Apply for IIFL Swaraj Home Loan without Income Documents

Updated on: 01 Sep 2022 // 4 min read // Home Loans
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Good News for first-time home buyers. Now you can hold keys of your dream house, even if you do not have formal income documents in hands. Whether you are working as a daily wager or serving an informal sector and get your monthly salary in cash, you can avail of an easy Home Loan from IIFL.

Yes IIFL Finance Ltd, a leading Non Banking Finance Company offers a one-of-its-kind housing finance product – Swaraj Home Loan for a majority of Home Loan aspirants who do not have formal income documentation to support their loan applications.

Swaraj Home Loan: Features & Benefits

The IIFL Swaraj Home Loan is targeted for first-time Home Loan buyers who exhibit following difficulties in borrowing a formal bank loan for purchasing a residential property.

A) Borrowers who do not have formal income documents.         
B) Borrowers who belong to low income category and thus do not fulfil bank income requirement for housing finance.         
C) Borrowers who do not have any Credit History or credit rating and fail to get approved for bank Home Loan.

Thus if you fall in any of the mentioned category, you can apply for IIFL Swaraj Home Loan without any hassles.

The lender aims to offer borrowing ability to all those borrowers who have repayment intent and capacity but lack documentation for the same. There is a large base of Indian population who do not own their own houses and providing access to formal housing finance can help fulfil their dream of owning the first home. The scheme is offered in line to vision of GoI that promotes Housing for all by 2020. Also you can Apply for PMAY Subsidy for the Home Loan.

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Tip: Best Home Loan for Salaried Person before applying for a loan

Table: Overview of Swaraj Home Loan by IIFL Finance Limited

IIFL Swaraj Home Loan


Up to 20 Lakhs


Up to 25 years

Interest Rate

8.20% onwards for IIFL Home Loans

Processing fees

Up to 1.75% of the loan amount

Documents Required

Aadhaar & PAN

Basic Eligibility

  • 20-70 years
  • 7500 monthly income (Household income)
  • Aadhaar & PAN

Eligibility for IIFL Swaraj Home Loan

In all, it is completely hassle free to establish Home Loan Eligibility for this product. An Indian citizen or household with minimum income of Rs 7500 per month and holding Aadhaar Card can apply for Swaraj Home Loan.

You need following documents to prove eligibility for IIFL Swaraj Home Loan:

Identity Proof:

You need 2 documents to prove your identity. These are:

1. Aadhar Card (mandatory)

2. Any one of the documents such as PAN Card, Voter Card, Valid Passport or documents as prescribed by National Housing Bank.

Address Proof:

Documents presented for identity will also prove your address.          

Proof of income:

It is not compulsory to provide income documents. Though acceptable income documents are: Last 3 salary slips/ salary certificates, bank statement of 6 months for salaried account, Latest Form 16 / ITR

Property documents:

To obtain Home Loan, following property documents will be required:

  • Copy of Title document. This could be Allotment Letter or builder buyer Agreement.
  • Document chain for ownership of the property.
  • In case loan is obtained for construction of home, construction estimate will be required.

Other Documents:

  • Duly filled & self attested application form
  • Documents of existing loan, if any.
  • 2 passport sized pictures

Also Check:IIFL Home Loan Eligibility

IIFL Swaraj Home Loan: Interest Rate & Charges

The Interest Rate for IIFL Home Loan starts at 8.20% per annum. For Swaraj Home Loan without income documentation, rate of interest starts from 11.45% per annum.

Other charges are as follows:

Processing Fee

Up to 1.75% of loan amount

Late Payment Charges

3% per month of outstanding EMI; 36 % per annually

Collection Visit Charges

Rs 500 per instance

Issuance of FC statement

Rs 500 (for 2 instances within 1 month)

Foreclosure Charges


Additional Info: Also check Rs. 1 Crore Home Loan EMI

IIFL Swaraj Home Loan FAQs

✅ What is the eligibility criterion for IIFL Swaraj Home Loan?

Swaraj Home Loan is available to all Indian Nationals who seek small ticket Home Loans but lack income documentation to back their loan applications. The two main documents required for Swaraj Home Loan are Aadhaar Card and PAN.

✅ What is the maximum tenure for IIFL Swaraj Home Loan?

You can apply for IIFL Swaraj Home Loan for the maximum of 25 years.

✅ What is the minimum income requirement for IIFL Home Loan?

The minimum income requirement for household is only Rs 7,500.

✅ What is maximum Home Loan Quantum under Swaraj Home Loan?

The limit is set up to Rs 20 Lakh. For more loan amount, the assessment by lender can help you avail larger amount.

✅ Can I apply for Swaraj Housing Loan with a co-applicant?

Yes, you can definitely apply with a co-applicant. It is recommended to Apply for Home Loan with your spouse in this case. By including a female member in loan & making them party to property ownership you can avail of government-backed Credit Linked Subsidy up to Rs 2, 20,000 under of Pradhan Mantri Awas Yojana Scheme.

✅ Can a Self Employed Person also Apply housing loan?

Yes, Swaraj Home Loan is available to self employed or small vendors as well. All service providers such carpenters, mechanics, technicians, electricians, plumbers, drivers, security guards, small vendors, street food shop owners etc can apply for Swaraj Home Loans with IIFL.

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