IIFL

IIFL Home Loan

Apply IIFL Home Loan @ 9.50%
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Interest Rate

9.50%-11%

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Processing fee

Upto 3000

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Loan Tenure upto

20 years

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LTV (Loan to value)

75% to 90% of property value

About IIFL

India Infoline Finance Limited (IIFL) started its business in the form of an Information Services Company back in 1995. Formerly registered as Probity Research and Services Pvt Ltd, it was changed to India Infoline Limited in 1999. IIFL diversified into the financial funding business by registering with the National Housing Bank in 2009. It offers a spectrum of funding such as Home Loans, Personal Loans, SME loans, commercial vehicle loans, and gold loans. With a corporate office in Gurgaon and a registered office at Mumbai, IIFL has more than 1600 branches covering all segments of the business.

Real estate is an aggressively changing sector where the change is discernible from one quarter to another and from one year to another. The Indian real estate market has undoubtedly been in unrest after the fresh policy upheavals. Investment choices must inevitably move with the times and availing a Home Loan requires intelligence and prudence. A home is an investment made after much deliberation, for it gives one the freedom to adapt the entire construction to one's palate.

IIFL brings to the market, Home Loans at competitive and affordable interest rates that allow individuals to buy a home of their choice without worrying about finances and funding.  With more than 4 million satisfied customers across varied business segments, IIFL has been into the fund-based business since 2006, creating smiling homeowners across India.

IIFL Home Loan

Interest rate

9 %

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

805 Per Lakh

Why IIFL Home Loan?

Buying a home is an important decision fraught with many complications. The right kind of financial institution with the precise kind of funding is indeed a phenomenal permutation to arrive at. A Home Loan should afford you the comfort of tenure, interest rates as well as reasonable equated monthly instalments (EMIs). Speedy processing and affordable EMIs make IIFL Home Loans a seamless choice for aspiring buyers.

An IIFL Home Loan allows a choice of tenure that extends up to 30 years. The company also boasts of impeccable service during and post-processing of loan amount.

Here are some important reasons to consider IIFL Home Loan:

  • Quick and simple loan application process
  • Get advice from financial experts at IIFL
  • Home Loan available for salaried as well as self-employed
  • Competitive interest rates and affordable EMIs
  • Get expert legal and technical counselling for making the right decision

Features and Benefits of IIFL Home Loan

Features that make IIFL stand out in the NBFC market are:

  • Legal and technical advice at every step
  • Low interest rate in comparison with other on-banking financial companies (NBFCs) starting at 9% p.a.
  • Nil collateral evaluation charges for Home Loans
  • Loan tenure up to 30 years for salaried persons and 20 years for self-employed
  • Simple documentation and approval
  • Doorstep service
  • Competent insurance options
  • Hassle-free and transparent procedure with no hidden costs
  • Nationwide approachable presence
  • Balance Transfer Facility
  • Tax benefits under Section 80C of the Income Tax Act, 1961

IIFL Home Loan Interest Rates

IIFL charges a floating interest rate on Home Loans starting at 9%. The interest rate is linked to the Prime Lending Rate (PLR) along with an applicable margin as applicable. The score of the applicant in combination with the PLR determines the rate of interest offered to buyers.

Here's the segregation of IIFL Home Loans interest rates based on the type of scheme:

Type of Loan Interest Rate (per annum)

New Home Loan

  • Starting at 9%

Home Improvement Loan

NRI Home Loan

Balance Transfer

Swaraj Home Loan

Starting at 11%

Types of Home Loans Offered by IIFL

IIFL offers various schemes based on buyer requirements:

  • New Home Loan: IIFL offers this loan to new and seasoned home buyers for the purchase of their new or under-construction apartment from builders.
  • Swaraj Home Loan: IIFL offers this loan to a massive community of first time home buyers who may lack the backing of formal income and the documentation that is required by financial institutions.
  • NRI Home Loan: IIFL offers this loan to buyers who are settled outside India but wish to make an investment by buying property.
  • Home Improvement Loan: IIFL offers this loan to people who require finances to expand or remodel their existing house.
  • Balance Transfer: This scheme from IIFL lets you transfer your existing Home Loan from any bank or NBFC to IIFL.
  • Pradhan Mantri Awas Yojana (PMAY): IIFL provides Home Loans to individuals at subsidised rates which are in line with the Pradhan Mantri Awas Yojana to provide affordable housing to all.

