IIFL Home Loan Interest Rate

Buying a home is one of the biggest dreams of every person. Owning a house is also one of the most crucial decisions. It is a must therefore to do complete research and understand all the intricacies before Applying for a Home Loan. India Infoline Finance Limited (IIFL) provides Home Loans to the individuals to build a new house, purchase a resale house or flat or extend the current residence. The loan procedure at IIFL is easy and hassle-free. The housing loan is offered at the most competitive rate of interest.

Following are the features of IIFL Home Loan:

• Housing loans that strive to bring attractive housing loan products and schemes for its customer.
• Legal and technical advice and necessary guidance throughout the loan procedure
• Competitive interest rates
• IIFL has a good network of branches across the nation to offer better service to its customers.
• The loan procedure at IIFL is fast and the documentation process is much organised

IIFL Home Loan Highlights

Also Check: IIFL CIBIL Score

The rate of interest offered by IIFL on the Home Loan varies as per the age, income, occupation, and type of loan one is applying for. The Rate of interest on Home Loan starts from 9.50% at IIFL.

The interest rate on the Home Loan depends upon the Prime Lending Rate (PLR). If there are any changes in the PLR rate the same will be changed in the bank's rate of interest. For example, if the PLR rate at IIFL reduced by 0.15%, the rate of interest will also reduce from 9.50% to 9.35%.

• Loan type: The rate of interest offered by IIFL depends upon the various loan products and schemes offered by IIFL. The rate of interest may be different for the women borrowers depending upon the floating or fixed interest rate scheme.
• Loan amount:The rate of interest offered by IIFL on the housing loan depends upon the Home Loan amount an applicant is applying for. Generally, if the Home Loan amount is higher, the rate of interest offered by IIFL will also be higher.
• Applicant's income:The salary/income of an applicant also has an impact on the interest rate offered by IIFL on the Home Loan. The higher the income or salary of an applicant lower will be the interest rate offered.
• Existing customers: IIFL may offer better interest rates to its existing customers taking into consideration their relationship with the customers.
• Credit Score: Credit score is also a major factor to determine the interest rate of any loan. If you have a good credit score profile then you will eligible to get loan at lowest interest rate. So, before applying for a home loan, check credit score online.

Apart from interest charges IIFL also levies some other charges on the Home Loan. Following are some of the charges:

Following are the types of housing loans offered by IIFL:

• 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.

It is very easy to apply for the IIFL Home Loan. You can visit MyMoneyMantra to apply online. MyMoneyMantra is the channel partner of some of the leading banks and financial institutions including IIFL.

After you apply for the Home Loan the MyMoneyMantra's representative will get in touch with you to take the loan procedure further. We ensure that the loan procedure is smooth and hassle-free when you apply for the Home Loan through us. 

You can also do a comparison of various loan offerings by various banks and NBFCs at MyMoneyMantra as we provide complete information of every product on our website.

Documents required to apply for IIFL Home Loan are mentioned below:

Documents Required for Pradhan Mantri Awas Yojana (PMAY)/ New Home Loan/ Swaraj Home Loan/ Home Improvement Loan/ Balance Transfer

• 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 ITwith 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 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 borrowers 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, Certificate 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 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
  • 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 Reading:  CIBIL Score Required for Home Loan