IIFL Home Loan

Now you have chosen your own property and have an idea about your loan eligibility, the next procedure is to apply for the home loan. The process of obtaining the home loan is a daunting task, especially if you have never applied for any loan earlier. But once you choose IIFL Home loan, the process becomes simpler with the fastest processing and affordable EMIs at your reach. 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 whether if it is for the purchase of row houses, bungalows, flats and even plots. In addition, an expert legal and technical counseling session are provided for making the home buying process much easier.

Home Loan

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    IIFL Home Loan Eligibility Criteria

    • Either individually or jointly salaried individuals residing in India. Co-applicants can be your spouse, close relatives, partnership firms, and private limited company.
    • Any Indian citizen between the age group of 18 to 70, and are salaried or self-employed can apply for home loan
    • Home loan is sanctioned on the basis of collateral security, repayment capacity, credit score, past credit story of the applicant.
    • Availability of home loan upto INR 2 crores.
    • The loan tenure is upto 30 years.
    • Interest rate starting from 8.85% p.a. onwards
    • Security of the home loan would generally be a mortgage of the property that is to be financed by IIFL or any other collateral or interim security. Borrowers need to ensure that the title to the property is clear, marketable and free from encumbrance.

    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

    Documentation for IIFL Home Loan

    KYC Documents

    Proof of Identity/Address(Any One)

    • PAN Card
    • Voter Card
    • Aadhar Card
    • Valid Passport

    Proof of Income

    • Last 2 months salary slip
    • Last 6 months bank statements of salaried account
    • Latest Form 16 and ITR

    Other Documents

    • Duly filled and signed application form
    • Documents related to running loans along with 6 months repayment bank statements

    Property Documents

    • 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/ of payment/made to the developer (if applicable)

    Features and Benefits of IIFL Home Loan

    • Both salaried and a self-employed group of people are eligible for home loans.
    • Home Loan assistance from experts
    • Proper documents and good CIBIL score lead to some rebate or discount on processing fee and interest rate.
    • Attractive Interest Rates
    • Collateral evaluation services are offered at free of cost.
    • A widespread branch network
    • Hassle-free doorstep service
    • Availability of Tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961

    IIFL Home Loan Customer Care Contact Number

    Having any doubts or confusion regarding the payment of your EMIs or falling short of funds? Is your eligibility criteria not allowing you to get sanction for the home loan? Get your queries immediately resolved by an experienced customer care representative of India Infoline Housing Finance Limited by calling on: 1860 267 3000 or write an email at the email address mentioned on the website.

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