IIFL Home Loan Highlights 2022
Interest Rate	8.20% p.a. onwards
Loan Amount	75% to 90% of property value
Loan Tenure	Up to 25 years
Processing Charges	Up to 2% of the loan amount

Note: Rates as on 07 December 2021.

Please Note: IIFL is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.

IIFL Home Loan Interest Rates 2022

IIFL home loan interest rates start from 8.20% p.a. onwards. The rate of interest at which you get the IIFL home loan will depend on the basis of various parameters such as credit score, borrower profile, loan amount, property type, and others. All these factors contribute to the margin being higher or lower at the time of onboarding the customer.

Compare IIFL Home Loan Interest Rates of Top Banks & HFCs 

Name of Lender	Up to 30 Lakh	Above 30 Lakh & up to 75 Lakh	Above 75 Lakh
SBI Home Loan	7.55-8.55	7.55-8.45	7.55-8.45
HDFC	7.55-8.75	7.55-9.00	7.55-9.10
Axis Bank	7.60-12.50	7.60-12.50	7.60-8.05
ICICI Bank	7.60-8.20	7.60-8.35	7.60-8.45
Kotak Mahindra Bank	7.50 onwards	7.50 onwards	7.50 onwards
PNB Housing Finance	7.50–16.75	7.50–16.75	7.60–10.70
Punjab National Bank	7.45-8.85	7.40-8.55	7.40-8.50
Bank of Baroda	7.45-8.95	7.45-8.95	7.45-9.20
Union Bank of India	7.40- 9.15	7.40- 9.15	7.40- 9.35
IDFC First Bank	7.50 onwards	7.50 onwards	7.50 onwards
L&T Housing Finance	7.20-8.20	7.20-8.20	7.20-8.20
Bajaj Housing Finance	7.20 onwards	7.20 onwards	7.20 onwards
Godrej Housing Finance	7.49-10.99	7.49-10.99	7.49-10.99
Tata Capital	7.75 onwards	7.75 onwards	7.75 onwards
LIC Housing Finance	7.50-8.60	7.50-8.80	7.50-9.00

IIFL Home Loan Processing Fee and Other Charges

Types of IIFL Home Loan

IIFL New Home Loan

• Loans for the purchase of row houses, bungalows, flats, and even plots from private developers
• Loans also available for MHADA, DDA projects, and construction on a freehold/leasehold plot, others
• The repayment period is up to 25 years
• A balance transfer facility is available

IIFL Home Improvement Loan

• Loans for carrying out enhancements, extension, and renovation of your house
• Financing of up to Rs. 50 lakh
• Repayment period of up to 25 years

IIFL Home Loan Balance Transfer

• Loans for individuals looking to transfer their outstanding home loans to IIFL at lower interest rates and/or better terms and conditions
• Choose a longer repayment cycle based on the loan amount so that your EMIs complement your financial situation

IIFL NRI Home Loan

• Loans for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) looking to buy a residential property in India

IIFL Pradhan Mantri Awas Yojana

• IIFL also offers home loans under the Pradhan Mantri Awas Yojana (PMAY) scheme for meeting the housing needs of Lower Income Group/Economically Weaker Section/ Middle Income Group (EWS/LIG/MIG) (first-time home buyers) by offering them interest subsidy of up to Rs. 2.67 lakh on a home loan. For more details on the PMAY scheme, click here.

Eligibility Criteria to Apply for IIFL Home Loans

General eligibility criteria for IIFL Home Loans are:

• Resident Indians, Non-Resident Indians (NRIs), and Person of Indian Origin (PIOs) are eligible for the loan
• The age of the applicant should be from 18 to 75 years
• Credit score should preferably be 750 and above
• Applicant should have a clean record in terms of past loans and statutory payment

Eligibility Criteria for Home Loan Balance Transfer

• The applicant should have paid at least 12 months of home loan EMIs
• The applicant should not have defaulted on his/her home loan EMIs
• If the property is under construction, the applicant must possess a copy of the approved plan
• If the home loan is disbursed to the applicant and the registration of the property is pending, the applicant will not be eligible for IIFL Home Loans Balance Transfer
• In the case of ready-to-move-in property, the registration of the property is a mandatory requirement for a home loan balance transfer.

Eligibility Criteria to Apply for NRI Home Loans

• Any Indian citizen (salaried or self-employed) between the age group 18 to 75 years can apply for the loan
• The applicant should hold a Valid Indian Passport.
• The passport of the home loan applicant should not have a NO ENTRY stamp, prohibiting NRI applicants from entering the country.
• Passport with Valid Entry Visa for NRI applicant where he is appearing in person for submitting the application.
• Applicants with PIO / OCI status should have a Valid PIO / OCI Card copy in addition to a foreign country passport.

IIFL Home Loan Documents Required

Following are the documents required to successfully apply for IIFL Home Loan:

• Duly filled IIFL home loan application form
• Proof of Identity
• Proof of Address
• Proof of Address of Business Entities (if applicable)
• Proof of Income for Salaried:
  • Last 2 months’ salary slip
  • Last 6 months’ bank statement of salaried account
  • Latest Form 16 / ITR
• Proof of Income for Self Employed
  • Income Tax Returns along with computation for the last 2 financial years
  • Balance Sheet and Profit & Loss account along with all annexures (duly CA certified and audited if applicable)
  • Last six months current account statement of the business entity and saving account statement of individual
• Copy of complete chain documents of the property (as applicable)
• Copy of Agreement to Sell (if executed)
• Copy of the Allotment Letter/Buyer Agreement (if applicable)
• Copy of Receipt/(s) of payment/(s) made to the developer (if applicable)

IIFL Home Loan EMI Calculator

 

FAQs

Q 1. Is it mandatory to have a co-applicant apply for an IIFL home loan?

Ans. A co-applicant is not required to apply for a home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is mandatory to include them as co-applicants.

Q 2. Which are the eligible countries where the NRI must be employed and residing?
Ans. The NRI seeking a home loan must be employed and residing in:

• North America – USA and Canada
• Middle East – UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat
• East Asian Countries – Singapore, Malaysia, Hong Kong, Japan, Thailand
• All EU Countries (Except – Spain, Greece, Portugal, Italy)
• Australia and New Zealand