IIFL Home Loan Details

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 rate9 %
Loan tenure30 Years
Loan turnaround period8 - 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-applicantsUp to 4 applicants are allowed as co-applicants
Lowest EMIRs. 805 Per Lakh

You can also Apply for 40 Lakh Home Loan

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, home loan 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 on home loan and affordable EMIs
  • Get expert legal and technical counselling for making the right decision

Additional Info: Also Check LRD Loan

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
  • Home Loan Balance Transfer Facility
  • Tax benefits under Section 80C of the Income Tax Act, 1961

Additional Info: Also check DDA Housing Scheme

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 Credit 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 LoanInterest Rate (per annum)
New Home Loan

 


Starting at 9%

Home Improvement Loan
NRI Home Loan
Balance Transfer
Swaraj Home LoanStarting at 11%

Additional Info: Also check IIFL Loan Against Property

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 Criteria

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

Additional Info: Also check IIFL Home Loan Eligibility

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.

Additional Info: Also check Documents Required For Home Loan

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.

Additional Info: Also check AnyRoR Gujarat Land Record

IIFL Home Loan Processing Fees and Other Charges

Following are the charges that are associated with IIFL Home Loan:

TypeCharges
Processing feeRs. 3,000 to 0.75% of the sanctioned loan amount
Charges for collateral evaluation in Non-APF Home Loan and Non Home LoanRs. 3,000 - Rs. 25,000 depending on the loan amount
Transaction or legal handling charges for balance transferRs. 2,500
CERSAI fees
  • Rs. 100 for loans above Rs. 5 Lakhs
  • Rs. 50 for loans below or equal to Rs. 5 Lakhs
Late payment fee36% p.a. of outstanding EMI
Charges for ACH dishonour
  • Rs. 500 for each ACH bounce
  • Nil on Representation of ACH
Charges for ACH swappingRs. 500 per instance
Charges for retrieval of original property documents in IIFL custody (before closing the loan)Rs. 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
  • Rs. 1,000 per instance for loans up to Rs. 1 Crore
  • Rs. 2,000 per instance for loans above Rs. 1 Crore
Charges for retrieval of copies of loan/ property document in IIFL custodyRs. 500 per instance
Statement of Account/ Amortisation Schedule chargesNIL
Charges for collection visitRs. 500 per instance
Charges for the issuance of FC statementRs. 500 for 2 instances in 1 month
Custodial fee for keeping property documents in closed loansRs. 500 per month (after 60 days from the date of loan closure)
Part/ full prepayment charges for individualNIL
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)

Additional Info: Also check IIFL Home Loan Balance Transfer

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

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Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

IIFL Home Loan FAQs

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 individualNIL
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.