IIFL Home Loan Eligibility

To be able to procure a loan from IIFL, an aspiring applicant must meet the following requirements:

  • A person must be an Indian citizen or a Non-resident Indian
  • Applicant can be salaried or self-employed
  • The applicant should be minimum 18 years of age at the time of loan application
  • The age of the applicant must not be above 70 years at loan maturity
  • Co-applicants can be applicant's spouse/ close relatives/ partnership firms/ private limited company.

You can find an EMI calculator on the MyMoneyMantra website that lets you calculate the EMI for IIFL Home Loan or any other loan.

Documents Required for IILF Home Loan

A list of documents required to apply for a Home Loan with IIFL is mentioned below:

Documents Required for Pradhan Mantri Awas Yojana (PMAY)

  • For Salaried Applicants
    • Duly filled application form
    • PAN Card
    • Proof of identity (any one): PAN card, voter card, Aadhaar card, passport, driving license, photo credit card, government issued photo identity card, letter from recognised public authority/ public servant verifying borrower's identity with photograph (should not be more than 30 days old).
    • Proof of residence (any one): Aadhaar card, voter card, passport, letter from recognised public authority/ public servant verifying borrower's identity and residence, rent agreement on stamp paper, recent utility bill, bank statements of any commercial nationalised bank mentioning borrower's address, Life Insurance Policy, credit card statement (should not be older than 3 months), certificate of residence address, letter by employer on company's letterhead, property's sale deed copy (if owned), property or municipal tax receipt, pension or family pension payment orders issued by government departments or PSUs to retired employees (if they contain borrower's address), post office savings bank account statement, documents issued by government departments of foreign jurisdiction & letter issued by Foreign Embassy/ Mission in India, letter of accommodation allotment or leave and license agreement from employer issued by State/ Central government departments/statutory or regulatory bodies/ PSUs/ scheduled commercial banks/ financial institutions/ listed companies.
    • Income proof: Salary slips of last 2 months, bank statement of salaried account of last 6 months, latest ITR/ Form 16.
    • Documents for existing loans with 6 months bank statements for repayment
    • Property documents: Copy of property's complete chain documents, Agreement to Sell, Allotment Letter/ Buyer Agreement, receipt(s) of payment(s) made to the developer.
  • For Self-employed Applicants
    • Duly filled application form
    • PAN Card
    • Proof of identity (any one): PAN card, voter card, Aadhaar card, passport, driving license, photo credit card, government issued photo identity card, letter from recognised public authority/ public servant verifying borrower's identity with photograph (should not be more than 30 days old).
    • Proof of residence (any one): Aadhaar card, voter card, passport, letter from recognised public authority/ public servant verifying borrower's identity and residence, rent agreement on stamp paper, recent utility bill, bank statements of any commercial nationalised bank mentioning borrower's address, Life Insurance Policy, credit card statement (should not be older than 3 months), certificate of residence address, letter by employer on company's letterhead, property's sale deed copy (if owned), property or municipal tax receipt, pension or family pension payment orders issued by government departments or PSUs to retired employees (if they contain borrower's address), post office savings bank account statement, documents issued by government departments of foreign jurisdiction & letter issued by Foreign Embassy/ Mission in India, letter of accommodation allotment or leave and license agreement from employer issued by State/ Central government departments/statutory or regulatory bodies/ PSUs/ scheduled commercial banks/ financial institutions/ listed companies.
    • Income proof: Last 2 years ITR with computation, Balance Sheet and P&L account with all annexures (duly certified by CA and audited if applicable), last 6 months saving account statement of individual and current account statement of the business entity
    • Documents for existing loans with 6 months bank statements for repayment
    • Latest shareholding pattern's list (duly certified by CA/ CS)
    • MOA (if private limited company)
    • Partnership deed (if partnership firm)
    • Property documents: Copy of property's complete chain documents, Agreement to Sell, Allotment Letter/ Buyer Agreement, receipt(s) of payment(s) made to the developer.

