Get a home loan of up to ₹40 Lakhs at HFFC home loan interest rate starting at 9.50% p.a. Note that the HFFC interest rate applicable to you will depend on factors such as your employment status, your credit score, and your creditworthiness. In addition to the HFFC interest rate, you will have to pay a nominal processing fee. Moreover, if you want to repay your HFFC home loan before the loan repayment tenure, you can do it for no extra charge.
The other kinds of charges associated with a HFFC home loan are as follows:
Processing Fee |
Between ₹9,990 - ₹21,990 (depending on the loan amount) |
Foreclosure Charges |
Nil |
Penalty Interest Rate (charged on EMIs that are paid late) |
Up to 2% per month |
EMI Bounce Charges (if the EMIs are paid through cheques) |
₹500 + 18% GST |
Statement of Accounts |
|
Example: Let us assume that you have taken a home loan of ₹2,00,000 from HFFC at an interest rate of 18% p.a and your loan repayment tenure is 5 years. Simultaneously, your friend has taken the same amount, but his interest rate is 12% p.a. and he has to repay it over 25 years. Let us now take a look at the applicable charges and the final amount that you both will pay by the end of your respective repayment tenures.
Processing Fee |
Between ₹9,990 to ₹21,990 |
Fee payable to Bajaj Markets |
₹0 |
Maximum and Minimum EMI Amounts |
|
Total Amount Payable |
|
HFFC has several schemes available for people from all walks of life. Their respective interest rates are as follows:
HFFC Home Loan Scheme Name |
Interest Rate Range |
HFFC Loan for Salaried Professionals |
9.50% p.a. |
HFFC Loan for Self-Employed Professionals |
9.50% p.a. |
HFFC Loan for Property Construction |
12% p.a. |
HFFC Home Extension/Renovation Loan |
12% p.a. |
HFFC Home Loan for NRIs |
12% p.a. |
HFFC Home Loan for Senior Citizens |
12% p.a. |
HFFC Home Loan Balance Transfer |
12% p.a. |
The HFFC home loan interest rates which will be applicable to salaried and self-employed people are:
Type of Applicant |
Interest Rates |
Salaried |
9.50% p.a. |
Self-Employed |
9.50% p.a. |
The applicable HFFC home loan interest rates are as follows:
Applicant Type |
Interest Rate Range |
Women |
9.50% p.a. |
Government Employees |
9.50% p.a. |
Balance transfer facilities allow you to transfer the remainder of your home loan to a different lender. You may want to make such a switch to enjoy the lower interest rates at which the other lender is allowing you to pay off your remaining dues. But, before you go ahead and make the switch, you must check the foreclosing charges and applicable processing fees with both lenders. As of now, the HFFC home loan balance transfer interest rate starts from 12%.
The interest rates at which other leading lending institutions are providing home loans are as follows:
Lender |
Interest Rate Range (per annum) |
Home First Finance Company (HFFC) Limited | 9.50% onwards |
Bajaj Housing Finance Limited |
8.60% onwards |
PNB Housing Finance |
8.50% onwards |
Union Bank of India Limited |
8.60% onwards |
ICICI Bank |
8.75% onwards |
The factors that could affect HFFC loan interest rate applicable to you are as follows:
Your CIBIL Score: A CIBIL score of 750 or above will get you a HFFC loan at a lower interest rate. On the other hand, you may be charged a higher interest rate if your CIBIL score is below 750.
Your Monthly Income: Your monthly pay will determine your loan repayment capacity. The higher your monthly cash inflow, the lower your interest rate will be and vice-versa.
Your Loan Amount: If you take a high loan amount, you may get to repay it at a higher home loan interest rate. The opposite may be true if your HFFC home loan amount is low.
The main concept behind housing loans is to bring dream homes into the affordablity bracket of an individual. Home loans ensure that your dream house does not disturb your monthly budget or exhaust your savings. After purchasing a residential property, the customers can apply for HFFC home loans via Bajaj Markets at just 9.50% without any hassle.
You can avail a home loan of ₹40 Lakhs from HFFC for a tenure of 20 years at an interest rate starting from 9.50% per annum. The exact rate of interest applicable might vary based on your credit profile.
You can reduce your interest rate on Home Loan by lowering your repayment tenure or going for prepayment.
In the case of fixed interest options, the rate of interest is fixed throughout the course of repayment tenure. In case of floating interest options, the interest rate depends on the base rate, which is set by the Reserve Bank of India. The interest rate changes with variation in the base rate.
Yes. Section 24 and Section 80C of the Indian Income Tax Act of 1961 allow Indian residents to avail tax benefits on the principal amount as well as interest payments for a home loan.