IIFL Home Loan

Getting a home loan is a hectic procedure as it is one of the largest as well as the longest debt for an individual to take. However, with IIFL home loans, the procedure becomes quite easy and hassle free. Once you choose IIFL Home loan, the process becomes simpler as the borrower is facilitated with the fastest processing and affordable EMIs. Isn’t it the perfect choice for new or experienced home buyers? Well, India Infoline Housing Finance Limited (IIFL) has made it convenient for both salaried or self-employed individuals for availing a home loan with competitive interest rates, starting from as low as 8.20%. Whether it is for the purchase of new houses, bungalows, flats and even plots, you get a IIFL home loan scheme for each objective. In addition, expert legal and technical counseling sessions are provided from IIFL to make the home buying process much easier.

Home Loan

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    IIFL Home Loan Interest Rates and other Charges September 2022

    ParticularsDescription
    Interest Rates8.20% onwards
    Loan TenureUp to 25 years
    Processing FeesUp to 1.75% of the loan amount
    Collateral Evaluation Charges in Home Loan Non APFRs. 3000
    Late Payment Charges18% per annum of the outstanding EMI
    Foreclosure ChargesNIL

    IIFL Home Loan Schemes

    IIFL Housing offers you a variety of home loans according to your needs and objectives. The types of IIFL housing loans schemes offered are mentioned below:-

    IIFL New Home Loan

    • You can apply for the IIFL home loan for the purchase of a new home, bungalow or any flat from private developers as well.
    • Loans also available to DDA projects, MHADA, construction of a freehold or a leasehold property and others.
    • Repayment period of up to 25 years.
    • Benefits such as home loan balance transfer, interest subsidy under PMAY scheme, zero prepayment charges, doorstep services and many more are available to borrowers.

    IIFL Home Loan Balance Transfer

    • Loans for borrowers who have stuck in high interest home loans and want to avail a balance transfer of their existing home loans.
    • You can reduce your interest burden by availing IIFL balance transfer home loan.
    • You can better plan and re-examine your home loan interest rates and their EMIs.
    • Loan tenure up to 20 years.
    • No hidden charges
    • Complete end-to-end assistance and quick home loan sanction.

    IIFL NRI Home Loan

    • Loans for NRIs who live overseas but want to buy a home in India.
    • Available for purchasing new home, repair, renovation, construction or buying an existing home.
    • Loans can be availed by both salaried and self-employed NRIs.

    IIFL Home Improvement Loan

    • These are the loans that are available for borrowers who want to renovate, reconstruct, redesign or repair their existing homes.
    • IIFL home renovation loans are available for up to 50 lakhs.
    • It covers all costs and expenses associated with home renovation.
    • Available to all salaried, self employed and government and corporate employees.
    • Easy online approval within 25 minutes.

    IIFL Home Loan Eligibility Criteria

    The eligibility criteria for IIFL home loans vary depending on the type of IIFL home loan that the applicant takes out. The following are the IIFL house loan eligibility criteria for various types of loans:

    Eligibility Criteria to avail IIFL New Home Loan

    • Nationality should be Indian.
    • The age gap should be between 18-75 years.
    • CIBIL score of 750 or more.
    • Both salaried and self-employed applicants are eligible.

    Eligibility Criteria to avail IIFL Home Improvement Loan

    • Applicants should be Indian residents, either salaried or self-employed.
    • Age should be between 18-75 years.
    • Non-Resident Indians and Persons of Indian origin having foreign passports are eligible for home improvement loan from IIFL
    • If you want to apply for a co-applicant for the loan, he or she should be a close family member.

    Eligibility Criteria to avail IIFL NRI Home Loans

    • Any Indian citizen, between the age of 18-75, either salaried or self-employed are eligible.
    • He or she should have a valid Indian passport.
    • The passport should not have any kind of NO ENTRY stamp
    • Passport should be valid with an Entry Visa.
    • Applicants with PIO/OCI status applying for the loan should have a valid PIO/OCI card accompanied by foreign country passport.

    Eligibility Criteria to avail IIFL Balance Transfer Home Loan

    • You should have an existing home loan.
    • The applicant must have paid at least 12 EMIs of your existing home loan.
    • You must not have any default history on your existing home loan.
    • If your property is under construction, you should have a copy of the approved plan.
    • If the registration of the property is pending and the lender has disbursed the loan amount, then you will not be eligible for a balance transfer loan from IIFL
    • The registration of the property is a mandatory requirement, in case of a ready-to-move-in property.

