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IIFL Home Loan

IIFL Housing Loan 2021

Last Updated 30th Nov 2021

IIFL is a large HFC with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 8.45% with quick approval and online process. Home Loan in IIFL is quite popular with its special features and attractive rates under various IIFL home loan schemes for different income and occupation groups. Some of the key features of IIFL housing loan are:

  • IIFL also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • IIFL has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your IIFL home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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IIFL Home Loan Details

IIFL offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan IIFL

Age Min 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed
Repayment Tenure 20 years
Interest Rate 8.45%
Interest Rate Linked To
Processing Fee Upto 1.25%
Lowest EMI Per Lakh ₹ 865
  • Purpose of Loan: IIFL house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of IIFL Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 18 and 70 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 85% to 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.45% to 8.70%.
    • IIFL home loan EMI per lakh starts from ₹ 865. However, you can calculate your home loan EMI using IIFL home loan calculator 2021.
  • Special schemes: IIFL offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of IIFL Home Loans

Some of the features and benefits of IIFL Home Loans are listed as follows:-

  • IIFL Home Loan Interest Rate starts from 6.70%.
  • 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 per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • IIFL allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from IIFL?

Getting a home loan from IIFL is fairly easy with an online application process. 5 Steps for IIFL Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of IIFL and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of IIFL or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a IIFL’s representative will visit your home or office to collect your documents.
  • Step 4: IIFL will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from IIFL and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

IIFL Home Loan Documents Required

To apply for a home loan in IIFL, the bank asks you to submit the following IIFL Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or IIFL account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

IIFL Home Loan EMI Calculator

IIFL home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. IIFL Home loan calculator helps the loan borrower pre-plan their home loan in advance.

IIFL Home Loan Eligibility Calculator

IIFL Home loan eligibility calculator is an online tool that helps the IIFL home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare IIFL Home Loan with Other Banks

FAQs

What are the documents required for home loan IIFL?

To apply for IIFL Home Loan, you will be required to submit IIFL home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from IIFL ?

Below-mentioned is the reason why you must avail a home loan from IIFL

  • Quick and Hassle free process
  • Nil prepayment charges for floating rates
  • Flexible tenure upto 30 years

Can I apply for an IIFL home loan online?

Yes, you can apply for a IIFL home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best IIFL home loan scheme?

Choosing the best IIFL home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best IIFL home loan scheme is based on one’s needs.

Is IIFL good for a home loan?

IIFL is one of the best home loan lenders in the country. Currently, IIFL home loan interest rate 2021 starts at 6.50%.

How can I check my IIFL home loan status?

One can check their IIFL home loan status on IIFL’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the IIFL mobile app and PLR

What is the eligibility for a Home Loan of IIFL?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is IIFL Home Loan procedure?

There are two methods to complete the application for IIFL Home Loan Process online:

  • Apply online at IIFL official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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

IIFL offers you a longer tenure of 20 years to repay your loan with the benefit of paying less EMI per month.

Does IIFL check CIBIL for home loan?

Yes, to avail home loan from IIFL, you must fulfill IIFL Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in IIFL is and PLR. is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In , the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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IIFL Home Loan News - Dec 2021
  • 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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