Documents Required for New Home Loan

  • For Salaried Applicants
    • Duly filled application form
    • PAN Card
    • Proof of identity (any one): PAN card, voter card, Aadhaar card, passport, driving license, photo credit card, government issued photo identity card, letter from recognised public authority/ public servant verifying borrower's identity with photograph (should not be more than 30 days old).
    • Proof of residence (any one): Aadhaar card, voter card, passport, letter from recognised public authority/ public servant verifying borrower's identity and residence, rent agreement on stamp paper, recent utility bill, bank statements of any commercial nationalised bank mentioning borrower's address, Life Insurance Policy, credit card statement (should not be older than 3 months), certificate of residence address, letter by employer on company's letterhead, property's sale deed copy (if owned), property or municipal tax receipt, pension or family pension payment orders issued by government departments or PSUs to retired employees (if they contain borrower's address), post office savings bank account statement, documents issued by government departments of foreign jurisdiction & letter issued by Foreign Embassy/ Mission in India, letter of accommodation allotment or leave and license agreement from employer issued by State/ Central government departments/statutory or regulatory bodies/ PSUs/ scheduled commercial banks/ financial institutions/ listed companies.
    • Income proof: Salary slips of last 2 months, bank statement of salaried account of last 6 months, latest ITR/ Form 16.
    • Documents for existing loans with 6 months bank statements for repayment
    • Property documents: Copy of property's complete chain documents, Agreement to Sell, Allotment Letter/ Buyer Agreement, receipt(s) of payment(s) made to the developer.
  • For Self-employed Applicants
    • Duly filled application form
    • PAN Card
    • Proof of identity (any one): PAN card, voter card, Aadhaar card, passport, driving license, photo credit card, government issued photo identity card, letter from recognised public authority/ public servant verifying borrower's identity with photograph (should not be more than 30 days old).
    • Proof of residence (any one): Aadhaar card, voter card, passport, letter from recognised public authority/ public servant verifying borrower's identity and residence, rent agreement on stamp paper, recent utility bill, bank statements of any commercial nationalised bank mentioning borrower's address, Life Insurance Policy, credit card statement (should not be older than 3 months), certificate of residence address, letter by employer on company's letterhead, property's sale deed copy (if owned), property or municipal tax receipt, pension or family pension payment orders issued by government departments or PSUs to retired employees (if they contain borrower's address), post office savings bank account statement, documents issued by government departments of foreign jurisdiction & letter issued by Foreign Embassy/ Mission in India, letter of accommodation allotment or leave and license agreement from employer issued by State/ Central government departments/statutory or regulatory bodies/ PSUs/ scheduled commercial banks/ financial institutions/ listed companies.
    • Proof of address for business entity (any one): Shops and Establishment Certificate, SSI Registration Certificate, Trade License Certificate, PAN Card/ Sales Tax/ VAT Registration Certificate, Memorandum of Association (MOA) for companies or Partnership Deed (for firms), Export Import Code Certificate or Factory Registration Certificate, Cerificate for Professional Qualification, Certificate & Certificate for Professionals, Registration No issued by ROC, SEBI Registration Certificate.
    • Income proof: Last 2 years ITR with computation, Balance Sheet and P&L account with all annexures (duly certified by CA and audited if applicable), last 6 months saving account statement of individual and current account statement of the business entity.
    • Documents for existing loans with 6 months bank statements for repayment
    • Latest shareholding pattern's list (duly certified by CA/ CS)
    • MOA (if private limited company)
    • Partnership deed (if partnership firm)
    • Property documents: Copy of property's complete chain documents, Agreement to Sell, Allotment Letter/ Buyer Agreement, receipt(s) of payment(s) made to the developer.