    IIFL Home Loan EMI Calculator

    An applicant should assess his/her eligibility before applying for the home loans. The most suitable way to check the eligibility is through IIFL Home Loan EMI Calculator. By filling just a few basic details, one can figure out his eligible amount, calculate his interest and take prudent decisions accordingly.

    For example, you are a teacher in a government school earning INR 35,000 p.m. In due course of time, you wish to apply for housing property in a posh locality of Noida along with the parking lot, gardens and swimming pool. Property prices costing INR 90 lakh onwards. You have decided to incur INR 60 lakhs by yourself and have applied for a home loan for INR 30 lakhs with IIFL. You wish to know your monthly installments going along with interest, each year for a tenure of 15 years at an interest rate of 8.85% p.a. The following table gives you a highlight about your monthly EMI payable along with interest and total amount payable at the end of each year as a settlement to be done against your home loan.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 30,00,0008.85%1₹ 2,62,146₹ 1,45,750₹ 31,45,750
    ₹ 30,00,0008.85%2₹ 1,36,848₹ 2,84,348₹ 32,84,348
    ₹ 30,00,0008.85%3₹ 95,190₹ 4,26,836₹ 34,26,836
    ₹ 30,00,0008.85%4₹ 74,442₹ 5,73,198₹ 35,73,198
    ₹ 30,00,0008.85%5₹ 62,057₹ 7,23,414₹ 37,23,414
    ₹ 30,00,0008.85%6₹ 53,854₹ 8,77,455₹ 38,77,455
    ₹ 30,00,0008.85%7₹ 48,039₹ 10,35,290₹ 40,35,290
    ₹ 30,00,0008.85%8₹ 43,718₹ 11,96,882₹ 41,96,882
    ₹ 30,00,0008.85%9₹ 40,391₹ 13,62,186₹ 43,62,186
    ₹ 30,00,0008.85%10₹ 37,760₹ 15,31,155₹ 45,31,155
    ₹ 30,00,0008.85%11₹ 35,634₹ 17,03,735₹ 47,03,735
    ₹ 30,00,0008.85%12₹ 33,888₹ 18,79,869₹ 48,79,869
    ₹ 30,00,0008.85%13₹ 32,433₹ 20,59,496₹ 50,59,496
    ₹ 30,00,0008.85%14₹ 31,206₹ 22,42,549₹ 52,42,549
    ₹ 30,00,0008.85%15₹ 30,161₹ 24,28,959₹ 54,28,959

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 1,00,439₹ 2,61,491₹ 28,99,560
    2₹ 1,09,698₹ 2,52,232₹ 27,89,861
    3₹ 1,19,810₹ 2,42,120₹ 26,70,051
    4₹ 1,30,854₹ 2,31,076₹ 25,39,197
    5₹ 1,42,916₹ 2,19,014₹ 23,96,280
    6₹ 1,56,090₹ 2,05,840₹ 22,40,190
    7₹ 1,70,478₹ 1,91,452₹ 20,69,711
    8₹ 1,86,193₹ 1,75,737₹ 18,83,518
    9₹ 2,03,356₹ 1,58,574₹ 16,80,161
    10₹ 2,22,101₹ 1,39,829₹ 14,58,059
    11₹ 2,42,575₹ 1,19,355₹ 12,15,484
    12₹ 2,64,935₹ 96,995₹ 9,50,548
    13₹ 2,89,357₹ 72,573₹ 6,61,191
    14₹ 3,16,030₹ 45,901₹ 3,45,161
    15₹ 3,45,382₹ 16,769₹ 0

    Documents Required to avail IIFL Home Loans

    To avail an IIFL home loan, you will need some mandatory documents. Below are mentioned the general documents required for both salaried and self employed borrowers. Please do note that the bank may ask you for additional documents depending upon the eligibility of the applicant and the type of IIFL home loan scheme they are applying for.

