First Home Buyer
Buying a property, especially for the first time, can be a very difficult task. At HFC, we have specialised staff who can assist you in making the right decision.
Have you selected your property?
If yes, then we can proceed with discussing ways to finance your new house for you.
If no, then we suggest you look up our buying tips on what you need to consider when buying a home.
What products are available from HFC?
We have products ideally suited to first home buyers:
- Dream Package
Your loan eligibility
To determine your loan eligibility, we need to know your financial position, in particular your income. Please click here to calculate your loan eligibility now.
Your loan details
- Loan term of 25 years, depending on your age.
- Interest rate (depending on the product you have chosen)
- Legal cost of security documentation (refer to Fees and Charges Brochure)
- Minimum deposit requirement is 20% of the purchase price, depending on the product you are applying for. (Your loan amount would then be calculated by subtracting the deposit from the loan amount. This difference should be less than or equal to your loan eligibility amount.)
What information do you need to provide?
You need to provide us with the following information:
- Latest salary slip
- Total outstanding debt with your current financier with a statement of your loan for the last 12 months
- Value of the mortgage security with a recent valuation report and engineers certificate from our panel of valuers
- Copy of Title or Lease
- Approved building plan / sketch floor plan (if applicable)
- Builders quote / contract (if applicable)
- FNPF eligibility (if required)
- Bank statements to support savings ability.
What happens after you apply for a loan?
- Application will be processed at branch level within 48 hours.
- If your application is declined, you will be informed in writing within 48 hours.
- If your application is approved, a letter of offer will be issued, which you will have to accept or decline within 7 days.
- If you accept our loan offer, related fees will be charged to your account.
- Instructions will be issued to solicitors to carry out security documentation.
- Upon completion of this, funds will be released to you.
- Repayments start one month after advancement of funds.
How can you apply for a loan?
There are three ways in which you could apply for a loan.
- Visit a customer services executive at any of our branches,
- Download an application form
- Or you could Apply Online now.