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IIFL Home Loan

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IIFL Home Loans @ Lowest Rates

  • Interest Rate: 8.45% onwards
  • Loan Tenure: Up to 20 years
  • Processing Fee: Up to 2% of the loan amount

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हिंदी में पढ़े
Updated: 04-01-2021 12:13:30 PM
IIFL Home Loan 2021
Interest Rate8.45% onwards
Loan TenureUp to 20 years
Age Eligibility18 to 70
Processing ChargesUp to 2% of the loan amount

Note: The mentioned interest rates, fees and charges are subject to change

IIFL home loan interest rates is 8.45.% onwards. India Infoline Finance Ltd. is a banking and financial company that offers multiple housing loan products to serve the housing needs of its varied customer base. IIFL home loans are available to both resident and non-resident individuals with flexible repayment options. IIFL offers home loan products to salaried or self-employed professional at for various purposes that include purchase of plots, row houses, bungalows and flats.

Features and Benefits of IIFL Home Loan
IIFL Home Loan Interest Rates
Processing Fee and Other Charges
Eligibility Criteria for IIFL Home Loans
IIFL Home Loan Documents Required
IIFL Home Loan EMI Calculator
IIFL Home Loan Schemes
Applying for IIFL Home loans
FAQs

Features and Benefits of IIFL Home Loan

Mentioned below are some of the features and benefits of IIFL Home Loan:

  • PAN India branch network
  • Transparent processes
  • Legal and technical advice at every step
  • Speedy loan approval
  • Longer repayment period of up to 20 years
  • Loan amount up to Rs. 10 crore
  • Both resident & non-resident individuals can apply
  • Attractive interest rates

Check Also: Home Loan Tax Benefits

IIFL Home Loan Interest Rates

Mentioned below are the interest rates applicable for different home loan products offered by IIFL:

IIFL Home Loan SchemesInterest Rates
New Home Loan8.45%  onwards
Home Improvement Loan8.45%  onwards
NRI Home Loan8.45%  onwards
Swaraj Home Loan12.25% onwards
Balance Transfer8.45%  onwards

Processing Fee and Other Charges

Particulars* Charges/Fees
Processing FeeUp to 1.75% of the loan amount
Transaction/Legal Handling charges in Balance TransferRs. 2,500
CERSAI FeesRs. 100 (for Loans>Rs. 5 lakh)
Rs. 50 (for Loans<=Rs. 5 lakh)
ACH Dishonour ChargesRs. 500 for each ACH bounce
Nil on Representation of ACH
Late Payment Charges36% p.a. of the outstanding EMI
Prepayment ChargesIndividual
For Full Prepayment: Nil
For Part PrePayment: Nil
Non-Individual

Within 1st year of the Last DisbursementAfter 1st year of the Last disbursement
For Full Prepayment5%3%
For Part Prepayment5%1%
ACH Swapping chargesRs. 5,00 per instance
Retrieval charges for original property document in IIFL custody (before loan closure)Rs. 2,000
Retrieval charges for original property documents in IIFL custody at the time of loan closure
OR
more than 2 documents retrieved during the loan tenure
  • Rs. 1,000 per instance for loans up to Rs. 1 crore
  • Rs. 2,000 per instance for loans > Rs. 1 crore
Retrieval charges for Copies of loan /copies of property document in IIFL custodyRs. 5,00 per instance
Charges for Statement Of AccountNil
Collection Visit ChargesRs. 5,00 per instance
Issuance of FC statementRs. 5,00 (for 2 instances within 1 month)
Custodial Fee for property documents in closed loansRs. 5,00 per month (post 60 days from Loan Closure Date)

Eligibility Criteria for IIFL Home Loans

Mentioned below are general eligibility that a customer must satisfy to avail home loans from IIFL:

Age EligibilityMinimum: 18 years
Maximum: 70 years
Eligible ProfilesResident salaried and self-employed professionals
Non-resident salaried and self-employed professionals
Other ConditionsGood credit rating score
Clear record in terms of past loans and statutory payment

IIFL Home Loan Documents Required

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

DocumentSalaried Resident Self-Employed Resident Salaried Non-Resident Self-Employed Non-Resident
KYCIdentity Proof
Address Proof
Address Proof for Business Entities (if applicable)
Proof of Income
  • Last 2 months’ salary slip
  • Last 6 months’ bank statement of salaried account
  • Latest Form 16 / ITR
  • 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
  • Bank statement required for 6 months both NRE/NRO and foreign bank a/c
  • Last 2 months’ salary slips
  • Appointment Letter / Increment Letter / Contract Letter
  • Valid work permit
  • Bank statement required for 6 months both NRE/NRO and foreign bank a/c
  • Last 2 month salary slips
  • Appointment Letter / Increment Letter / Contract Letter
  • Valid work permit
Property Proof
  • 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

IIFL Home Loan EMI calculator allows easy calculation of monthly instalment to be paid towards the repayment of the availed loan amount within the selected tenure. Knowing the EMI in advance helps to plan the finances better. Some of the points that affect the EMI are:

  • Loan Amount: This is the principal amount borrowed from the bank. Higher the loan amount, higher the EMI
  • Rate of Interest: One of the most important points determining the ability to avail a loan and the ease to repay it. Different banks and housing finance institutions offer different interest rates which keep changing from time to time. Higher interest rate on the loan is equivalent to higher EMIs
  • Loan Tenure: This is the time duration within which the the loan amount has to be repaid Loan tenure depends on the borrower’s current age and the retirement age. In case of longer tenure, the EMIs are lower and vice-versa

IIFL Home Loan EMI depends on the loan amount, loan tenure and interest rate. The table below shows how house loan EMI calculation changes with changing loan amount and loan tenure at a constant 9% p.a. home loan interest rate.

