IIFL Home Loan

When you pick an IIFL Home Loan, the procedure gets easier since the borrower benefits from faster processing and lower EMIs. Isn’t it the ideal option for first-time or seasoned house buyers? Well, India Infoline Housing Finance Limited (IIFL) has made it simple for both salaried and self-employed folks to obtain a home loan with cheap interest rates beginning as low as 8.20 percent.

Obtaining a house loan is a time-consuming process because it is one of the largest and longest-term debts that an individual may incur. However, with IIFL house loans, the process is simplified and painless.

There is an IIFL home loan plan for any purpose, including the acquisition of new houses, bungalows, apartments, and even plots. In addition, IIFL provides experienced legal and technical advising sessions to make the property purchase process considerably smoother.

IIFL Home Loan Programs

IIFL Housing provides a choice of home loans based on your requirements and goals. The following are the several types of IIFL house loan programs available:

New Home Loan from IIFL

• Loans are also available for DDA projects, MHADA, and the development of a freehold or leasehold property, among other things.
• You can also apply for an IIFL house loan to acquire a new home, bungalow, or apartment from a private developer.
• Borrowers can take advantage of benefits such as home loan balance transfer, interest subsidies under the PMAY plan, zero prepayment costs, doorstep services, and many more.
• A repayment period of up to 25 years is possible.

Balance Transfer on an IIFL Home Loan

• You may plan and re-examine your home loan interest rates and EMIs more effectively.
• By obtaining an IIFL balance transfer home loan, you can lower your interest burden.
• Loans for borrowers who are trapped in high-interest house loans and wish to transfer the number of their existing home loans.
• Loan terms of up to 20 years are available.
• Complete end-to-end guidance and rapid loan approval.
• There are no hidden fees.

Home Improvement Loan from IIFL

• These are the loans accessible to borrowers who desire to renovate, rebuild, redesign, or repair their current residences.
• IIFL offers home renovation loans of up to 50 lakhs.
• It includes all charges and expenses related to house remodeling.
• All salaried, self-employed, government and corporate employees are eligible.
• Simple online approval in 25 minutes.

NRI Home Loan from IIFL

• Loans for NRIs living abroad who desire to buy a home in India.
• Available for acquiring a new house, repairing, renovating, building a new home, or purchasing an existing property.
• NRIs who are salaried or self-employed can apply for loans.

Pradhan Mantri Awas Yojana IIFL

• The highest subsidy under the EWS/LIG scheme is Rs.2.67 lakh.
• Interest subsidy of 6.5 percent per annum for a loan period of 20 years or the loan tenure, whichever is shorter.
• The subsidy is available for loans of up to Rs.6 lakh; loans of more than Rs.6 lakh will be charged at the non-subsidized rate.
• The MIG 1 provides a 4% interest rate discount on home loans up to Rs.9 lakh for a term of 20 years or the loan’s term, whichever is shorter.
• MIG 2 provides a 3% interest rate discount on home loans up to Rs.12 lakh for a term of 20 years or the loan term, whichever is shorter.
• The maximum MIG subsidy is Rs.2.35 lakh.
• The subsidy is applied to the recipient of the loan account upfront under MIG, lowering the effective housing loan EMI.
• Aadhar card is required.
• Applicants with a family income of Rs.6 to 12 lakhs in urban areas fall into the MIG 1 category, while those with a household income of Rs.12 to 18 lakhs fall into the MIG 2 category.

Swaraj Home Loan by IIFL

• A housing loan of up to Rs.20 lakh is available.
• Provides assistance to first-time house purchasers who may or may not have proper income documentation.
• Apply for a house loan even if you have no credit history and a low/unstructured income.
• Loan terms of up to 25 years are available.
• Maximum financing of up to 85% for a loan of Rs.20 lakh.
• A minimum of one female co-applicant is required.
• Customers who do not have comprehensive income documentation, such as bank statements and income proofs, can apply for a loan.

