India Infoline Finance Limited

India Infoline Finance Limited

IIFL provides a hassle free home loan which helps an individual to meet his requirement to build a life time asset starting from purchasing a new house or a flat or a renovation.

Various types of loan IIFL provides are:-

  • Home Loan to buy new homes.
  • Home Improvement/Extension Plan.
  • Loans to NRIs.
  • Balance Transfer.
  • Under Construction Properties.

Home Loan to buy new homes

IIFL Home Loans are given for purchase of :-

  • Residential properties
  • Plots.
  • A flat, row house, bungalow from private builders. The project has to be in the approved list of IIFL.
  • Properties from Development Authorities for example DDA, MHADA.


Details of the Loan

  • Maximum Loan tenor is 30 years to salaried and 20 years to self employed.


Loan Amount

The maximum finance part is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL

Loan Amount

Maximum Finance to be provided

Upto 20 Lakhs

85%

More than 20 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%


Eligibility

Home Loan is given to both salaried and self employed category of people. Co applicants like close relatives, partnership firms, private limited companies can also be added.

  • Salaried:
     
    • Minimum Age: 18 Years
    • Maximum Age: 70.
       
  • Self Employed:
     
    • Minimum Age: 18 Years
    • Maximum Age: 70
    • Minimum Gross Annual Income: Rs 500000/-


Features of IIFL Home Loan.

IIFL Loan with its have some unique features which are:

  • Various funding values have been set according to the loan amount.
  • Attractive rate of interest.
  • Trouble free and faster documentation process.
  • A strong branch network for applying and servicing of the loan thereafter.
  • A very simple EMI based repayment option.
  • A very sound Legal and Technical advice.


Interest Rate :

Home loan interest rates start at 8.85%


Documentation.

As mentioned above, easy , hassle free and minimum mandatory documentations are needed along with the loan application form. The details are as follows:-

Documentation

Salaried

Self employed

Financials or Proof of Income

  • Salary Slip for last 2 months
  • Latest Form 16 or ITR
  • Copy of Bank Statements for salary account for last 6 months.

 

  • Income Tax return with computation of last 2 financial years.
  • Profit and Loss account with computation of Income and Balance sheet with all its annexure for last 2 years certified by a CA.
  • Copy of Bank Statements for main account for last 6 months for the business as well as for individuals.

Proof of Identity & Address

  • Valid Passport
  • Voter’s Id
  • Valid Driving Licence
  • Aadhar Card
  • PAN Card
  • Documents as approved by National Housing Board( NHB) which are required from time to time. 
  • Valid Passport
  • Voter’s Id
  • Valid Driving Licence
  • Aadhar Card
  • PAN Card
  • Documents as approved by National Housing Board (NHB) which are required from time to time.

 

Other Documents

  • Application form duly filled up.
  • Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  • Application form duly filled up.
  • Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  • Memorandum and Articles of Association.
  • List of Directors and shareholders with their individual share holding certified by a CA /CS.
  • Partners hip Deed.

Documents required for sanctioning.

  • Copy of complete chain documents.
  • If executed, copy of Agreement to sell.
  • Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  • Copy of receipts and payments made to the  developer.

 

  • Copy of complete chain documents.
  • If executed, copy of Agreement to sell.
  • Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  • Copy of receipts and payments made to the developer.

Home Improvement / Extension

IIFL Home Loans are given for purchase of :-

  • Improvement of residential properties
  • Renovation of residential properties.


Details of the Loan

  • Maximum Loan tenor is 30 years to salaried and 20 years to self employed.


Loan Amount

The maximum finance part is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL

Loan Amount

Maximum Finance to be provided

Upto 20 Lakhs

85%

More than 20 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%


Eligibility

Home Loan is given to both salaried and self employed category of people. Co applicants like close relatives, partnership firms, private limited companies can also be added.

  • Salaried:
     
    • Minimum Age: 18 Years
    • Maximum Age: 70.
       
  • Self Employed:
     
    • Minimum Age: 18 Years
    • Maximum Age: 70
    • Minimum Gross Annual Income: Rs 500000/-
       

Features of IIFL Home Loan.

IIFL Loan with its have some unique features which are:

  • Various funding values have been set according to the loan amount.
  • Attractive rate of interest.
  • Trouble free and faster documentation process.
  • A strong branch network for applying and servicing of the loan thereafter.
  • A very simple EMI based repayment option.
  • A very sound Legal and Technical advice.


Interest Rate :

Home loan rates are as follows:-

  • <= 28 lakhs the rate is 9.90%
  • >28 lakhs the rate is 9.90%-12%


Documentation.

