Check India Infoline Finance Limited (IIFL) Home Loan eligibility using an online home loan eligibility calculator. Share required loan tenure, loan amount, annual income, employment type and mobile number to register at IIFL Home Loan Eligibility Calculator. Basis the calculator you can get tentative EMI and home loan eligibility details. For further assistance, talk to a home loan representative. IIFL offers tailored home loans to salaried & self-employed customers in the age range of 18 to 70 years.
IIFL stands for India Infoline Finance Limited. This is a Reserve Bank of India (RBI) authorised Non-Banking Financial Company (NBFC) involved in the field of providing financial services in India. With operations commencing from 2009, this NBFC has emerged as an important player in the highly competitive field of providing Home Loans.
IIFL has leveraged technology, human resources, and processes to provide comprehensive Home Loans offers designed in a manner that meets the housing needs of a modern individual. Along with the innovative product design that suits individuals from all walks of the society, IIFL focuses on superior customer service. IIFL Home Loans have the following features:
Additional Reading: CIBIL Score Required for Home Loan
Loans from any financial institution come with certain eligibility criteria. At IIFL, age, income, a value of the property under consideration, Credit score and repayment capacity are some of the eligibility criteria for the Home Loan. The major eligibility criteria are as below:
Eligibility Criteria | IIFL Bank Home Loan |
Minimum Age | 18 years at the time of loan application |
Maximum Age | 70 years at the time of loan maturity |
Profession | Salaried or self-employed |
Nationality | Indian resident, Non-resident Indian (NRI) |
Co-applicant | Applicant's spouse/ close relatives/ partnership firms/ private limited company |
For a Home Loan that is a very long duration loan generally, the age plays an important role to decide the loan amount eligibility. If you have a lower age, it means that you have a long working life ahead of you and hence you may be eligible for a higher loan amount when compared to someone with higher age.
The maximum loan tenure that IIFL can offer is for 30 years. The minimum age criterion for IIFL Home Loan is 18 years and the maximum age is 70 years. Hence, to avail maximum loan duration of 30 years, applicants should be in their 30s. For loan applicants older than that, the maximum loan duration that can be offered by IIFL will definitely be less than 30 years since otherwise, the borrower will have to service loan post 70 years of age which is generally the retirement age of an individual. The following table provides maximum tenure of loan that can be offered based on age:
Age of Borrower | Maximum Tenure (Salaried) | Maximum Tenure (Self-employed) |
20 yrs | 30 yrs | 30 yrs |
30 yrs | 30 yrs | 30 yrs |
40 yrs | 30 yrs | 30 yrs |
50 yrs | 20 yrs | 20 yrs |
60 yrs | 10 yrs | 10 yrs |
The eligibility of any Home Loan depends on the ability of the borrower to make regular payments. This repayment ability of a borrower is determined by their monthly cash flow that is based on the monthly income of the borrower. Hence, the salary (for a salaried borrower) or monthly income (for a self-employed borrower) is the most important determinant of loan amount eligibility and the loan tenure.
If you have a higher salary, it means that you can service the Home Loan during the loan tenure comfortably without downgrading your lifestyle. So, higher the income, higher is the loan amount eligibility.
For example: At 25,000 per month salary, at 9.50% interest rate, the loan amount offered by IIFL could be between 34.87 Lakhs to 38.65 Lakhs depending on your age and for 75,000 per month salary, the eligible loan amount is between 69.73 Lakhs to 77.30 Lakhs depending on your age. Thus, to be eligible for the higher loan amount, make sure you have a higher monthly income. If that is not the case, you can look at adding an earning family member as a co-applicant so that both your incomes are clubbed together to calculate eligible loan amount. However, the co-applicant should have a clean credit history.
