IIFL Home Loan Interest Rates
Interest Rate

Starting @ %

Check Best Offers
Processing Fee

Upto

Loan Tenure

- years

Lowest EMI Per Lakh

₹  for years

Prepayment Charges

Nil charges for floating rates loans

check your eligibility

rupee-icn
rupee-icn
rupee-icn
+91

About IIFL Home Loan

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.

Features of IIFL Home Loan

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

Interest Rate

Starts at 9.50%

Loan Tenure

30 years

Lowest EMI per Lakh

841

Processing fee

3,000 to 0.75% of the sanctioned loan amount

Prepayment Charges

For Floating - Nil

For Fixed - 2%

Part prepayment charges

  • For individual: NIL
  • For non-individual: 5% (within first year of last disbursement) and 1% (after first year of last disbursement)

Full prepayment charges

  • For individual: NIL
  • For non-individual: 5% (within first year of last disbursement) and 3% (after first year of last disbursement)

IIFL Home Loan Interest Rates

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%.

Type of Loan Interest Rate (per annum)

New Home Loan

Starting at 9.50%

Home Improvement Loan

NRI Home Loan

Balance Transfer

Swaraj Home Loan

Starting at 11%

Factors Affecting IIFL Housing Loan Interest Rate

  • 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.

IIFL Home Loan Processing Fee and Other Charges

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

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)

Types of IIFL Home Loans

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.

How to Apply for the IIFL Home Loan

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 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 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.

FAQs on IIFL Home Loans

What is the Home Loan procedure at IIFL?

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 it beneficial to transfer the loan from another bank to IIFL?

The lowest interest rate offered at IIFL is 9.50% for the maximum tenure of 30 years. The lowest EMI per lakh at IIFL is 841. If the borrower is paying the EMI higher than this amount they can opt to transfer the Home Loan to IIFL to get the benefit of the interest rate as well as EMI amount.

What is the maximum loan tenure at IIFL?

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

What are the tax benefits on Home Loan from IIFL?

Under section 24 and section 80C of the Income Tax Act, the citizen of India can avail tax benefits on the principal amount and interest rate of the Home Loan.

What are the charges applicable on the foreclosure of Home Loan at IIFL?

The charges for pre-closing your IIFL Home Loan account are as follows:

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)

Is it possible to transfer my Home Loan from another bank to IIFL?

Yes, you can easily transfer the Home Loan from another bank to IIFL with a simple hassle-free procedure. The transfer of loan will help you to get maximum benefit and save money.

Can I apply for the joint Home Loan at IIFL by adding the income of spouse while applying for the loan?

The applicant can apply for the joint loan by adding the income of their spouse while applying for the Home Loan at IIFL. This will increase the Home Loan eligibility of the applicant as the income of the spouse will also be considered while determining repayment capacity.

Is there any benchmark applicable for a housing loan at IIFL?

Prime Lending Rate (PLR) is the benchmark application for the Home Loan at IIFL.

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

Making a part payment of the Home Loan will help the borrower to reduce the outstanding principal amount and which in turn shall reduce the interest too. The borrower can choose to keep the same EMI and reduce the Home Loan tenure or reduce the EMI and keep the loan tenure as it is. Reducing the Home Loan tenure will help the borrower to save the interest outgo.

Will the interest rate on IIFL housing loan change in future?

If the RBI increases the interest rate due to some market conditions the bank shall also increase the PLR rate on the existing and new Home Loans and if the RBI reduces the interest rate the IIFL will also do the same to pass on the maximum benefit to its borrowers.

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.

OTP is sent to your mobile number

Enter OTP

Resend OTP