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IIFL Home Loan Interest Rates 2021

IIFL Housing Loan Interest Rate -Today

Last Updated 09th Jun 2021

Current IIFL Home Loan interest rates Jul 2021 starts at 8.45% p.a. for a maximum tenure of 30 years. The 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%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current IIFL Home Loan Rate

Today 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%.

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

IIFL Home Loan Scheme Interest Rates
IIFL Swaraj Home Loan8.45%
IIFL Home Loan Floating8.45%

IIFL Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in IIFL for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 28 Lakh 8.45%
₹ 28 Lakh - ₹ 75 Lakh 8.45%
₹ 75 Lakh - 2 Cr 8.45%
Above ₹ 2 Cr 8.45%

IIFL Home Loan Processing Fee and Other Charges

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;
Foreclosure Charges Nil for floating rate home loans

IIFL Home Loan Balance Transfer Interest Rates

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 lowest home loan balance transfer rate of 8.45%.

Illustration on Home Loan Interest Rate IIFL
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: ₹ 1,24,204 for 5 Years loan to ₹ 2,76,783 for 30 Years loan

FAQs

What is IIFL Home Loan Interest Rate?

IIFL Home Loan interest rate ranges between 8.45% to 8.45%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has IIFL reduced home loan rates?

Presently, IIFL offers personal loans at an interest rate starting at 8.45%. There has been no change in personal loan rates of IIFL for a long time and continue to stand at 8.45%.

Why should I opt for balance transfer to IIFL?

IIFL offers lowest Home Loan EMI of ₹ 765 per lakh availed at the lowest interest rate 8.45% for a maximum tenure of 30 years. 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.

  • 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 housing loan rate varies across the applicant’s eligibility and the scheme they opt for. IIFL offers different home loan rates for different home loan products.

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.

What are the interest rates of home improvement loans in IIFL?

You can avail of IIFL home loans for home improvement at regular home loan rates starting at 6.65%.

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

IIFL home loan rates change for the existing customers if they have availed 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 8.45%, the home loan interest rate for women starts at %.

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

IIFL home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, IIFL provides home loan interest rate starting at 6.65%.

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 rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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IIFL Home Loan News - Jul 2021
  • 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.
  • 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.
*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
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