IIFL Home Loan Interest Rate

Last Updated 16th May 2019

IIFL Home Loan Rate Jun 2019

6th June 2019 – RBI cuts repo rate by 25 bps to 5.75%

IIFL's home loan interest rate starts from 9.50%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountIIFL Home Loan Floating Interest RateRate for Female BorrowerRate
Upto Rs. 28 Lakh9.50%N/AN/A
Rs. 28 Lakh - 75 Lakh9.50%N/AN/A
Rs. 75 Lakh - 2 Cr9.50%N/AN/A
Above Rs. 2 Cr9.50%N/AN/A

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IIFL Home Loan

IIFL offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from IIFL has the following benefits:

  • Quick and Hassle free process
  • Nil prepayment charges for floating rates
  • Flexible tenure upto 30 years
Compare Home Loan Rates of All Banks in India
IIFL Home Loan Details
Interest Rate9.50% onwards
Compare with Other Banks
Processing Fee Upto 1.00%
Maximum Rs. 10,000
Max Tenure30 years
Lowest EMIRs. 841 per lakh
Prepayment ChargesAllowed with Nil. In case of non individuals, 3-5% charges for floating rate loans
Check Prepayment Rules
AgeMin 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed

Home Loan Interest Rates IIFL

IIFL home loan interest rates are in the range of 9.50% to 9.50%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 9.50%.

ProductsInterest Rates
IIFL Home Loan Floating9.50%

Latest IIFL home loan rate starts from 9.50% , as applicable based on the PLR, last announced on 01st Apr 14. Any change in IIFL benchmark PLR rate will translate into a similar change in the bank’s home loan rate. For instance, if IIFL slashes PLR rate by 0.15%, its current home loan rate will be cut from 9.50% to 9.35%

IIFL housing loan interest depends upon
  • Loan amount: Housing loan rate in IIFL depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: IIFL also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
  • Existing bank customers: IIFL offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

IIFL Home Loan Processing Fee and Other Charges

In addition to interest rates, home loan from IIFL also carry some other charges which include:

  • Processing Fee - IIFL applies 1.00% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
  • Technical and Legal Charges - IIFL also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on IIFL rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to IIFL. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with IIFL at Nil. In case of non individuals, 3-5% charges.

IIFL Housing Loan: Apply

If you want to get a housing loan from IIFL, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and IIFL’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from IIFL.

You can also do a comparison of HDFC Bank IIFL’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

IIFL Home Loan 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
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
Illustration on Home Loan IIFL
Maximum Annual Percentage Rate (APR)9.5% to 9.5%
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: Rs. 1 Lakh
  • Time period: 5 years to 30 years
  • IIFL Home Loan Interest Rate: 9.50% to 9.50%
  • Processing Fee payable to IIFL: Upto Rs. 10,000. Current offer for processing fee is Upto 1.00%
    Maximum Rs. 10,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 841 for a 30 years Rs. 1 Lakh loan at 9.50% (lowest rate, longest time period) to Rs. 2,100 for a 5 years Rs. 1 Lakh loan at 9.50% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.5% to 9.5%
  • Total cost payable over loan tenure: Rs. 36,011 for 5 years loan to Rs. 2.13 Lakh for 30 years loan

IIFL’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of IIFL.

Frequently Asked Questions

What is IIFL home loan procedure?

You can apply for a IIFL home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your IIFL home loan status by logging in your customer account with MyLoanCare.

Why should I opt for balance transfer to IIFL?

IIFL offers competitive home loan rates with best EMI of Rs. 841 per lakh availed at low interest rate of 9.50% for a maximum tenure of 30 years. If you are paying an EMI more than Rs. 841 per lakh, you should consider option for a loan transfer to IIFL from your existing bank.

What is the maximum loan tenure I can opt under IIFL house loan?

IIFL offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from IIFL?

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

Can I foreclose my home loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil. In case of non individuals, 3-5% charges.

Can I transfer my house loan from another bank to IIFL?

Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to IIFL can allow you to save interest, pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for housing loan?

The benchmark applicable for home loan in IIFL is PLR.

What is the effect of part prepayments on IIFL housing loan 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 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 loan.

How will interest rate on IIFL housing loan change in future?
  • 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 9.50%, it applies a discount of 8% 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.
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IIFL Home Loan News - Jun 2019
  • 2019-05-16 : IIFL net profit rises by 30% to Rs. 373 crore for March quarter
    One of the leading home loan financiers, IIFL has reported a net profit of Rs. 373 crores for the quarter ended March 31 as against Rs. 286 crores in the corresponding period of the previous fiscal. The growth is driven mainly by small-ticket home loans, gold loans, SME loans and micro finance loans, the company said.
  • 2019-05-03 : IIFL Home Finance inks MoU with Indian Green Building Council collaborate to promote green affordable housing
    One of the leading home loans financiers, IIFL Home Finance has inked a Memorandum of Understanding (MoU) with Indian Green Building Council (IGBC) for providing a sustainable green living for affordable housing section in India. With this effort, they are aiming to make housing an unaffordable dream in India for low-income earners.
  • 2019-01-25 : IIFL to focus on expanding small ticket size loans
    India Infoline Finance Limited, a subsidiary of IIFL Holdings Limited is keen to focus on small ticket size loans including home loans, loan against property, loans for commercial vehicles and SMEs and gold loans among others. Additionally, it is also planning to cater to the salaried class in the unorganised sectors.
  • 2019-01-23 : IIFL Finance to raise up to Rs. 2,000 crore via NCDs
    One of the leading NBFCs, IIFL Finance has got approval from the board for raising Rs. 2,000 crore through a public issue of Non-Convertible Debentures (NCDs) to fund business growth. The raised funds will be used toward building strong growth across its retail loans including small-ticket home loans as well as toward growing its working capital.
  • 2019-01-21 : India Infoline Finance aims to double AUM to Rs. 72,000 crore in coming 3 years
    India Infoline Finance, a non-banking finance company and subsidiary of IIFL Holdings, is looking to double its loan assets under management (AUM) to about Rs. 72,000 crore in the next three years as compared to RS. 36,273 crore a year ago. For this purpose, the NBCF is planning to raise up to RS. 2,000 crore via non-convertible debentures to fund business growth. In addition to this, IIFL is also seeing healthy demand for all its loan products, including SME, personal loans, gold, and affordable housing the year ahead.
*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. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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