Features of an IIFL Home Loan

IIFL Home loan application is simple and clear, with a fully digital approach available at your convenience. Some of the most notable features of IIFL house loans are as follows:

• You may also use a balance transfer home loan to convert your existing high EMI house loans to IIFL housing loans and enjoy low-interest EMIs.
• Online and simple application procedure that allows you to fill out the application form from the convenience of your own home or workplace. IIFL house loans provide clients with immediate housing loan approval.
• Under the Pradhan Mantri Awas Yojana, you can also get an interest subsidy on your house loan.
• The IIFL home loan documentation is straightforward, quick, and painless.

Eligibility Criteria for IIFL Home Loans

The qualifying conditions for IIFL house loans differ based on the type of IIFL home loan taken out. The IIFL house loan qualifying criteria for various types of loans are as follows:

IIFL New Home Loan Eligibility Criteria

• Indian nationality is required.
• A CIBIL score of 750 or above is required.
• Applicants who are paid or self-employed are both eligible.
• The age difference should be between 18 and 75 years.

IIFL Home Improvement Loan Eligibility Criteria

• The age should be between 18 and 75.
• Applicants must be Indian citizens who are either salaried or self-employed.
• If you wish to apply for the loan with a co-applicant, he or she should be a close family member.
• Non-Resident Indians and Persons of Indian Origin with Foreign Passports can apply for a home renovation loan from IIFL.

Eligibility Requirements for IIFL NRI Home Loans

• He or she must hold a current Indian passport.
• Any Indian citizen between the ages of 18 and 75, employed or self-employed, is eligible.
• A valid passport and an entry visa are required.
• There should be no NO ENTRY stamps in the passport.
• Applicants with PIO/OCI status who apply for a loan must have a valid PIO/OCI card and a passport from a foreign nation.

IIFL Balance Transfer Home Loan Eligibility Criteria

• The applicant must have made at least 12 EMI payments on your current home loan.
• You should already have a mortgage.
• You must not have any defaults on your current mortgage.
• In the event of a ready-to-move-in property, property registration is a legal necessity.
• If the property registration is still pending and the lender has already released the loan money, you will not be eligible for a balance transfer loan from IIFL.
• You should have a copy of the approved plan if your property is under construction.

Documentation Required for IIFL Home Loans

Some documentation is required to get an IIFL house loan. The general documentation necessary for both salaried and self-employed borrowers is listed below. Please keep in mind that the bank may need extra papers based on the applicant’s eligibility and the type of IIFL home loan plan they are asking for.

Borrowers on Salary

• Completed Application Form
• Address Proof
• Proof of Income
• PAN (required), passport, and driving license are all acceptable forms of identification.
• Property Documents
• Form 16
• Passport or driver’s license as proof of address
• The most recent pay stub
• Property Papers- photocopies of the property’s chain documents (if relevant), a receipt given to the developer (if applicable), a Buyer Agreement, and an Agreement to Sell (if executed)
• Bank statements over the previous six months

Borrowers Who Are Self-Employed

• Completed Application Form
• Form 16
• Address Proofs: PAN (required), passport, and driving license
• Address Proof
• Proof of Income
• Address Proof for Business Entities
• PAN (required), passport, and driving license are all acceptable forms of identification.
• Property Papers- photocopies of the property’s chain documents (if relevant), a receipt given to the developer (if applicable), a Buyer Agreement, and an Agreement to Sell (if executed)
• Bank statements over the previous six months

EMI Calculator for IIFL Home Loan

Using the IIFL House Loan EMI Calculator, calculate the Equated Monthly Instalment (EMI) due on your home loan. The EMI for a lakh is Rs.859.

On the Home Loan EMI Calculator, enter the necessary information such as the loan amount, interest rate, loan term, and processing fee, and click ‘Calculate.’ You will be given a breakdown of the entire amount payable, as well as the EMIs payable during the term and the total interest due.