Hero Housing Finance
Hero Housing Finance Ltd., one of the trusted names in providing financial solutions, is a subsidiary of Hero FinCorp. The company was founded in 2016 to provide hassle-free home loans to people who dream of owning a home. Hero Housing Finance offers affordable home loans starting at a rate of interest of 9.50% per annum with a processing fee of up to Rs. 5000+ taxes. Thousands of borrowers choose HHFL or Hero Housing Finance Ltd. because it is one of the most reliable NBFCs, where loans are sanctioned in 48 hours. This, together with multiple other reasons, has made HHFL feature in Economic Times Edge Best BFSI brands of 2023. Borrowers can fetch quick Hero Finance home loans for buying a new home, renovating or extending an existing home, and constructing a house on a plot.
Hero Housing Finance EMI Calculator
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Hero Housing Finance Key Highlights
Get the lowest interest rates with Hero Housing Finance
| Loan Amount | Up to 5 crores |
|---|---|
| Rate of Interest | Starts at 9.50% per annum |
| RPLR | |
| Processing Fee |
Up to Rs. 5000 + Taxes (Non-refundable) |
| Maximum Tenure for Repayment | 30 years (Salaried) / 20 years (Self-employed) |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Nil |
Hero Home Finance Interest Rates in 2024
Hero Housing Finance Rate of Interest starts from 9.5% and largely depends on the repaying efficiency of the applicant and the type of plan chosen. The table below shows the Hero Housing Finance home loan interest rate for your reference:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Rate of Interest Per Annum | Starts at 9.50% per annum |
Interest rates were last updated on 23rd August 2023
Hero Housing Finance Eligibility Criteria
It is a crucial step to go through the updated Hero Housing Finance eligibility criteria before applying for a home loan. The common eligibility criteria for a Hero home loan include an individual’s salary or income, loan repayment capability, age, and nationality. The table below enlists all the eligibility criteria to apply for a Hero Housing Finance home loan:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | Up to 65 years | Up to 70 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned |
Hero Housing Finance Processing Fee and Charges
Hero Housing Finance Ltd. has a great loan approval rate of 48 hours in most cases. But for this, the applicants must pay some fees. Hero Housing Finance processing fee is up to Rs. 5000 + taxes for the initial processing of the loan. The table below enlists all types of processing fees to apply for a Hero home loan:
| Processing Fee | Up to Rs. 5000 + Taxes |
|---|---|
| Penal Interest | 2% per month + taxes on the overdue payment |
| Disbursement Cheque Collection | Rs. 500 + Taxes |
| Cheque/ ECS Dishonor Charges | Rs. 1000 + Taxes |
| Switch to Lower Rate | 0.5% or Rs. 2,500 + Taxes, whichever is low |
| Document Handling Charges | Rs. 300 per day + taxes, beyond 30 days from the date of closure |
| List of Documents | Nil for the first time and Rs. 500 + taxes after that |
| Document Copy Retrieval | Up to Rs. 3000 + Taxes |
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Hero Housing Finance Schemes and Top Plans
Hero Housing Finance Ltd. offers easy home loans to applicants who wish to buy a new home or, renovate or construct a house with minimum documentation. Here are the two types of Hero home loan schemes that have gained popularity among borrowers:
1. Home Loan for Purchase of New Property
- Ideal for those seeking financial aid to purchase a ready-to-move-in or an under-construction home
- Loan amount of up to 75% of the property value for properties priced >Rs. 75 lakhs
- Loan amount of up to 80% of the property value for properties priced between Rs. 30 lakhs – Rs. 75 lakhs
- Loan amount of up to 90% of the property value for properties priced <Rs. 30 lakhs
2. Home Loan for Construction/ Extension/ Construction
- Ideal for those seeking financial aid for the renovation or construction of a house
- The maximum loan repayment tenure is up to 20 years
- Hassle-free and easy EMI options
Note: All of the above home loan plans are made available to applicants solely at the discretion of Hero housing finance, taking into consideration the earning and repayment capacity of the applicant.
Get Home Loan Starting at 8.5%*
Documents Required for Hero Housing Finance
To avoid last-minute disappointment, we suggest you go through the list of documents required to apply for a Hero home loan. These are common KYC documents like proof of identity, age, address, income, and property.
Documents Required for Salaried Applicants
- Salary Slip for the last 3-months
- Updated Bank Passbook or Statements for the last 6-months
- Form No. 16 for the last 2-years
- Appointment letter with proper salary breakup (for current employment < 1 year)
- Duly filled and signed application form
- Passport-size photographs of the applicants and co-applicant
- Processing fee cheque in favor of Hero Housing Finance Ltd.
Documents Required for Self-Employed Applicants
- Updated Bank Passbook or Statements for the last 6-months
- GST return for the last 1-year
- ITR and Balance Sheet for the last 3-years
- ITR with the income computation for the last 2-assessment years
- Duly filled and signed application form
- Passport-size photographs of the applicants and co-applicant
- Processing fee cheque in favor of Hero Housing Finance Ltd.
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find LIC Home Loan Offices Near You
If you are planning to visit one of the offices of Hero Finance Home Loan near you to understand the Hero Finance Home Loan Offer in details and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The current interest rate for Hero Housing Finance starts from 9.50% of the loan amount. However, we suggest you check the same from the official website of Hero Housing Finance Ltd.
The procedure to apply for a Hero home loan is quite simple. You can fill out the free consultation form at the BASIC Home Loan website, and the team will assist you with further steps.
To apply for a home loan from Hero Housing Finance, an applicant must have a minimum salary of Rs. 15,000 per month.
An eligible applicant can get a home loan of up to Rs. 5 crores from Hero Housing Finance Ltd.
Hero Housing Finance Ltd. offers hassle-free home loans to eligible applicants and charges a nominal processing fee of up to Rs. 5000 + taxes.
Yes, to apply for a Hero home loan, you must have a property chain of at least 13 years.
No bank of NBFC offers 100% home loans to any applicant. Hero Housing Finance can provide you with home loans for up to 90% of the property value based on some pre-determined criteria.
The official email ID of Hero Housing Finance Ltd. is customer.care@herohfl.com. You can send your query, and the company's officials will guide you accordingly.
Yes, a provision exists to transfer the home loan balance to Hero Housing Finance from any other financial institution. The company also offers a top-up home loan plan to applicants to enjoy a hassle-free balance transfer.
Hero Housing Finance offers lucrative home loans at affordable interest rates to all those who fulfill the eligibility criteria set by the company. Currently, the company offers home loans for buying new homes, construction, extension, or improvement of an existing home, and top-ups for easy balance transfer.