IIFL Home Finance Loan Against Property

IIFL Loan Against Property Highlights 2024
Interest Rate	10.65% p.a. onwards
Loan Amount	Rs 2 lakh onwards
Loan Tenure	Up to 7 years
Loan to Value (LTV)	Up to 65% of the market value of property
Processing Fees	Up to 2% of the loan amount

Note: Interest rates as of 5th November 2024

IIFL Loan Against Property Interest Rates

The IIFL Home Finance Loan Against Property interest rates start from 10.65% p.a. onwards.

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	9.20-10.50	Apply Now
Bank of Baroda	10.85-18.35	Apply Now
PNB Housing Finance	9.25-15.00	Apply Now
IDFC First Bank	9.00-16.50	Apply Now
HDFC Bank Limited	9.50-11.00	Apply Now
L&T Housing Finance	9.50 onwards	Apply Now
LIC Housing Finance	9.50-11.55	Apply Now
Godrej Housing Finance	9.75 onwards	Apply Now
ICICI Bank	10.85-12.50	Apply Now
Tata Capital	9.00 onwards	Apply Now
Axis Bank	10.50-10.95	Apply Now
Punjab National Bank	10.15-14.00	Apply Now

IIFL Loan Against Property Fees and Charges

The Sundaram Home Finance Loan Against Property fees and charges are as follows:

Processing Fees

Particulars	Rates
Processing fees	Up to 2% of the loan amount

Prepayment/foreclosure charges

Particulars	Rates
Foreclosure charges (when main applicant is an individual)	For business use: 5% of prepaid amount plus taxes (within 12 months of 1st disbursement) 3% of prepaid amount plus taxes (post 12 months of 1st disbursement) For personal use – Nil
Foreclosure charges (when main applicant is a non-individual and loan is availed by a company)	For business use: 3% of prepaid amount plus taxes (post 12 months of 1st disbursement) For personal use: 5% of prepaid amount plus taxes (within 12 months of 1st disbursement)
Prepayment charges (when main applicant is an individual)	For business use: 5% of prepaid amount plus taxes (within 12 months of 1st disbursement) 1% of prepaid amount plus taxes (post 12 months of 1st disbursement) For personal use – Nil
Prepayment charges (when main applicant is a non-individual and loan is availed by a company)	For business use: 1% of prepaid amount plus taxes (post 12 months of 1st disbursement) For personal use: 5% of prepaid amount plus taxes (within 12 months of 1st disbursement)

Other Charges related to IIFL Loan Against Property

Particulars	Rates
Late payment charges	18% p.a. of outstanding EMI
ECS/Cheque dishonour charges	For every ECS/Cheque bounce: Rs 500 Representation of ECS/Cheque: Nil
Collateral evaluation charges	For loans less than or equal to Rs 2 crore: Rs 5,000 For loans above Rs 2 crore but less than Rs 5 crore: Rs 10,000 For loans above Rs 5 crore: Rs 25,000
CERSAI fees	For loans less than or equal to Rs 5 lakh: Rs 50 For loans above Rs 5 lakh: Rs 100

The above charges are exclusive of any applicable taxes

IIFL Loan Against Property Eligibility Criteria

The Loan Against Property Eligibility Criteria for availing IIFL LAP are as follows:

• Any Indian resident, either self-employed or salaried, owning a residential/commercial property can apply for LAP
• Minimum Age: 21 years
• Maximum Age: 70 years
• The co-applicant for the loan can be a close relative, a partnership firm or a private limited company
• Primary applicants can also choose a co-applicant to increase the loan eligibility and avail lower LAP interest rates
• Income criteria:
  • For salaried applicants – The minimum income for salaried LAP applicants is Rs 12,000 per month
  • For self-employed applicants – The minimum annual household or family income for should at least be Rs 2 Lakh

Documents Required for IIFL Loan Against Property

The Loan Against Property Documents required for availing IIFL LAP is as follows:

Identity/Address Proof

• PAN Card or Form 60 (mandatory)
• Identity and/or current address proof (any one of the following)
  • Voter ID Card
  • Passport
  • Driving License
  • Aadhaar Card or proof of possession of Aadhaar number
  • Job card issued by NREGA and duly signed by an officer of the state government
  • Letter issued by National Population Register (NPR) containing details of name and address

Proof of Income

Income proof for salaried borrowers:

• Salary slips of last 2 months
• Last 6 month bank statements – salary account
• Details related to ongoing loans

Income proof for self-employed borrowers:

• Income tax returns and other financial statements of last 2 years
• Last 6 month bank statements
• Details related to ongoing loans

Other Documents

• Copy of property documents
• Copy of approved plans
• No Objection Certificate (NOC)
• Additional documents in case of Balance Transfer:
  • List of documents from the existing lender
  • Loan outstanding/foreclosure letter from the existing lender