Loan Amount 

EMIs as per Different Loan Tenures

10 years15 years20 years
Rs. 25 lakhRs. 31,668Rs. 25,356Rs. 22,493
Rs. 50 lakhRs.  63,337Rs. 50,713Rs. 44,986
Rs. 75 lakhRs. 95,006Rs. 76,069Rs. 67,479
Rs. 1 croreRs. 1,26,675Rs. 1,01,426Rs. 89,972

The table above shows that home loan EMI decreases as the loan tenure increases. Choosing a longer tenure reduces the monthly liability, but it also increases the total interest payout. Therefore, it is recommended to choose the home loan amount wisely.

IIFL Home Loan Schemes

IIFL New Home Loan: This product is suitable for the purchase of raw houses, bungalows, flats and even plots. The product is available to only resident salaried and self-employed professionals. Mentioned below are the details of the scheme:

  • Interest Rate: 8.45% onwards
  • Loan Tenure: 20 years
  • Processing Fee: Up to 1.75% of the loan amount
  • Age Limit: Minimum 18 years and Maximum: 70 years

IIFL Swaraj Home Loan: This home loan product is suitable for first time home buyers who may or may not be supported by formal income documentation. The product is available to only resident salaried and self-employed professionals. Mentioned below are the details of the scheme:

  • Interest Rate: 12.25% onwards
  • Loan Tenure: 20 years
  • Processing Fee: Up to 1.75% of the loan amount
  • Age Limit: Minimum 18 years and Maximum: 70 years

IIFL Home Improvement Loan: This product is suitable for carrying out home enhancements like flooring, tiling, plaster, painting etc., for various purposes like building an extension of your home, loft conversion, kitchen renovation, bathroom fitting, garden design and more. The product is available to only resident salaried and self-employed professionals. Mentioned below are the details of the scheme:

  • Interest Rate: 8.45% onwards
  • Loan Tenure: 20 years
  • Processing Fee: Up to 1.75% of the loan amount
  • Age Limit: Minimum 18 years and Maximum: 70 years

Balance Transfer: This product is suitable for customers looking to transfer their Home Loan Balance to IIFL Home Loans at competitive interest rates. The product is available to only resident salaried and self-employed professionals. Here are the details of the scheme.

  • Interest Rate: 8.45% onwards
  • Loan Tenure: 20 years
  • Processing Fee: Up to 1.75% of the loan amount
  • Age Limit: Minimum 18 years and Maximum: 70 years

IIFL NRI Home Loan: This product is suitable for NRI customers looking to buy a house or a property in India. Here are the details of the scheme:

  • Interest Rate: 8.45% onwards
  • Loan Tenure: Up to 20 years for loan up to Rs.75 lakh and 15 years for loan above Rs.75 lakh
  • Processing Fee: Up to 1.75% of the loan amount
  • Age Limit: Minimum 18 years and Maximum: 70 years

IIFL Pradhan Mantri Awas Yojana: IIFL also offers home loans under the Pradhan Mantri Awas Yojana (PMAY) scheme to meet the housing needs of EWS/LIG/MIG segment (first-time home buyers) by way of a subsidy on the Home loan. Let’s learn a bit more about this scheme.

Features & Benefits

      • Interest subsidy benefit of up to 6.5%
      • Approval on building designs is compulsory before construction
      • Compulsory ground floor accommodation for senior citizens and differently abled
      • Encourages women to be homeowners or co-applicants

Key Norms for Credit Linked Subsidy Scheme (CLSS)

Scheme DetailsEWS/LIGMIG IMIG II
Family1 Income (INR)Up to 6,00,0006,00,001-12,00,00012,00,001-18,00,000
Loan PurposePurchase/Self-Construction/ExtensionPurchase/Self-ConstructionPurchase/Self-Construction
Carpet Area (Max)Not exceeding 60 sq.mts.Not exceeding 160sqmtsNot exceeding 200sqmts
Woman OwnershipMandatoryNot MandatoryNot Mandatory
1st PropertyThe family should not own any pucca dwelling unit in any part of India
Max Subsidy Benefit (INR)Rs. 2.67 lakhRs. 2.35 lakhRs. 2.30 lakh
Scheme Validity31/03/202231/03/202131/03/2021

Note: The PMAY/CLSS is at the sole discretion of the Government of India. The contents given in the table are parameters as mentioned under the scheme.

More About PMAY Scheme
All about PMAYPMAY List
How to Apply for PMAYPMAY Application Status
PMAY UrbanCLSS
How to Avail PMAY SubsidyPMAY Eligibility

Applying for IIFL Home loans

Individuals can now easily apply for Home loan by IIFL from the vicinity of their homes using the internet facility. Individuals can apply for an IIFL Home loan online from the paisabazaar.com website which is an all-inclusive website for knowing the loan, applying for the India Infoline home loan and eventually getting the India Infoline home loan sanctioned.

Customers can apply online for IIFL Home Loan through Paisabazaar.com by following the below-mentioned steps.

  • Follow the link https://www.paisabazaar.com/home-loan/
  • Fill the form by providing details like the loan amount, city of the property, tenure, etc.
  • On filling all the required details, click on the ‘Proceed’ button

Soon, one of the Paisabazaar representatives will contact you on the provided contact number to process your application further.

FAQs

Q1. Are there any tax benefits on Home Loan?
Yes, you are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961.

Q3. Is it mandatory to have a co-applicant to apply for a home loan?
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.

Q4. Which are the eligible countries where the NRI must be employed and residing in?
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
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