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INTERNSHIP REPORT

Submitted to Submitted by
Mr. Avinash Gondane Nikhil Wankhede
ACKNOWLEDGEMENT

The satiation and euphoria that accompany the successful completion of the project
would be incomplete without the mention of people who made it possible. I take
this opportunity to extend my sincere thanks to Institute for Future Education,
Entrepreneurship and Leadership (iFEEL), Lonavala and Home First Finance
Company for offering a unique platform to earn exposure and garner knowledge in
the field of Marketing.

First of all, I extend my heartfelt gratitude to my organizational mentor Mr.


Avinash Gondane, Branch Manager and Ms. Shilpa Tiwari, ACSM at Home
First Finance Company, Nagpur, India for having made my summer internship a
great learning experience by giving me his guidance, insights and encouragement
which acted as a continuous source of support for me during this entire period. I
owe my wholehearted thanks and appreciation to the entire staff of the company for
their cooperation and assistance during the course of my project. Without which the
success of this internship wouldn’t had been possible.

Next, I would also like to express my profound gratitude to my faculty mentor


Prof. Suresh Kadam for his constructive support during the summer internship
period, which leads to successful completion of my internship at Home First
Finance Company, Nagpur.
I hope that I can build upon the experience and knowledge that I have gained and
make a valuable contribution toward this industry in coming future.
INTRODUCTION

Home First Finance Company (HFFC) is a dedicated housing finance company


registered with National Housing Bank (NHB). The company is focused on
providing housing loans to low and mid income customers to buy affordable homes,
who are currently unable to avail loans from Banks and HFCs due to lack of
required documents and employment in the unorganized sector. HFFC was co-
founded by former MphasiS Chairman, Mr. Jaithirth (Jerry) Rao and former
Citibank Consumer Banking Head, Mr. P. S. Jayakumar. It was incorporated in
2010 as a housing finance company with ticket sizes ranging from Rs. 5 lakh to Rs.
40 lakh.

USP’s (unique selling point) of HFFC


 Flexible documentation.
 Quick processing.
 End-to-end doorstep service through the nearest office.
 Flexible part payment facility without any extra charge.
 Well-trained and knowledgeable team.
 Auto –prepay option which help customer to pay off their principal early, so they can
save on years of interest and EMIs.
 No income proof is required for self employed or earn only in cash.
 Loan enhancement.
 Down payment can be paid in installment.
 ITR is not mandatory for self employed as well as salaried customer.
HFFC HOME LOAN PROCESS
STEP 1: Sourcing the customer from connecter such as DSA, Builders, Architecture,
Construction connecter, Macro connecter, Referral and from real-estate broker.

STEP 2: After sourcing the customer, we counsel the customer primarily on call and asked
for KYC document (Aadhar card and Pan Card) on email or on what’s app.

STEP 3: Then we check the CIBIL of the customer, if it is ok then carried forward the case
otherwise it will be rejected. Generally CIBIL score will required be above 650

STEP 4: After that Personal discussion is done physically, in which we check the original
document of property such as sale deed, tax receipt, 7/12, mutation, akhive patrika, etc and
KYC

STEP 5: If the document is ok and customer is ready to take a loan then we do field
verification which consist of house verification and office/business verification.

STEP 6: After we login the case by taking login amount .If any query will come after login,
RM will solve it and case proceed further

STEP 7: Sanction of loan get done within 2-3 days after login and offer letter is generated in
the name of customer

STEP 8: Further customer is call for Singing process which consist of sign in the loan
agreement, filling the ACH, and submitting the PDC and legal /technical check

STEP 9: Legal / technical is done after signing process in which all pendency will be cleared
related to property.

STEP 10: Next step is of property approval in which property is approved by HO.

STEP11: After that MOE is done in which customer has to submit original property
document to the company.

STEP 12: After that Disbursal of the loan take place in which the person can draw the
loan in parts depending on the stage o f c o n s t r u c t i o n o f t h e b u i l d i n g .
OPERATION PROCESS
SIGNING PROCESS

1. Loan document consist of two copies. One is customer copy and another is office
copy.

2. First of all sign the costumer copy the front page.

3. The front page of customer copy is sanction letter which consist of name of applicant,
name of co-applicant, loan amount, tenure, rate of interest and EMI.

4. Then it is consist of loan agreement, loan schedule, promissory note, moat important
term and condition, declaration and annexure for loan insurance.

5. Then we have to take the sign of applicant, co-applicant and HFFC CSM on all above
mention document.

6. Signature of the applicant and co-applicant should be same as on pan card and sale
deed.

7. The same process should be followed for office copy also.

8. Then we have to take a sign on all KYC documents of applicant as well as co-
applicant.

9. After that we have to take sign of applicant and co-applicant as well as we have to
paste the passport size photo of applicant and co-applicant on application form.

