IIFL - 10.00% for Loan Against Property - Loan Against Commercial Property

IIFL Loan against Property:

IIFL Home Finance offers Loan Against Property (LAP) to small businesses in the form of secured business loan starting from 10.00 - 18.00% p.a. onwards* for loan amounts of up to Rs. 10 Crores and tenures of up to 10 years.

The lender offers loans both against residential/commercial properties and plot of land.

Borrowers can use IIFL LAP proceeds to set up their small venture, fulfil working capital requirements to further their business or to manage their personal expenses.

Interest Rate	10.00 - 18.00% p.a. onwards*
Loan Amount	Up to Rs 5 crore
Tenure	Up to 10 years
Processing Fee	0.25% to 1% of loan amount

 

IIFL Loan against Property:

IIFL allows you to fund immediate or urgent needs with a loan against property.

IIFL loan against property is a secured loan that does not have any end usage restrictions.

The bank offers different types of mortgage scheme at affordable rates to eligible salaried and self- employed individuals.

IIFL loan against property eligibility based on the factors like age, salary, occupation, property type and CIBIL score.

 

Features of IIFL Loan against Property

1. Some of the main features of IIFL loans against property are:

2. Loans can be availed against commercial, residential and industrial property

3. High repayment periods of up to 15 years for convenient loan payment

4. Extremely low interest rates

5. Self-employed individuals can avail of special schemes

6. Easy and hassle-free documentation

 

Factors Affecting Loan against Property Interest Rates:

Loan amount: 

Property loan rates in IIFL depend upon the loan amount you apply.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

IIFL offers differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

Your profession:

IIFL may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or

business compared to salaried people who will most likely take a mortgage loan for his personal Purposes.

 

IIFL Loan against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. Two Passport Size Photo

3. ITR of last 3 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. 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

 

For Salaried employee:

1. Filled up loan application form

2. Two 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’ pays lip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

IIFL LAP Schemes

1. IIFL Commercial Property Purchase Loan

One of the ideal features of LAP offered by IIFL is the liberty to purchase additional property for commercial usage.

Business entities have the right to acquire loan amount and utilize the same for another official property that can only be used for commercial purpose.

Under this category of loan, your previous property will be termed as the security.

 

2. IIFL Lease Renting Discounting Loan (LRD)

With lease renting discounting loan simply means taking a mortgage loan from IIFL against that property which is rental and monthly rent comes from the rented person.

Through this particular loan, borrowers have the right to source funds against rented receipts and lease contract for a stipulated duration of time.

On the top of that, monthly rental can be directly transferred as loan EMI without paying a single penny out of your pocket.

 

Frequently Asked Questions:

Q. What is actually loan against property?

Ans. Basically, this loan is offered only against any residential or commercial property.

Considered as security or collateral, cash will be given to borrowers.

 

Q. What is the maximum period of repaying the loan?
Ans. 10 years is the maximum duration that borrowers have to pay back the loan amount in easy monthly instalments.

 

Q. What are the documents required by salaried individuals?
Ans. There is no such long list of documents required from your side except that of income proof, salary slips, bank statement, address and ID proof.

 

Q. Is Guarantor required for this loan?
Ans. No, guarantor is not needed to apply for this mortgage loan.

 

IIFL Home Loan News - March 2023:

 

2021-11-30: IIFL Home Finance Reports a Growth of 19 percent in Quarter 2

IIFL Home Finance reported a loan book growth of 19 per cent.

The loan disbursement grew from 12,892.74 crores a year ago to 15,320,99 crores in the second quarter of the fiscal.

 

2021-06-09: Growth of upto 18% expected by IIFL Home Finance on loans

IIFL Home Finance expects a growth on its loan book which includes Home loans and Loan against property of upto 18%.

 

2021-01-20: IIFL Home Finance and Standard Chartered Bank joined hands for co-lending

IIFL Home Finance and Standard Chartered Bank joined hands for extending credit.

It is one of the first co-lending partnership after Reserve Bank India's co-lending guidelines were issued Under this co-lending agreement,

IIFL Home Finance Ltd and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance Ltd will service the customers through the entire loan life-cycle including.