IIFL Home Loan Interest Rates 2022

IIFL offers home loans to both salaried individuals and self-employed at a minimum rate starting at 8.20% up to 8.20%. Apart from the interest rate, the bank also has various other charges such as IIFL processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

IIFL home loan processing charges are upto 1.25% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees	Upto 1.25% of the loan amount;
Part Prepayment Charges	Allowed
Foreclosure Charges	Nil for floating rate home loans

IIFL offers a housing loan interest rate at 8.20%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, IIFL home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are IIFL home loan rates for multiple housing schemes.

IIFL Home Loan Scheme	Interest Rates
IIFL Home Loan Floating	8.20%
IIFL Swaraj Home Loan	8.45%

The home loan interest rates in IIFL for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount	Rate
Upto ₹ 28 Lakh	8.20%
₹ 28 Lakh - ₹ 75 Lakh	8.20%
₹ 75 Lakh - 2 Cr	8.20%
Above ₹ 2 Cr	8.20%

Home Loan Interest Rate for Self-Employed

Loan Amount	Rate
Upto ₹ 28 Lakh	8.20%
₹ 28 Lakh - ₹ 75 Lakh	8.20%
₹ 75 Lakh - 2 Cr	8.20%
Above ₹ 2 Cr	8.20%

Loan Amount	IIFL Home Loan Rate For Women	IIFL Home Loan Rate For Govt Employee
Upto ₹ 28 Lakh	8.20%	8.20%
₹ 28 Lakh - ₹ 75 Lakh	8.20%	8.20%
₹ 75 Lakh - 2 Cr	8.20%	8.20%
Above ₹ 2 Cr	8.20%	8.20%

IIFL has reduced interest rates on home loans by 0.5% on 18 Oct, 2021. After the cut in IIFL home loan rates, the latest rates start from 8.20%. The past home loan interest rate trend of IIFL is as below:

Last Revised Date	Lowest Home Loan Interest Rate of IIFL	Rate Difference
18 Oct, 2021	8.70%	▼-0.5%
01 Apr, 2021	8.45%	▼-0.25%
31 Mar, 2021	8.45%	▼-0.25%
03 Feb, 2021	8.45%	▼-0.25%

IIFL offers multiple home loan schemes at affordable interest rates. However, you must do comparison between IIFL and other bank’s home loan rates before applying:-

Particulars	IIFL	SBI	HDFC
Interest Rate	8.20% - 8.20%	6.65% - 7.05%	6.70% - 8.20%
Processing Fees	Upto 1.25%	NIL	Min ₹ 3,000
Loan Tenure	30 Years	30 Years	30 Years
Maximum Loan Amount	₹ 5 Cr	₹ 7 Cr	₹ 5 Cr
Age	18 - 70 Years	18 - 70 Years	24 - 65 Years
Benchmark Rate	PLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 748 per lakh	₹ 642 per lakh	₹ 645 per lakh

IIFL home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to IIFL at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, IIFL offers the loan balance transfer rate of 6.50%.

Maximum Annual Percentage Rate (APR)

8.24% to 8.24%

Representative example of the total cost of the loan, including all applicable fees

Here is an illustration of the total cost of the loan: Total amount borrowed: ₹ 1,00,000 Time period: 5 Years to 30 Years IIFL Home Loan Interest Rate: 8.20% to 8.20% Processing Fee payable to: Upto ₹ 1,250 Fee payable to MyLoanCare: NIL Total Monthly Cost – From ₹ 748 for 30 Years ₹ 1,00,000 loan at 8.20% (lowest rate, longest time period) to ₹ 2,037 for 5 Years ₹ 1,00,000 loan at 8.20% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 8.24% to 8.24% Total cost payable over loan tenure: ₹ 1,23,483 for 5 Years loan to ₹ 2,70,440 for 30 Years loan

✅Has IIFL reduced home loan rates?

As per the current rates, IIFL has cut its home loan rates by 0.5% from 8.70% to 8.20%, which is one of the best rates in the market. The new rates are effective from 18 Oct, 2021.

✅Why should I opt for balance transfer to IIFL?

IIFL offers lowest Home Loan EMI of ₹ 748 per lakh availed at the lowest interest rate 8.20% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 748 per lakh, you should consider the option for a loan transfer to IIFL from your existing bank. Current IIFL balance transfer rate is 6.50%.

✅Can IIFL housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with IIFL to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

✅Can IIFL revise the home loan interest rates for their existing customers?

Yes, IIFL offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

✅Does IIFL offer a concessional home loan interest rate for women?

Yes, IIFL offers special home loan interest rates for women. As against IIFL home loan rates for male which is 8.20%, the home loan interest rate for women starts at %.

✅What is the IIFL home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, IIFL provides home loan interest rate starting at 8.20%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

✅At what interest rate does an IIFL employee get a home loan?

IIFL offers concessional home loan rates of about 1% than the current home loan rates to IIFL employees.

✅Is IIFL home loan a floating rate loan or fixed-rate loan?

IIFL home loan is offered at 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 home loan rates vary as per the market fluctuations for floating home loan rates.

✅What is the IIFL home loan rate today ?

IIFL home loan rate today is in the range of 8.20% to 8.20%.The bank also charges a processing fee of upto Upto 1.25% of the home loan amount.

✅How much interest does IIFL take on home loans?

The rate of interest on IIFL home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, IIFL home loan current interest rate 2021 are in the range of 8.20% to 8.20%.