Age of Borrower | Net Monthly Income of Borrower in | ||
25,000 | 50,000 | 75,000 | |
25 yrs | 38.65 Lakhs | 57.98 Lakhs | 77.30 Lakhs |
30 yrs | 38.65 Lakhs | 57.98 Lakhs | 77.30 Lakhs |
35 yrs | 38.65 Lakhs | 57.98 Lakhs | 77.30 Lakhs |
40 yrs | 38.65 Lakhs | 57.98 Lakhs | 77.30 Lakhs |
45 yrs | 37.20 Lakhs | 55.80 Lakhs | 74.40 Lakhs |
50 yrs | 34.87 Lakhs | 52.30 Lakhs | 69.73 Lakhs |
Nature of employment: IIFL checks not only the monthly income of the loan applicant but also the type of job and job stability of a loan applicant. IIFL asks for a minimum income history of around 3 previous years before considering you suitable for a Home Loan.
IIFL Home Loan does not finance the entire value of the property under consideration. IIFL calculates the loan to value ratio (LTV) and provides loan depending on the value of a property. The following table provides the maximum Home Loan that one can get depending on the value of the property in terms of LTV ratio.
Property Value | LTV |
Up to 30 Lakhs | 90% |
30 Lakhs to 75 Lakhs | 80% |
Above 75 Lakhs | 75% |
IIFL has an in-house legal team that scrutinizes all the documents related to the property for which loan is being sought for. Before an applicant is considered eligible, the legal team has to verify whether all permissions for the property are in place and there is no issue with ownership of the property previously.
CIBIL Score: CIBIL full form is Credit Information Bureau (India) Limited). This is a credit information company operating in India to record payment information of all borrowers. After aggregating the repayment record of each borrower, CIBIL comes up with a score called the CIBIL score which may vary from 300 to 900. CIBIL records whether you have repaid all your previous or existing loans on time and in full. It also records your Credit Card history to come up with a CIBIL report that shows your credit behavior. IIFL uses the CIBIL report and CIBIL score to know what kind of a borrower you are and then decides loan eligibility. A higher the CIBIL score means that you have a relatively clean credit history and can be eligible for a higher loan amount. IIFL has a criterion of a minimum credit score of 650 to be eligible for a Home Loan. Anyone with a lower CIBIL score should first take steps to improve the CIBIL score and then reapply for a loan at IIFL. Some factors that decide your CIBIL score are:
FOIR stands for Fixed Obligation to Income Ratio. This is an important parameter used to determine the repayment capacity of a loan applicant. Fixed obligation includes all your recurring fixed expenses every month including current equated monthly instalments (EMIs), rent, other fixed expenses, and take-home income. The ratio shows what percentage of your monthly income goes to clear your fixed expenses. IIFL prefers borrowers with FOIR of 0.65.
For improving the chances of getting higher loan amount eligibility at IIFL, you can try the following:
Additional Reading: How to improve CIBIL score immediately?
Documents required to apply for IIFL Home Loan are mentioned below:
Also Check: IIFL CIBIL Score
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According to the Indian Income Tax Act of 1961, under section 24 and section 80C, you can get tax benefits of up to 2 Lakhs and 1.5 Lakhs on Home Loan interest component and principal amount respectively.
The interest rates on a Home Loan at IIFL are very attractive. The lowest EMI per Lakh at IIFL is 841 at the rate of interest of 9.50% for the tenure of 30 years. If the borrower is paying EMI higher than this, transferring Home Loan to IIFL is beneficial.
The maximum Home Loan tenure at IIFL is 30 years for salaried and 20 years for self-employed applicants.
The borrower can apply for the housing loan at IIFL by directly visiting the center or by applying for the same online with the help of online marketplaces such as MyMoneyMantra. Applying for the housing loan online will help the borrower to get the best offers and discounts. After applying for the Home Loan online the representative of MyMoneyMantra will contact the borrower to take the loan procedure ahead and initiate the evaluation of the necessary documents. The Home Loan will be sanctioned on the basis of the evaluation of the borrower's documents.
Prime Lending Rate or PLR is the benchmark applicable for the housing loan at IIFL.
The part-prepayment of the Home Loan amount can reduce the outstanding amount and increase the interest amount due. The part-prepayment of the loan will help you to repay the Home Loan faster.
Yes, you can foreclose the Home Loan at IIFL with Nil charges (for floating rates loans).
The applicant can club the income of spouse and apply for the joint Home Loan at IIFL. Having a co-applicant will increase the Home Loan eligibility of the borrower. The spouse can act as a co-borrower or guarantor of the Home Loan.