As mentioned above, easy , hassle free and minimum mandatory documentations are needed along with the loan application form. The details are as follows:-

Documentation

Salaried

Self employed

Financials or Proof of Income

  • Salary Slip for last 2 months
  • Latest Form 16 or ITR
  • Copy of Bank Statements for salary account for last 6  months.

 

  • Income Tax return with computation of last 2 financial years.
  • Profit and Loss account with computation of Income and Balance sheet with all its annexure for last 2 years certified by a CA.
  • Copy of Bank Statements for main account for last 6  months for the business as well as for individuals.

Proof of Identity & Address

  • Valid Passport
  • Voter’s Id
  • Valid Driving Licence
  • Aadhar Card
  • PAN Card
  • Documents as approved by National Housing Board (NHB) which are required from time to time.

 

  • Valid Passport
  • Voter’s Id
  • Valid Driving Licence
  • Aadhar Card
  • PAN Card
  • Documents as approved by National Housing Board (NHB) which are required from time to time.

 

Other Documents

  • Application form duly filled up.
  • Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  • Application form duly filled up.
  • Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  • Memorandum and Articles of Association.
  • List of Directors and shareholders with their individual share holding certified by a CA /CS.
  •  Partnership Deed.

Documents required for sanctioning.

  • Copy of complete chain documents.
  • If executed, copy of Agreement to sell.
  • Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  • Copy of receipts and payments made to the developer. 

 

  • Copy of complete chain documents.
  • If executed, copy of Agreement to sell.
  • Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  • Copy of receipts and payments made to the  developer.

 

Loans to NRIs

IIFL provides home loan to Non Resident Individuals also. The purposes are :

  • Purchase of new residential property.
  • Improvement/ Renovation of residential property.
  • Purchase of Under Construction properties.
  • Plot purchase.


Eligibility

Following can apply for IIFL Home Loan:-

  • An Indian citizen holding valid Indian Passport.
  • Passport must not have No Entry stamp, which prohibits an NRI to enter a country.
  • Passport with Valid Entry Visa for NRIs where he is present in person for submitting the application.
  • For OCI/ PIO, Valid PIO/ OCI card needs to be furnished along with the valid passport.

An Indian Citizen employed and residing in
 

  • North America( USA & Canada)
  • Middle East(Dubai, Sharjah, Abu Dhabi, Riyadh, Bahrain, Muscat)
  • East Asian Countries( Singapore, Malaysia, Hong kong, Japan,Thailand)
  • All European Countries ( Except Spain, Greece, Portugal, Italy)
  • Australia and New Zealand.

Power of Attorney (POA)

 POA must be given to a Resident Indian irrespective of the fact whether the NRI was present in India at the time of application. Spouse cannot be a POA. However, a resident co-borrower can be a POA. A POA can be the co-applicant, however if there is any other co-applicant in the loan the POA can choose not to be there as a co-applicant.


Interest Rate :

Home loan rates are as follows:-

  • <= 28 lakhs the rate is 9.90%
  • >28 lakhs the rate is 9.90%-12%


Features of IIFL Home Loan.

IIFL Loan with its have some unique features which are:

  1. Various funding values have been set according to the loan amount.
  2. Attractive rate of interest.
  3. Trouble free and faster documentation process.
  4. A strong branch network for applying and servicing of the loan thereafter.
  5. A very simple EMI based repayment option.
  6. A very sound Legal and Technical advice.


Loan Amount

The maximum finance part is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL

Loan Amount

Maximum Finance to be provided

Upto 20 Lakhs

85%

More than 20 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%

 

Documentation.

As mentioned above, easy , hassle free and minimum mandatory documentations are needed along with the loan application form. The details are as follows:-

Documentation

Salaried

Financials or Proof of Income

  1. Salary Slip for last 2 months
  2. Bank Statements for last 6 months for both NRE/ NRO and foreign bank account.
  3.  Appointment letter/ Increment Letter/ Contract Letter.
  4. A Valid work permit.

 

Proof of Identity & Address

  1. Valid Passport
  2. Valid Visa
  3. Copy of valid Rent Deed or title document as foreign residence proof.
  1. Documents as approved by National Housing Board( NHB) which are required from time to time.

 

Other Documents

  1. Application form duly filled up.
  2. Papers for existing loans together with the 6 months bank statements from which the repayment is made.

Documents required for sanctioning related to property.

  1. Copy of complete chain documents.
  2. If executed, copy of Agreement to sell.
  3. Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  4. Copy of receipts and payments made to the developer.