Documents Required for Swaraj Home Loan

  • For Salaried Applicants
    • Duly filled application form
    • PAN Card
    • Proof of identity (any one): PAN card, voter card, passport, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Proof of residence (any one): Aadhaar card, voter card, passport, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Income proof (non-mandatory): Salary slips/latest salary certificate of last 3 months, bank statement of salaried account of last 6 months, latest ITR/ Form 16.
    • Documents for existing loans with 6 months bank statements for repayment
    • Property documents: Copy of property's complete chain documents, Title document, construction estimate by Civil Engineer/ Architect (for construction extension cases).
  • For Self-employed Applicants
    • Duly filled application form
    • PAN Card
    • Proof of identity (any one): PAN card, voter card, passport, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Proof of residence (any one): Aadhaar card, voter card, passport, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Income proof (non-mandatory): Last 2 years ITR with computation, Balance Sheet and P&L account with all annexures (duly certified by CA and audited if applicable), last 6 months saving account statement of individual and current account statement of the business entity
    • Documents for existing loans with 6 months bank statements for repayment
    • Latest shareholding pattern's list (duly certified by CA/ CS)
    • MOA (if private limited company)
    • Partnership deed (if partnership firm)
    • Documents for existing loans with 6 months bank statements for repayment
    • Property documents: Copy of property's complete chain documents, Title document, construction estimate by Civil Engineer/ Architect (for construction extension cases).

Documents Home Improvement Loan

  • For Salaried Applicants
    • Duly filled application form
    • Proof of identity (any one): PAN card, voter card, passport, Aadhaar card, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Proof of residence (any one): Aadhaar card, voter card, passport, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Income proof (non-mandatory): Salary slips of last 2 months, bank statement of salaried account of last 6 months, latest ITR/ Form 16.
    • Documents for existing loans with 6 months bank statements for repayment
    • Property documents: Copy of property's complete chain documents, Title document, construction estimate by Civil Engineer/ Architect (for construction extension cases).
  • For Self-employed Applicants
    • Duly filled application form
    • Proof of identity (any one): PAN card, voter card, Aadhaar card, passport, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Proof of residence (any one): Aadhaar card, voter card, passport, any other document acceptable by National Housing Bank (NHB) from time to time.
    • Proof of address for business entity (any one): Shops and Establishment Certificate, SSI Registration Certificate, Trade License Certificate, PAN Card/ Sales Tax/ VAT Registration Certificate, Memorandum of Association (MOA) for companies or Partnership Deed (for firms), Export Import Code Certificate or Factory Registration Certificate, Cerificate for Professional Qualification, Certificate & Certificate for Professionals, Registration No issued by ROC, SEBI Registration Certificate.
    • Income proof (non-mandatory): Last 2 years ITR with computation, Balance Sheet and P&L account with all annexures (duly certified by CA and audited if applicable), last 6 months saving account statement of individual and current account statement of the business entity
    • Documents for existing loans with 6 months bank statements for repayment
    • Latest shareholding pattern's list (duly certified by CA/ CS)
    • MOA (if private limited company)
    • Partnership deed (if partnership firm)
    • Documents for existing loans with 6 months bank statements for repayment
    • Property documents: Copy of property's complete chain documents, Title document, construction estimate by Civil Engineer/ Architect (for construction extension cases).

Documents Balance Transfer

Same as New Home Loan for salaried as well as self-employed applicants.

