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IIFL Home Loan Interest Rates 2022

IIFL Housing Loan Interest Rate -Today

Last Updated 30th Nov 2021

Loan AmountIIFL Home Loan Floating Rate
Upto ₹ 28 Lakh8.20%
₹ 28 Lakh - ₹ 75 Lakh8.20%
₹ 75 Lakh - ₹ 2 Cr8.20%
Above ₹ 2 Cr8.20%
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

IIFL Home Loan Rate

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 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;
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on IIFL Home Loans Schemes

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 Floating8.20%
IIFL Swaraj Home Loan8.45%

IIFL Home Loan Interest Rate for Salaried and Self-Employed

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%

IIFL Bank Home Loan Interest Rate For Women & Govt Employee

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 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 loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate IIFL
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

FAQs

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%.


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IIFL Home Loan News - Jan 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
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