HFFC Home Loan Balance Transfer

Overview HFFC Home Loan Balance Transfer

HFFC, also known as Home First Finance Company is a non-banking financial institution headquartered in Mumbai. The finance provider is registered with the Reserve Bank of India (RBI). The company was established in 2010 and is currently valued at over Rs. 850 crores. HFFC offers various home loans and related financial services, home loan transfer being one of them. Here, we will discuss HFFC home loan balance transfer.

HFFC home loan balance transfer – what is it?

HFFC home loan balance transfer is a facility that allows borrowers to transfer an existing outstanding home loan to a new bank or lender to avail a lower interest rate or flexibility on other loan terms.

With a lower interest rate, a balance transfer facility helps borrowers save a significant amount on the net interest outflow on existing home loans. This can especially benefit all those eligible individuals who have taken home loans at higher interest rates.

HFFC home loan balance transfer – what are the benefits?

Here is how HFFC home loan balance transfer can benefit home loan borrowers:

• Lower interest rate: If a borrower has taken a home loan at a higher interest rate and as per his/her current credit profile, is eligible for lower rates, it makes sense to opt for a home loan balance transfer offered by HFFC. This can result in substantial financial savings.
• Extended loan tenure: HFFC allows an extended repayment tenure on home loan balance transfers. This can lead to lower EMIs and thereby reduce any financial pressure that a borrower may be facing.
• Additional benefits: As per an individual’s eligibility, HFFC offers improved loan features like EMI waivers, nil processing fees, etc.
• Improved services: If a borrower is not satisfied with the home loan services offered by an existing lender, he/she can opt for a home loan balance transfer to HFFC. This is because the lender is known for enhanced customer focus and better services.
• Top-up loan facility: Those who opt for a balance transfer facility at HFFC may be eligible to avail of a top-up loan. The top-up loan amount can differ depending on individual profile; however, it can come in handy to meet any urgent financial needs.

HFFC home loan balance transfer – eligibility

Whether an individual borrower is eligible for a home loan balance transfer at HFFC is based on various factors like:

• repayment capacity, 
• age, 
• credit score, 
• repayment track record

Mentioned below are the eligibility criteria for HFFC home loan balance transfer:

• The borrower’s property or home should be ready to occupy or it should already have been occupied
• The borrower must have paid at least 12 home loan EMIs to the current bank or lender
• The borrower should not have any outstanding dues on the existing home loan

HFFC home loan balance transfer – documents required

Here is the list of documents required by HFFC for balance transfer applications:

Conclusion

Home First Finance Company (HFFC) provides a range of financial products and services specifically focused on the home loan category. It is the country’s most preferred finance provider for the different financial services offered. It offers some exclusive benefits that are tailor-made to the needs of different customers.

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