Documents Required for NRI Home Loan

  • For Salaried Applicants
    • Duly filled application form
    • Proof of identity (mandatory): Valid Visa, Passport, copy of Rent Deed/ title document as proof of foreign residence.
    • Proof of identity (optional - any one): PAN card, voter card, Aadhaar card, passport, driving license, photo credit card, government issued photo identity card, letter from recognised public authority/ public servant verifying borrower's identity with photograph (should not be more than 30 days old).
    • Proof of identity (mandatory): Valid Visa, Passport, copy of Rent Deed/ title document as proof of foreign residence.
    • Proof of residence (optional - any one): Aadhaar card, voter card, passport, letter from recognised public authority/ public servant verifying borrower's identity and residence, rent agreement on stamp paper, recent utility bill, bank statements of any commercial nationalised bank mentioning borrower's address, Life Insurance Policy, credit card statement (should not be older than 3 months), certificate of residence address, letter by employer on company's letterhead, property's sale deed copy (if owned), property or municipal tax receipt, pension or family pension payment orders issued by government departments or PSUs to retired employees (if they contain borrower's address), post office savings bank account statement, documents issued by government departments of foreign jurisdiction & letter issued by Foreign Embassy/ Mission in India, letter of accommodation allotment or leave and license agreement from employer issued by State/ Central government departments/statutory or regulatory bodies/ PSUs/ scheduled commercial banks/ financial institutions/ listed companies.
    • Income proof: Salary slips of last 2 months, bank statement of NRP/NRE and foreign bank account of last 6 months, appointment letter/ contract letter/ increment letter, valid work permit.
    • Documents for existing loans with 6 months bank statements for repayment
    • Property documents: Copy of property's complete chain documents, Agreement to Sell, Allotment Letter/ Buyer Agreement, receipt(s) of payment(s) made to the developer.
  • For Self-employed Applicants
    • Duly filled application form
    • Proof of identity (mandatory): Valid Visa, Passport, copy of Rent Deed/ title document as proof of foreign residence.
    • Proof of identity (optional - any one): PAN card, voter card, Aadhaar card, passport, driving license, photo credit card, government issued photo identity card, letter from recognised public authority/ public servant verifying borrower's identity with photograph (should not be more than 30 days old).
    • Proof of identity (mandatory): Valid Visa, Passport, copy of Rent Deed/ title document as proof of foreign residence.
    • Proof of residence (optional - any one): Aadhaar card, voter card, passport, letter from recognised public authority/ public servant verifying borrower's identity and residence, rent agreement on stamp paper, recent utility bill, bank statements of any commercial nationalised bank mentioning borrower's address, Life Insurance Policy, credit card statement (should not be older than 3 months), certificate of residence address, letter by employer on company's letterhead, property's sale deed copy (if owned), property or municipal tax receipt, pension or family pension payment orders issued by government departments or PSUs to retired employees (if they contain borrower's address), post office savings bank account statement, documents issued by government departments of foreign jurisdiction & letter issued by Foreign Embassy/ Mission in India, letter of accommodation allotment or leave and license agreement from employer issued by State/ Central government departments/statutory or regulatory bodies/ PSUs/ scheduled commercial banks/ financial institutions/ listed companies.
    • Proof of address for business entity (any one): Shops and Establishment Certificate, SSI Registration Certificate, Trade License Certificate, PAN Card/ Sales Tax/ VAT Registration Certificate, Memorandum of Association (MOA) for companies or Partnership Deed (for firms), Export Import Code Certificate or Factory Registration Certificate, Cerificate for Professional Qualification, Certificate & Certificate for Professionals, Registration No issued by ROC, SEBI Registration Certificate.
    • Income proof: Salary slips of last 2 months, bank statement of NRP/NRE and foregn bank account of last 6 months, appointment letter/ contract letter/ increment letter, valid work permit.
    • Documents for existing loans with 6 months bank statements for repayment
    • Latest shareholding pattern's list (duly certified by CA/ CS)
    • MOA (if private limited company)
    • Partnership deed (if partnership firm)
    • Property documents: Copy of property's complete chain documents, Agreement to Sell, Allotment Letter/ Buyer Agreement, receipt(s) of payment(s) made to the developer.

Other Products by IIFL

In addition to Home Loans, IIFL also offers other products and services mentioned below:

Personal Loan

SME Loan

Gold Loan

Commercial Vehicle Loan

Demat Account

Loan Against Property

Loan Against Securities

Digital Finance

Healthcare Finance

Mutual Funds

How to Calculate IIFL Home Loan EMI?