 

Balance Transfer

IIFL facilitates Balance Transfer option which is transferring the existing outstanding Home Loan from another Bank or any other Financial Institution and gets an additional top up loan.


Details of the Loan

  • Maximum Loan tenor is 30 years to salaried and 20 years to self employed.


Loan Amount

The maximum finance part is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL.

 

Loan Amount

Maximum Finance to be provided

Upto 20 Lakhs

85%

More than 20 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%

 

Eligibility

Home Loan is given to both salaried and self employed category of people. Co applicants like close relatives, partnership firms, private limited companies can also be added.

  • Salaried:
     
    • Minimum Age: 18 Years
    • Maximum Age: 70.
       
  • Self Employed:
     
    • Minimum Age: 18 Years
    • Maximum Age: 70
    • Minimum Gross Annual Income: Rs 5000 00/-


Features of IIFL Home Loan.

IIFL Loan with its have some unique features which are:

  • Various funding values have been set according to the loan amount.
  • Attractive rate of interest.
  • Trouble free and faster documentation process.
  • A strong branch network for applying and servicing of the loan thereafter.
  • A very simple EMI based repayment option.
  • A very sound Legal and Technical advice. 


Interest Rate :

Home loan rates are as follows:-

  • <= 28 lakhs the rate is 9.90%
  • >28 lakhs the rate is 9.90%-12%


Documentation.

As mentioned above, easy , hassle free and minimum mandatory documentations are needed along with the loan application form. The details are as follows:-

 

Documentation

Salaried

Self employed

Financials or Proof of Income

  • Salary Slip for last 2 months
  • Latest Form 16 or ITR
  • Copy of Bank Statements for salary account for last 6 months.
  •  
  • Income Tax return with computation of last 2 financial years.
  • Profit and Loss account with computation of Income and Balance sheet with all its annexure for last 2 years certified by a CA.
  • Copy of Bank Statements for main account for last 6 months for the business as well as for individuals.

Proof of Identity & Address

  • Valid Passport
  • Voter’s Id
  • Valid Driving Licence
  • Aadhar Card
  • PAN Card
  • Documents as approved by National Housing Board( NHB) which are required from time to time.
  •  
  • Valid Passport
  • Voter’s Id
  • Valid Driving Licence
  • Aadhar Card
  • PAN Card
  • Documents as approved by National Housing Board (NHB) which are required from time to time. 

Other Documents

  • Application form duly filled up.
  • Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  • A letter on the letterhead of the current lender stating the list of property documents held by them.
  • Latest outstanding balance letter from the current financial institution on their letter head.
  • Application form duly filled up.
  • Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  • Memorandum and Articles of Association.
  • List of Directors and shareholders with their individual share holding certified by a CA /CS.
  • Partnership Deed.
  • A letter on the letterhead of the current lender stating the list of property documents held by them.
  • Latest outstanding balance letter from the current financial institution on their letter head.

 

Schedule of Charges

  • Processing  Fees.
  1. For Home Loans : <= 28 lakhs Upto Rs 10000/-

                                       >28 lakhs Upto 1.0%

  1. For Non Home Loans: For Residential/ LRD Upto 1.5%

                                          For Commercial /Purchase Upto 2%
 

  • Prepayment  Charges ( Home Loan / Non Home Loan)
  1. For Individual and for any property type the full prepayment and part prepayment charges are NIL.
  2. For Non individuals within 1st year of last Disbursement =5% of any amount prepaid.

After 1st year of last disbursement, 3% of any amount prepaid for Full Prepayment and 1% of any amount prepaid for Part prepayment.

Other Charges

Legal Opinion, ROC, Non-Encumbrance Certificate from SRO, SRO search charges

Rs 2500-Rs 10000 depending on loan amount.

Transaction Handling Charges in Balance Transfer/ Resale – only Home Loans

Rs 2500/-

Technical valuation charges

Nil ( the same is included in processing fees)

PDC/ECS dishonour charges

Rs 500/- for each bounce. And nil on representation.

CERSAI fees

Rs 250/- + ST ( for loans<= 5 lakhs)

 

Rs 500/- + ST ( for loans> 5 lakhs)

Late payment charges

36% p.a of Outstanding EMI

PDC/ECS Swapping charges

Rs 500/- per instance

Retrieval of documents

Rs 500/- per instance

Statement/ Amortization schedule

 

 


Tax benefit

Resident Individuals can get Tax benefits on both the interest and principal elements of a loan under the Income Tax Act, 1961.


Security

The security of the home loan is the security interest on the property which is financed by IIFL. The title to the property has to be clear, marketable and free from encumbrance. No loan/ litigation/ should be present in the title of the property.