    Salaried Borrowers

    • Duly Filled Application form
    • Identity Proofs – PAN (mandatory), passport, driving license
    • Address Proofs- Passport, driving license
    • Latest salary slip
    • Form 16
    • Bank statements for last 6 months
    • Property Documents- photocopies of chain documents of the property (if applicable), Receipt made to the developer (if applicable), Buyer Agreement, Agreement to Sell (if executed)

    Self-Employed Borrowers

    • Duly Filled Application form
    • Identity Proofs – PAN (mandatory), passport, driving license
    • Address Proofs- PAN (mandatory), passport, driving license
    • Form 16
    • Bank statements for last 6 months
    • Property Documents- photocopies of chain documents of the property (if applicable), Receipt made to the developer (if applicable), Buyer Agreement, Agreement to Sell (if executed)

    IIFL Home Loan Features

    IIFL Home loan apply is easy and straightforward, with a complete digital procedure available at the comfort of your places. Some of the more highlights of IIFL home loans are mentioned below:-

    • Online and easy application process which enables you to fill the application form online at the comfort of your homes or offices. IIFL home loans provide the borrowers with instant sanctions of housing loans.
    • You can also transfer your existing high EMIs home loans to IIFL housing loans with the help of a balance transfer home loan and enjoy low interest EMIs.
    • The IIFL home loan documentation is easy, simple, quick and hassle free.
    • You can also avail interest subsidy on home loans under the Pradhan Mantri Awas Yojana.  

    IIFL Home Loan Customer Care Contact Number

    You can apply for a house loan online by filling out the application form provided on the bank’s official website. IIFL Home Loan documentation is straightforward, and they provide immediate approval for house loans. You can also get help by calling IIFL home loan customer service number: 1860-267-3000.

    Whether you need help with a home loan application, documentation, or other services, IIFL believes in providing immediate assistance to its borrowers. IIFL WhatsApp number is also available- 730 444 7444 for seeking help on Whatsapp.

    Frequently Asked Questions

    1. How to apply for an IIFL home loan online?

    You can apply for IIFL Home loan online on the bank’s official website and fill the online home loan application form. You can also download the IIFL application and apply online through the app.

    2. Which is the best IIFL home loan scheme?

    All the IIFL home loans have their own set of features and benefits. It depends on the applicant’s needs that which home loan scheme will be best suited for him. However, you can consider the subsidized home loan scheme from IIFL under the Pradhan Mantri Awas Yojana.

    3. Should you take a housing loan from IIFL?

    Yes, you can take a housing loan from IIFL as it provides the applicant with features like minimal paperwork, attractive interest rates, easy application, instant approval and quick online and hassle-free home loan processing.

    4. What are the different types of IIFL home loan?

    The different types of IIFL home loan are New home loan, Subsidized home loan under the Pradhan Mantri Awas Yojana, Home renovation loan, Balance transfer home loan and NRI home loan.

    5. What is maximum home loan tenure in IIFL?

    The maximum home loan tenure in IIFL is up to 25 years.

    6. How long does it take for IIFL home loan approval?

    If your application is complete according to the terms and conditions set by the bank, you can get an IIFL home loan approval in as less as 25 minutes.

    7. What is IIFL home loan processing fee?

    The IIFL home loan processing fee is upto 1.75% of the loan amount.

    8. What is the minimum CIBIL score for IIFL home loan?

    The minimum CIBIL score for IIFL home loan is 650.

    9. What is the minimum salary to apply for a home loan in IIFL?

    You can check your home loan eligibility in IIFL by using the IIFL home loan eligibility calculator. You can enter all the relevant information such as your monthly income, financial obligations, other EMIs etc, according to which you will be able to avail the IIFL home loan.

    10. What is the minimum home loan amount in IIFL?

    There is no specified minimum home loan limit in IIFL. It depends on your home loan requirements, CIBIL score, monthly income, repayment capacity and other financial factors.

    11. What is the maximum limit of IIFL housing loans?

    The maximum loan amount depends on the applicant’s certain eligibility factors such as income, CIBIL score, repayment capacity, your existing relationship with the bank and other related factors.

    12. Can a pensioner get a housing loan from IIFL?

    Yes, a pensioner may get a housing loan from IIFL depending upon his eligibility and other criteria.

    13. How much home loan can I get on 50000 salary from IIFL?

    According to the IIFL home loan eligibility calculator, the home loan that you can get on an INR 50,000 monthly salary, with an interest rate of 8.20% (the lowest IIFL home loan interest rate) and a tenure of 30 years, can be of around 65 lakhs. Rest, it depends on your other eligibility factors.

    14. How much housing loan can I get on 80000 salary from IIFL?

    According to the IIFL home loan eligibility calculator, the home loan that you can get on an INR 80,000 monthly salary, with an interest rate of 8.20% (the lowest IIFL home loan interest rate) and a tenure of 30 years, can be of around 87 lakhs.

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