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IIFL Home Loan Interest Rates 2021

IIFL Housing Loan Interest Rate

Last Updated 20th Jan 2021

Current IIFL Home loan interest rates for Apr 2021 starts at 8.45% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 1.25%.

Loan AmountIIFL Home Loan Floating Rate
Upto ₹ 28 Lakh8.45%
₹ 28 Lakh - ₹ 75 Lakh8.45%
₹ 75 Lakh - ₹ 2 Cr8.45%
Above ₹ 2 Cr8.45%

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IIFL Home Loan Interest Rates

IIFL offers various products on home loan. IIFL home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • IIFL Home Loan Interest Rate starts from 8.45%.
  • IIFL charges a processing fees of Upto 1.25%.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from IIFL is ₹ 765 per lakh offered at the lowest interest rate of 8.45% at the longest loan tenure of 30 years.
  • IIFL allows prepayment of home loans with Nil charges on floating rate loans.

IIFL Home Loan Rate

Current IIFL home loan interest rates are in the range of 8.45% to 8.45%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.45%. The table below gives the interest rates on various housing finance schemes of IIFL.

IIFL Home Loan Scheme Interest Rates
IIFL Home Loan Floating8.45%

IIFL Home Loan Charges

IIFL Home Loan Processing Fee

The bank charges a minimum processing of ₹ 3,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to IIFL housing loan 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.

IIFL Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • 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
  • 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 Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at IIFL if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on IIFL Home Loan Interest Rate
Maximum Annual Percentage Rate (APR) 8.49% to 8.49%
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: 8.45% to 8.45%
  • Processing Fee payable to: Upto ₹ 1,250
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 765 for 30 Years ₹ 1,00,000 loan at 8.45% (lowest rate, longest time period) to ₹ 2,049 for 5 Years ₹ 1,00,000 loan at 8.45% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 8.49% to 8.49%
  • Total cost payable over loan tenure: ₹ 24,204 for 5 Years loan to ₹ 1,76,783 for 30 Years loan

FAQs

What is IIFL Home Loan interest rate?

IIFL Home Loan interest rate ranges between 8.45% to 8.45%.

Why should I opt for balance transfer to IIFL?

IIFL offers competitive Home Loan rates with the best EMI of ₹ 765 per lakh availed at a low-interest rate of 8.45% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 765 per lakh, you should consider the option for a loan transfer to IIFL from your existing bank. EMIs can be calculated through IIFL Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from IIFL?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on IIFL housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on IIFL housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

  • Floating rate on IIFL housing loan is linked to its PLR Rate, which is currently at 17.50%. When Bank offers a Home Loan at %, it applies a discount of 17.5% to its PLR Rate to arrive at this Home Loan rate.
  • When RBI increases rates, the bank may increase its PLR rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the PLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

What is the current IIFL Home Loan rate?

The current IIFL Home Loan rate starts from 8.45% with a processing fee of Upto 1.25%


IIFL Home Loan News - Apr 2021
  • 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.
  • 2019-07-18 : IIFL comes up with unique home loan ‘Swaraj’ for the informal segment
    One of the leading housing finance companies, IIFL Home Finance has come up with a unique home loan ‘Swaraj’ to meet the needs of the borrowers in the informal segment. Home loans offered under Swaraj are between Rs. 2 lakh and Rs. 20 lakh.
  • 2019-07-17 : IIFL Home Finance to offer Swaraj Home Loans to informal income segment
    One of the leading housing finance companies, IIFL Home Finance, is offering unique home loans, Swaraj to meet the needs of the borrowers in the informal segment. The borrowers will get a loan amount between Rs. 2 lakh and Rs. 20 lakh. The product will help those who do not have access to formal credit or have not applied for loans due to their low credit history and banking habits.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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