The IIFL Home Loan EMI can be computed by using the MyMoneyMantra's EMI Calculator. The Calculator allows you to choose the various combinations of different tenure, interest rate, and the total amount. This gives you a clear view of what your monthly EMI could work up to.

You have to click on EMI Calculator mentioned under Financial Tools on MyMoneyMantra's website and enter three details - interest rate of the loan, tenure needed, and loan amount required. Click on the Calculate button to get instant result.

There are three factors which determine the EMI tabulation as mentioned below:

Interest Rate: Interest rate for IIFL Home Loans are calculated on the Prime Lending Rate with applicable margins. The interest rate for IIFL Home Loan starts at 9.50% per annum

Loan Tenure: A longer settlement period means a smaller EMI amount. For a Home Loan of 50 Lakhs on a fixed interest of 9.50% per annum, the EMI would be 42,043 per month for a 30-year period. Applicants from the age of 18 to 40 have higher chances of getting an extended tenure whereas applicants approaching retirement age, nearing 70 years of age, will have restricted loan tenures.

Loan Amount: IIFL offers loans up to a limit of 2 Crores in metro cities and a limit of 1.5 crores in tier 1 cities like Bengaluru, Hyderabad, and Jaipur with upper limits of 1 Crore in all other cities.

IIFL Home Loan Processing Fees and Other Charges

Following are the charges that are associated with IIFLHome Loan:

Type Charges

Processing fee

3,000 to 0.75% of the sanctioned loan amount

Charges for collateral evaluation in Non-APF Home Loan and Non Home Loan

3,000 - 25,000 depending on the loan amount

Transaction or legal handling charges for balance transfer

2,500

CERSAI fees

  • 100 for loans above 5 Lakhs
  • 50 for loans below or equal to 5 Lakhs

Late payment fee

36% p.a. of outstanding EMI

Charges for ACH dishonour

  • 500 for each ACH bounce
  • Nil on Representation of ACH

Charges for ACH swapping

500 per instance

Charges for retrieval of original property documents in IIFL custody (before closing the loan)

500 up to 2 documents

Charges for retrieval of original property documents in IIFL custody (at loan closure) OR more than 2 documents retrieved during the tenure of loan

  • 1,000 per instance for loans up to 1 Crore
  • 2,000 per instance for loans above 1 Crore

Charges for retrieval of copies of loan/ property document in IIFL custody

500 per instance

Statement of Account/ Amortisation Schedule charges

NIL

Charges for collection visit

500 per instance

Charges for the issuance of FC statement

500 for 2 instances in 1 month

Custodial fee for keeping property documents in closed loans

500 per month (after 60 days from the date of loan closure)

Part/ full prepayment charges for individual

NIL

Part prepayment charges for non individual

  • 5% (within first year of last disbursement)
  • 1% (after first year of last disbursement)

Full prepayment charges for non individual

  • 5% (within first year of last disbursement)
  • 3% (after first year of last disbursement)

IIFL Home Loan Customer Care

Customer Services can be contacted in the following ways:

You may visit any Service Branch between 10am to 4.30pm from Monday to Friday. Public holidays are exempt.

You can call the contact centre on 180030001155 from 10am to 5pm between Monday to Friday, except public holidays.

You can also email at: reach@iihfl.com

OR

visit them at:

India Infoline Housing Finance Ltd,

12A-10,13th floor, Parinee Crescenzo, C-38 & 39,

G Block, Behind MCA, Bandra Kurla Complex,

Bandra East, Mumbai - 400051

IIFL Home Loan Latest News

IIFL Holdings appoints Sumit Bali as CEO, ED of India lnfoline

Financial services company IIFL Holdings has today broadcast the appointment of Sumit Bali as their new CEO and Executive Director (ED) for their subsidiary India lnfoline Finance Limited effective June 25th, 2018. Bali's former tenure was as the Senior Executive Vice President with Kotak Mahindra Bank.  