10. After this process we have to take sign of applicant on insurance form.

11. Further we take 6 cheques. 4 cheques for branch and 2 cheques for safe.

12. Next step is to explain stages for loan disbursal and loan closing option.

Stages:-

1) Telling processing fee.

2) On start disbursed amount- 50k.

3) Completion of Plinth.

4) Completion of GF brick work.

5) Completion of GF slab.

6) Completion of FF brick work.

7) Completion of FF slab.

8) Plaster+ Flooring
9) Finished work

13. Further we will explain about MOE charges and bouncing charges.

MOE charges- 0.2% of loan amount + 1000 (e –filling charges).

Bouncing charges- 590 rs

14. After that we will explain about PMAY. In this yojna costumer get subside of rs 2.67 lac
which will be deducted from principal amount when loan is fully disbursed. It will take 10-12
months for subside to come.

15. Explaining about loan closing option (USP)

1) Auto prepay- In this customer has to maintain amount ranging from 500- EMI in
bank. Then on 15th of every month it will be deducted from account and this amount
will get minus from principal amount. Thus automatically ROI will be reduced.

2) Part Payment- In this according to customer convince, customer will deposit


amount in bank ranging from 30,000 up to loan amount. This amount will be deducted
from principle amount thus reducing the principle.

3) Closure- In this customer can foreclose loan by giving remaining loan amount to
the bank. On closer we don’t take any extra charge.

LEGAL / TECHNICAL

A third party representative may visit the property as well as the residence to vary
information submitted in the person application form. Further, a property valuation may
be carried out by the company to determine the maximum amount they are willing to lend
you. Any reference submitted by the person in the application form may also be
contacted. The person may be personally interviewed and any further clarification
in the documents submitted may be sought. Legal pendency is cleared by
customer side itself.

PROPERTY APPROVAL

After the legal/ technical pendency is clear, property document is uploaded in


system at 9 th stage for approval from HO. If any claries come, HO will put
property at 9 th A. After solving the claries property will put at stage 10 th , it means
property is approved.
MOE PROCESS

The customer will be required to leave the title deed of the property with the
company as a security for the loan. In this original property document get register
mortgage by paying mortgage fee to Gov. and the borrower cum seller cannot sell the
property without clearing off the bank loan.

DISBURSMENT

The person can draw the loan in parts depending on the stage of construction of
the building. Until such time that the entire sanctioned amount is not drawn, you
will pay a simple interest on the actual amount drawn (without any principal
repayments). The EMI payment will commence only after the entire sanctioned
loan amount is drawn.
PROBLEM IDENTIFICATION
 Many times ACH is not registered in bank due to which customer has to face many
problems. Each time they have to pay due amount on unregistered ACH to bank.
Another problem is that they have to pay EMI physically as cash or by doing NEFT
through bank and this consumes their time.

 RM of the company has to handle file sourcing, customer handling, site verification,
house verification, login process. They are always on field. During the time of
disbursement, RM need to take photos of property (house), to verify how much work
is completed. To disburse the partially disbursed cases RM has to do same process but
every time it is not possible to go and visit and sometime they forgot to do so. This
may delay the disbursement process, which may lead to loss for customer.

 During counseling RM explains all process to customer on paper. Explanation


consists of processing fee, ROI, loan amount, tenure, document required and various
options available for loan closing. But there is no formal format for explaining the
same to customer which leads to no proper document for explaining terms with
customers and later they create chaos of not aware about the schemes or terms.
Moreover, new RM does not have the knowledge of legal technical document and due
to this he sometimes not be able to explain properly to customer and this may get bad
impression on customer.

 Customers are not able to arrange for the legal document and take a lot of time to
clear the pendency. General reason for the same is the government office from where
the document is to be taken is taking time or there is some legal problem which
customer having lack of knowledge about the legal document

SUGGESTION
 A separate employee should be appointed for the verification site in a branch that will
do all site visits for all RM in the branch. This will reduce the tact of partially
disbursement cases.

 A proper format of explanation should be made in excel on which company name and
company stamp should be there. This consists of loan amount, tenure, emi, processing
fee and other charges and document required for various category of loan. If it is
done, then this document will keep safe by customer and it will be helpful during
negotiation. Moreover RM will get the knowledge of document required and he may
explain properly during counseling. This will help in maintaining relation with
customer.

 As per me agents who can clear the legal pendency of the customer should be taken
into loop so that customer does not need to go anywhere else to arrange for legal
document. This will also ensure that the current status of legal document is known to
firm which directly through the agent to give a more accurate data of pendency to be
cleared to allow the disbursement

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