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.
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.
Tip: Best Home Loan for Salaried Person before applying for a loan
IIFL Swaraj Home Loan | |
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Amount | Up to 20 Lakhs |
Tenure | 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 |
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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:
Other Documents:
Also Check:IIFL Home Loan Eligibility
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 | NIL |
Additional Info: Also check Rs. 1 Crore Home Loan EMI
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.
You can apply for IIFL Swaraj Home Loan for the maximum of 25 years.
The minimum income requirement for household is only Rs 7,500.
The limit is set up to Rs 20 Lakh. For more loan amount, the assessment by lender can help you avail larger amount.
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.
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.