We will double our businesses in less than three years: Nirmal Jain of IIFL

Over the last decade, IIFL founded by NIRMAL JAIN, has expanded its base to include varied businesses, such as capital and asset management, institutional equities, broking, etc. While the group is busy on their toes with its plan to reorganise and streamline its businesses, Jain partakes of his vision, opportunities and challenges with Puneet Wadhwa and Vishal Chhabria by stating that they expect to double their business by 2021.

IIFL Wealth in talks to acquire Chennai based Wealth Advisors 

General Atlantic assisted IIFL Wealth Management, is in concluding stages to acquire majority stakes in Chennai based Wealth Advisors, a private wealth manager. It has been valued at 500 crore. The promoters will trade an 80% stake and the quantity paid for the arrangement will have a combination of cash and stock options. Founded around 2008 in Mumbai, IIFL Wealth Management is considered one of the best wealth managers, having assets under advice and distribution of approximately 1.4 Lakh Crore.

Frequently Asked Questions

Who can apply for IIFL Home Loan?

Any salaried or self-employed Indian citizen/ NRI between the age group of 18 to 70 can apply for IIFL Home Loan.

How do I pay my EMIs?

The EMI is debited from the salaried account as per the electronic clearance system (ECS) instructions.

Is having a co-applicant for the loan mandatory?

No. It is not mandatory to apply for IIFL Home Loan with a co-applicant, however, getting a co-applicant can increase your loan eligibility.

What does own contribution mean?

Own contribution refers to the difference between the total market value of the home minus the housing loan amount you have availed. This amount (usually varies from 75% to 90%) has to be paid by the borrower's own pocket to buy the house.

What documents do I require for IIFL Home Loan?

You have to submit an application form, recent passport-sized photographs, address proof, identity proof, income proof, and property documents to begin your loan processing.

What is the maximum tenure allowed for the loan?

Salaried applicants can get maximum tenure of up to 30 years and self-employed applicants can get up to 20 years of tenure.

I am employed in Canada, am I eligible for IIFL Home Loan?

NRIs employed and residing in North America (USA and Canada), Middle East - (Dubai, Abu Dhabi, Sharjah, Bahrain, Riyadh, Muscat), Australia, New Zealand, East Asian Countries (Malaysia, Hong Kong, Singapore, Japan, Thailand), all EU Countries (except Greece, Portugal, Spain, Italy) are eligible to apply for IIFL Home Loan.

Can I prepay my Home Loan?

Yes, you can choose to prepay your IIFL Home Loan in part or full. Below are the prepayment charges applicable for IIFL Home Loan:

Part/ full prepayment charges for individual NIL

Part prepayment charges for non individual

  • 5% (within first year of last disbursement)
  • 1% (after first year of last disbursement)

Full prepayment charges for non individual

  • 5% (within first year of last disbursement)
  • 3% (after first year of last disbursement)

How can I prepay my loan?

The online portal of IIFL has NEFT and RTGS facilities to make prepayments.

How do I update my contact information provided?

The call centre and the web portal can be made use of to update contact information.

Why Apply for IIFL Home Loan on MyMoneyMantra?

MyMoneymantra is devoted to making the acquisition of a Home Loan from IIFL Housing Finance a memorable and easy matter. Our guidance extends to suggesting suitable schemes for your dream project, and we extend support during the application process. Our qualified experts assist in the completion of all your documentation, doorstep service for the collection of documents and appropriate drop off to the bank. Our association with an applicant doesn't end there, and we back our clients through the post-disbursement phase, should they require any assistance.

How to Apply for IIFL Home Loan on MyMoneyMantra?

IIFL Home Loans give aspiring home buyers an easy way to process Home Loans for their tailored requirements. When you apply through MyMoneyMantra, you get instant loan approval and disbursal. Our loan experts guide you throughout the entire loan process. We also offer free doorstep documents pick up service, wherein our representatives will visit your address to pick up the documents required for the loan and submit them to the bank/NBFC where you have applied. You can easily apply online for IIFL Home Loan or any other Home Loan through MyMoneyMantra.

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