ICICI Home Loan Eligibility Criteria

Age of the Applicant

18 to 70 years

Eligible Salary

25,000 per month and above

Work Experience for Salaried

3 years and above

Maximum tenure

30

Minimum CIBIL Score

650

Maximum Loan on Property Value

Up to 90%

Eligibility with Co-applicant

Up to 3 earning family members may be added to get higher loan eligibility

check your eligibility

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About IIFL Home Loan

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 Home Loan Features

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:

  • Use of modern technology that helps to process loan applications quickly
  • Zero hidden costs. All costs, charges, and fees explained to borrowers in a transparent manner beforehand.
  • Presence in all major cities in India
  • An easy online presence with 24x7 assistance by dedicated customer service staff that can be approached 365 days a year.
  • Superior customer service with options like doorstep services, Personal Loan counseling, and so on.
  • Easy balance transfer facility to shift your existing loans from other bank to IIFL
  • Flexible Home Loans provided for not only purchasing new homes but also for home renovations, home construction and so on.
  • Easy option to add a co-applicant to increase loan amount eligibility
  • Loan tenure up to 30 years (for salaried) and 20 years (for self-employed)

IIFL Loan Eligibility Criteria

Loans from any financial institution come with certain eligibility criteria. At IIFL, age, income, a value of the property under consideration, CIBIL 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

Factors Affecting IIFL Home Loan Eligibility

Eligibility of Home Loan Based on Age

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

Eligibility Based on Salary/Income of the Borrower

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.

Eligibility Based on Value of Property

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.

Eligibility Based on CIBIL Score

CIBIL Score: CIBIL stands for 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 behaviour. 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:

  • Credit limit utilisation:If you frequently use up the entire credit limit allocated to you, it means that there may be a case of financial irregularity or indiscipline and could reduce your CIBIL score.
  • Delayed payments:CIBIL records the timing of all your repayments for any loan. Any irregularity in payment or delay in repaying your existing loan or Credit Card is recorded by CIBIL and shall reduce your CIBIL score. Hence, care should be taken that all loans are repaid in full before the due dates.
  • Too many unsecured loans:IIFL favours a borrower who has a balance between secured and unsecured loans. A higher number of unsecured loans indicates financial stress and can negatively affect the CIBIL score.
  • Multiple Home Loan applications: Care should be taken that you apply for only one Home Loan at a time with one lender. Multiple Home Loan applications indicate desperation on your part and can negatively affect your CIBIL score.

Eligibility Based on FOIR

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.

Ways to Improve IIFL Home Loan Eligibility

For improving the chances of getting higher loan amount eligibility at IIFL, you can try the following:

  • Repay all existing loans and Credit Card dues to increasing your repayment capacity
  • Add your spouse's income to increase your loan amount eligibility
  • Show all other sources of income that you may have like house rent, interest from fixed deposits, and so on.
  • Show that you have a good track record at your job and your employer offers regular bonuses and benefits if any.

Why Use MyMoneyMantra's Home Loan EMI Calculator?

MyMoneyMantra is an online market place that offers all information on Home Loans and allows Home Loan application online through its portal.

MyMoneyMantra has tied up with over 70 banks and NBFCs including IIFL for offering loans through its portal. We have EMI Calculator on our website that lets you calculate prospective EMI for the Home Loan or any other loan you are considering to apply for.

Here are some reasons for why should you use MyMoneyMantra's EMI Calculator:

  • Saves time:This calculator is available online and can be used multiple times without any limitations. This saves your time of visiting an IIFL branch or contacting a representative and helps calculate your Home Loan eligibility instantly.
  • Saves efforts: Generally computing EMI manually may lead to errors. MyMoneyMantra's EMI calculator provides an instant result.
  • Comparison: MyMoneyMantra is associated with all leading banks and NBFCs and hence it helps you thoroughly compare loan offers from all banks to arrive at a well-informed decision based on the EMI to be paid for each offer.
  • Free of cost: MyMoneyMantra IIFL Home Loan EI Calculator is easily accessible online at no cost.

How to Use MyMoneyMantra's IIFL Home Loan EMI Calculator?

MyMoneyMantra's Home Loan EMI Calculator needs the following three inputs to determine eligibility:

  • Loan amount: Details on the amount you want to borrow
  • Interest rate: Rate of interest offered on Home Loan by IIFL
  • Tenure: The loan tenure within which you intend to repay the amount you borrowed

Steps to use EMI Calculator on MyMoneyMantra:

  1. Visit MyMoneyMantra, click on the 'Financial Tools' tab on the main page, and click on EMI Calculator.
  2. Enter the loan amount, interest rate, and tenure for IIFL Home Loan
  3. Click the Calculate button and instantaneously get the loan EMI

Documents Required for IIFL Home Loan

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 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, 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.

Types of IIFL Home Loan Schemes and Their Eligibility

  • 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.
  • New Home Loan: These types of loans are given to salaried and self-employed individuals to purchase row houses, plots, bungalows, and flats.
  • 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.

FAQs on IIFL Home Loans

What are the tax benefits on a Home Loan at IIFL?

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.

Why is it beneficial to balance transfer Home Loan from another bank to IIFL?

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.

What is the maximum Hole Loan repayment tenure at IIFL?

The maximum Home Loan tenure at IIFL is 30 years for salaried and 20 years for self-employed applicants.

What is the procedure to apply for IIFL Home Loan?

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.

Is there any benchmark applicable on housing loan at IIFL?

Prime Lending Rate or PLR is the benchmark applicable for the housing loan at IIFL.

Are there any effects of part-prepayments on IIFL housing loan EMI?

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.

Is it possible to foreclose my Home Loan?

Yes, you can foreclose the Home Loan at IIFL with Nil charges (for floating rates loans).

Is it possible to club the income of spouse and apply for the Home Loan at IIFL?

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.

Latest News on IIFL Home Loan

2018-12-11: IIFL Home Finance, under PMAY disburses CLSS subsidy worth over 440 crores to approx. 20,000 beneficiaries

Under the Credit Linked Subsidy Scheme (CLSS) of the Pradhan Mantri Awas Yojana, IIFL Housing Finance went on to disburse 440 crores in subsidy to over 20,000 beneficiaries. Approving 2,700 crores in Home Loans under the scheme, the company will be benefiting numerous families from the EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG) categories by November end.

2018-02-19: IIFL Housing Finance sets Target at 28k crore Home Loans by 2020

With an aim to widen its Home Loan customer base, the IIFL Housing finance has set a target of 28,000 crore by the year ending 2020. This is twice its current numbers of 12,000 crore. The company is looking forward to increase demand from middle and lower income groups.

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