IIFL - 8.75% for Home Loan - New Purchase Home Loan

IIFL Home Loan

IIFL is a large HFC with the lowest home loan percent rate in India.

Currently bank offers the home loan starting from the 8.75% p.a. onwards* with the quick approval and easy process.

In IIFL is quite popular with its special features and attractive rates under the IIFL various home loan schemes for different income and occupation groups.

Interest Rate	8.75% p.a. onwards
Tenure	20 years
Processing Fee	Up to 1.75% of the loan amount
Interest rate linked to	PLR

 

Some of the key features of IIFL Bank

1. Loan Available for both Salaried and Self Employed.

2. Special Rates for Women borrowers

3. Loan tenure range can be 5 to 20 years.

4. Interest rate in the range of 8.90% 

 

IIFL Interest rate depends upon:

1. Your Salary:

Income helps you in identifying your rate of interest.

Bank's rate varies with your monthly income.

Higher the income, lesser will be the rate

 

2. Type of loan opted for:

IIFL also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

IIFL offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

IIFL Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loan from IIFL also carry some other charges which include:

 

Processing Fee -

IIFL applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

Technical and Legal Charges -

IIFL also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on IIFL rule.

 

Prepayment Charges-

If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to IIFL.

As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans.

Hence, you can prepay your home loan with IIFL at Nil charges.

 

IIFL Home Loan:

Apply:

Apply for an IIFL easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare IIFL Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

IIFL Home Loan Documents:

For Salaried employees:

1. Filled up loan application form.

2. Two 2 Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for

Construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5.Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of

business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

IIFL Home Loan schemes

IIFL offers various types of housing loan schemes to cater to different requirements of its customers. Below are the different loan schemes offered by IIFL:

 

1. IIFL New Home Loan

1. Attractive interest rate starting from 8.90% p.a.

2. Home Loan tenure of up to 25 years for both salaried and self-employed.

3. Affordable Equated Monthly Instalments (EMIs).

4. Quick and hassle-free process.

 

2. IIFL Swaraj Home Loan

1. Housing loan up to Rs.20 lakh.

2. Caters to first time home buyers who may or may not be supported by formal income documentation.

3. Apply for home loan at zero credit history and with low/unstructured income.

4. Loan tenure of up to 25 years.

5. Maximum funding of up to 85% for Rs.20 lakh loan.

6. At least one female co-applicant is mandatory.

7. Loan available for customers who may not have complete income documents such as bank statement and income proofs.

 

3. IIFL Home Improvement Loan

1. For the purpose of home enhancements such as flooring, tiling, painting, plaster, etc.

2. Also, for purposes such as building an extension of your house, kitchen renovation, loft conversion, bathroom fitting, garden design, etc.

3. Loan tenure of up to 25 years for both salaried and self-employed individual.

4. Attractive rate of interest.

5. Affordable EMIs.

6. Quick and hassle-free loan process.

 

4. IIFL NRI Home Loan

1. Applicants must be residing in the USA/Canada/East Asian Countries/the Middle East/European Countries (except Spain, Greece, Italy, Portugal)/Australia/New Zealand.

2. Loan for the purpose of purchase of a house/flat or for repair/renovation/extension of the house or for construction of the house on a plot or for purchasing an existing flat/house.

3. If you’re buying land as an NRI, then the land should be only for residential purpose, the premise should be located within municipal limits, and it should be a non-agricultural land.

4. Loan tenure of up to 25 years for a loan amount of up to Rs.75 lakh.

5. Loan tenure of up to 15 years for loan amount above Rs.75 lakh.

 

5. IIFL Home Loan Balance Transfer

1. Low processing fee and tax benefit.

2. Zero evaluation charges for collateral.

3. Loan tenure of up to 20 years.

4. Quick and hassle-free loan process.

 

6. IIFL Pradhan Mantri Awas Yojana

1. Under the EWS/LIG, the maximum subsidy is Rs.2.67 lakh.

2. Interest subsidy at a rate of 6.5% p.a. for a loan tenure of 20 years or the loan tenure, whichever is lower.

3. The subsidy can be availed for loan amounts of up to Rs.6 lakh; for a loan amount of more than Rs.6 lakh, will be at non-subsidised rate.

4. Aadhar card is mandatory.

5. Under the MIG, applicants with household income between Rs.6 to 12 lakhs in urban areas fall under the MIG 1 category and Rs.12 to 18 lakhs fall under MIG 2 category.

6. Under the MIG 1, the interest rate subsidy of 4% on housing loans up to Rs.9 lakh for a tenure of 20 years or tenure of the loan, whichever is lower.

7. Under MIG 2, interest rate subsidy of 3% on housing loans up to Rs.12 lakh for a tenure of 20 years or the loan tenure, whichever is lower.

8. Maximum subsidy under MIG is up to Rs.2.35 lakh.

9. Under MIG, the subsidy is credited upfront to the beneficiary of the loan account, thereby reducing the effective housing loan EMI.

10. Aadhar card is mandatory.

 

Frequently Asked Questions:

Q. What do EMI and Pre-EMI interest mean?

Ans. An EMI is the Equated Monthly Instalment, which is the monthly repayment amount towards your home loan on a specific date until your housing loan is paid in full.

As for the Pre-EMI interest, is when you avail a part of your housing loan, IIFL charges simple interest on the amount that has been paid till the complete amount is disbursed.

 

Q. Who are eligible to apply for the IIFL home loan?

Ans. Indian citizens between the ages of 18 to 75 years and are either salaried or self-employed can apply for a housing loan from IIFL.

 

Q. What is the IIFL Home Loan Rate today?

Ans. IIFL offers the home loan interest rate today in the range of the 8.90% p.a. onwards*

 

Q. Is the IIFL home loan a Floating rate loan or fixed- rate loan?

Ans. IIFL offers the home loans at a both fixed and floating rates.

In the case of the fixed rate the interest remains the same throughout the tenure.

On the other hand, the loan rates vary as per the market fluctuations for the floating home loan rates.