score, monthly income, age, other financial obligations like pending debt, etc.
The salary of a loan applicant is one of the key determinants of the amount of home loan they are eligible for. The following table gives you an estimate of the loan amount an applicant is eligible for based on their monthly income taking into consideration a repayment tenor of 20 years and an interest rate of 12% p.a. (which is the starting interest rate for HFFC house loans):
Monthly Income of the Applicant |
Loan Amount |
₹25,000 |
₹9,08,194 |
₹35,000 |
₹14,30,406 |
₹45,000 |
₹18,39,093 |
₹55,000 |
₹24,97,534 |
₹65,000 |
₹29,51,631 |
₹75,000 |
₹34,05,728 |
Since the repayment tenure of a home loan from HFFC can go up to 25 years, the age of the applicant also impacts the tenure of the home loan. The younger the borrower, the more time they have to pay back the loan amount. The table below provides an estimate of the relation between the applicant’s age and the maximum loan tenure they are eligible for:
Age of the Applicant |
Maximum Eligible tenure |
21 years to 30 years |
25 years |
31 years |
24 years |
32 years |
23 years |
33 years |
22 years |
34 years |
21 years |
35 years |
20 years |
36 years |
19 years |
37 years |
18 years |
38 years |
17 years |
39 years |
16 years |
40 years |
15 years |
41 years |
14 years |
42 years |
13 years |
43 years |
12 years |
44 years |
11 years |
45 years |
10 years |
The amount of house loan granted also depends upon the LTV (Loan to Value) ratio of the property for which the loan is issued. The LTV of a property, and therefore the loan amount, depends upon the value of the property. HFFC provides an LTV of up to 90% on home loans. The following table gives you an idea of the LTV ratio that you can expect for a given loan amount:
Loan Amount |
LTV Ratio |
Up to ₹30 Lakhs |
Up to 90% |
Between ₹30 Lakhs to ₹75 Lakhs |
80% |
Loans above ₹75 Lakhs |
75% |
The eligibility criteria for home loans from HFFC is same for all applicants irrespective of their gender.
Credit score is considered to be a standard and reliable method of assessing the creditworthiness of a loan applicant. Like most other lenders, HFFC prefers applicants with a good credit history and a CIBIL score upwards of 750.
There are a number of factors that play a part in whether the loan application gets approved as well as how much loan amount will be sanctioned. Hence, it is best to be aware of these factors beforehand:
Salary: It plays a part in HFFC housing loan eligibility since the applicant’s net income essentially determines his or her repayment capacity after meeting essential expenses.
Employment Status: Similarly, the applicant’s employment status also has an essential influence since it means that they have a stable source of income and are, therefore, in a better position to efficiently pay off the entire Home Loan amount.
Financial Obligations: Lastly, most established financial institutions such as Home First Finance Company expect its loan applicants to not have too many pending debts and other serious financial obligations hanging over their heads. Hence, your financial history and current obligations also affect your loan approval chances.
The criteria for HFFC Home Loan include: age between 21-68 years, net monthly income of ₹10,000 and profit after tax (PAT) of ₹15,000 for salaried and self-employed applicants, respectively.
The exact Home Loan amount disbursed depends on the salary as well as various other factors such as age, credit history, and financial obligations. You can use the Home Loan eligibility calculator to get a better idea of the Home Loan amount you might be eligible for.
If you are a salaried employee, the minimum net monthly salary must be ₹10,000. As a self-employed applicant, the minimum PAT must be ₹15,000.
Based on your CIBIL Score, income, repayment history, details of the co-applicant, you can get in touch with your lender to increase the HFFC Home Loan limit.