Home First Finance Company Review: Interest Rates, Eligibility, and Benefits

Owning a home is one of the biggest dreams for Every Indian family. But turning that dream into reality often starts with finding the right home loan partner—especially for first-time Home buyers from middle or lower-income backgrounds. That’s where Home First Finance Company (HFFC) comes in.

At Financenu, we’ve reviewed dozens of lenders, and HFFC stands out for one big reason: it’s not just a finance company; it’s a support system for new homeowners. In this blog, let’s take a closer look at their interest rates, who’s eligible, and the real benefits they offer.

👇 What is Home First Finance Company?

Home First Finance Company India Ltd., often just called Home First, is a Mumbai-based housing finance company focused on providing affordable home loans to first-time buyers, especially those who may not have traditional income proofs.

Started in 2010, the company has grown rapidly across India’s smaller cities—helping people who are often rejected by banks due to irregular income or limited documentation.

In short? They say “yes” when others say no.

💰 Interest Rates – What to Expect

One of the first things any borrower wants to know is: What interest rate will I get? With Home First, it depends on your profile, but here’s a general range:

• Loan TypeInterest Rate (Approx.)Loan Tenure
• Home Loan8.50% – 14.00% per annumUp to 20 years
• Construction LoanSimilar rangeBased on project size
• Loan Against PropertyCustomisedUp to 15 years

📝 Important Charges:

Processing Fee: ~1.5% + GSTPrepayment Charges: NIL (for individuals)Late EMI Penalty: Usually around 2% per month

So while their interest rates are a bit higher than any big banks, the ease of approval and fast disbursement often outweigh the cost—especially for first-time buyers.

✅ Eligibility – Who Can Apply?

This is where Home First truly shines. While many banks demand payslips, IT returns, and strong credit history, Home First looks at your actual ability to repay—even if you’re self-employed or have cash-based income.

Who is Eligible?

• Salaried individuals (including private and government employees)
• Self-employed individuals (shopkeepers, freelancers, gig workers)
• First-time home buyers with informal or no credit history

Even if you don’t have traditional income proof, their field team helps assess your income based on real business activity and bank deposits.

📄 Documents You’ll Need

The documentation process is simple and local-language-friendly:

• Aadhaar & PAN Card
• Address proof (utility bill, rental agreement, etc.)
• Bank statements (last 6–12 months)
• Income proof (if available, but not mandatory)
• Property papers or builder documents
• Photographs

🌟 Benefits of Choosing Home First Finance

1. Fast, Digital Process: You can apply through their website or mobile app. Most applications are processed within 48 to 72 hours, with doorstep document collection in many cities.
2. No Hidden Hassles: Home First’s team is transparent about processing fees, EMI plans, and terms. You’ll never feel lost or confused, even if it's your first experience with loans.
3. Support in Local Languages: Their customer service teams often speak regional languages like Hindi, Marathi, Tamil, Gujarati, and Kannada—making borrowers feel comfortable.
4. No Prepayment Penalty: If you want to repay your loan early, you can. Unlike banks that charge extra, Home First lets individual borrowers pre-close loans without penalty.
5. Personalised Loan Structuring: They’re known to customize repayment plans based on your monthly cash flow. This is a huge help if your income is seasonal or irregular.

🙋 Real-Life Stories

Rajesh & Meena, Jaipur

“We run a small clothing store. No bank would consider us. Home First approved our loan with just bank statements and a shop license. Today we live in our own flat!”

Sapna, Bengaluru

“As a single mother with a private job, I was nervous. But Home First gave me confidence and made the process so easy. I feel secure now.”

📍 Where is Home First Available?

Home First operates in over 80 cities across 13+ states, including:

• Maharashtra
• Gujarat
• Karnataka
• Tamil Nadu
• Rajasthan
• Madhya Pradesh
• Uttar Pradesh

They focus on Tier 2 and Tier 3 cities—where banks are still hard to access for the average worker.

🎯 Final Words – Is It Right for You?

If you’re buying your first home, or applying with informal income, or need quick approval, then Home First Finance Company is 100% worth considering.

They may not offer the absolute lowest rate—but they offer access, support, and simplicity, which is priceless for many.

✨ Quick Summary:

FeatureDetails

• Interest Rate8.50% – 14.00%
• Loan Amount₹2 lakh – ₹50 lakh+
• Processing Fee~1.5% + GST
• Prepayment ChargesNone (for individuals)
• Ideal ForFirst-time buyers, informal earners
• Application ModeOnline + Offline
• Time to Disbursement2–5 days (if documents are ready)

📞 Want to Apply?

You can apply directly at homefirstindia.com or visit their nearest branch. Or simply speak to a home loan advisor through Financenu, and we’ll help you every step of the way.