IIFL Home Loan

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IIFL Home Loans @ Lowest Rates

  • Interest Rate: 8.70% onwards
  • Loan Tenure: Up to 20 years
  • Processing Fee: Up to 1.75% of the loan amount

Apply for Home Loan Starting From 7.95%*

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 27/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 27/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :27/02/2020

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हिंदी में पढ़े
Updated: 23-01-2020 07:32:46 AM

India Infoline Finance Ltd. is a banking and financial company that offers multiple home loan products to serve the housing needs of its varied customer base. IIFL home loans are available at an attractive interest rate of 8.70% p.a with flexible repayment options. The loan is available to both resident and non-resident salaried and self-employed individuals.

which helps them to meet their requirements of owning a house under their own name. IIFL offers home loan products to salaried or self-employed professional at competitive interest rates for various purposes that include purchase of plots, row houses, bungalows and flats.

IIFL Bank Home Loan Jan 2020
Interest Rate8.70% onwards
Loan TenureUp to 20 years
Processing ChargesUp to 1.75% of the loan amount

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

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 Loan8.70%  onwards
Home Improvement Loan8.70%  onwards
NRI Home Loan8.70%  onwards
Swaraj Home Loan12.25% onwards
Balance Transfer8.70%  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
KYC
  • Identity 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 home loan EMI 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: 8.70% 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: 8.70% 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: 8.70% 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: 8.70% 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 60sqmtsNot 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 Validity31/03/202231/03/202031/03/2020

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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