# IIFL Home Loan Eligibility Calculator

## Home Loan Eligibility Calculator IIFL 2022

Last Updated 24th Feb 2022

Eligibility CriteriaIIFL Home Loan
Eligible Age of Borrower18 - 70 years
Home Loan Eligibility Calculator

## What is IIFL Home Loan Eligibility?

IIFL offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. IIFL home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a IIFL home loan using the IIFL home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

## How is Home Loan Eligibility Calculated by IIFL?

IIFL Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

### IIFL Home Loan Eligibility Based on Age

• Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum IIFL home loan age limit to get a IIFL home loan is 18 years at the time of loan commencement and maximum age limit is 70 years. IIFL offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 70 of tenure.

## IIFL Home Loan Eligibility Based on Salary

• Net income: Your net monthly income determines how much IIFL home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 7.00% offered by IIFL, the loan amount that you will be eligible for would be ₹ 38,28,349 to ₹ 43,46,347 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 76,56,698 to ₹ 86,92,693 for the same property at the same rate depending on your age at the time of loan application. However, IIFL asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years43.46 Lakh65.20 Lakh86.93 Lakh
30 years43.46 Lakh65.20 Lakh86.93 Lakh
35 years43.46 Lakh65.20 Lakh86.93 Lakh
40 years43.46 Lakh65.20 Lakh86.93 Lakh
45 years41.40 Lakh62.09 Lakh82.79 Lakh
50 years38.28 Lakh57.43 Lakh76.57 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your IIFL home loan eligibility.

• Nature of employment: IIFL will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. IIFL requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

### Home Loan Eligibility IIFL based on Value of Property

• Value of property: IIFL does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
• Property documents: Your property’s legal documents should be satisfactory and be cleared by the IIFL's legal team.

The housing loan eligibility calculator of IIFL can be a useful tool to assess your eligibility for the loan.

### IIFL Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by IIFL to determine your home loan eligibility. IIFL considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an IIFL home loan is 0.65. Calculate your eligibility with the IIFL home loan calculator and apply for the eligible loan amount hassle-free.

### IIFL Home Loan Eligibility for Women

IIFL offers the same rates to women borrowers starting at 7.00% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

#### Minimum CIBIL Score for IIFL Home Loan

IIFL considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from IIFL. However, a low CIBIL score reduces your chances to get a home loan. IIFL requires a minimum credit score of 650 to be eligible for a home loan.

## How to Enhance IIFL Home Loan Eligibility?

You can enhance the IIFL home loan eligibility using the tips mentioned below:

• Add an earning family member as a co-applicant.
• Ensure a steady income flow, regular savings and investments.
• Track your variable salary components.
• Take actions to rectify errors (if any) in your credit score.
• Repaying ongoing loans and short term debts.

### How to Use IIFL’s Home Loan Eligibility Calculator?

To check IIFL home loan eligibility perform the following steps:-

• Go to the IIFL website
• Now navigate to the option IIFL home loan
• To check eligibility criteria use a home loan eligibility calculator.
• Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1860-267-3000/ 703-905-0000.

#### ✅What is the criteria to get IIFL home loan?

The basic criteria to get a home loan from IIFL are as following:

 Age 18 - 70 years Income ₹ 0 Income 3 years for salaried, 5 years for self-employed Credit score 650 and above

#### ✅How much home loan can I get on my salary from IIFL?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

#### ✅What is the minimum salary to get home loan from IIFL?

The minimum salary required to avail home loan from IIFL is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in IIFL.

#### ✅Is IIFL good for home loan?

The lowest interest rate provided by IIFL is 8.20% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

#### ✅Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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IIFL Home Loan News - May 2022
• 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.
• 2020-08-24 : IIFL Home Finance launches the next phase of green affordable housin
IIFL Home Finance announced the launch of the sixth edition of Kutumb initiative. The initiative focuses on promoting green affordable housing.
• 2019-08-06 : IIFL Finance to raise up to Rs. 1,000 crore through bonds
One of the leading non-banking financial company, IIFL Finance, has plans to raise up to Rs. 1,000 crore through a public issue of bonds. The funds will be raised to augment its business growth and expansion and to meet the needs of the underserved population like providing easy loans and deposits to them at doorsteps.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More