IIFL Holdings Limited was founded by Nirmal Jain in the year 1995. It was formerly known as India Infoline Limited. Headquartered in Mumbai IIFL is an Indian financial services company. After a few years in business, their clientele included research organizations, banks, and corporates. They became noticeable in the market as they consistently launched research products and their website was created in the year 1999.
A trading portal was opened in the year 2000 and they moved their business into being a - service broking agency. In the year 2001 when the going became tough they tied up with ICICI Prudential and became the first corporate agent in India for insurance.
Today IIFL is India's leading integrated financial services group is operating in various areas namely, Non -Banking and Housing, Wealth and Asset Management, Broking, Financial Product Distribution, Investment Banking, Institutional Equities, Realty and Property Advisory Services. IIFL provides an array of retail products apart from other services. Loan Against Property (LAP) is one such retail loan, which is popular because of the competitive interest rates and quick processing.
IIFL Loan Against Property has attracted a large number of customers in spite of several players offering similar product because of the following advantages:
The features of IIFL LAP are:
There are two variants for IIFL Loan Against Property. Customers can choose among the two as per their requirement.
Following are the ways through which one can apply for an IIFL LAP:
After doing the market research, one would decide to avail Loan Against Property from IIFL. The loan application can be filed online or by visiting the nearest branch. In order to make the whole journey of availing loan simple and quick, one can apply for the loan through MyMoneyMantra, which is a one stop solution for all the financial requirements.
All one has to do to apply for loan online through MyMoneyMantra is to follow the simple steps given below:
Here is the list of documents required for IIFL LAP:
|For Salaried Employees||For Self-Employed|
|Loan application form||Loan application form|
Residence proof (any one of the following documents):
Residence proof of the applicant (any one of the following documents):
Business address proof (any one of the following documents:
Documents related to existing loans with repayment bank statements of 6 months
IIFL has laid down certain criteria to qualify for the Loan Against Property. IIFL has two variants for Loan Against Property - Regular LAP and Samman LAP. Under Regular LAP, properties with high value can be financed. A maximum of loan up to 10 Crores can be availed as per the requirement. Samman LAP has been designed for small size financial needs.
Maximum loan that can be availed is 35 Lakhs. Different eligibility criteria have been laid down for both Regular LAP and Samman LAP:
The main factors affecting the eligibility for IIFL Loan Against Property are as follows:
Also Read - Use Loan Against Property to Start Your Business
The interest rates may vary as per the property and loan type. Following are the details:
|Scheme Type||Applicable Rate of Interest|
The charges involved in availing the loan are as follows:
|Type of Charges||Regular LAP||Samman LAP|
|Processing fees||Up to 3% of the loan amount||Up to 2% of the loan amount|
|Full prepayment charges|
|Part prepayment charges|
|Charges for transaction/ legal handling in Balance Transfer cases||2,500||2,500|
|ECS/ ACH dishonour charges|
|ECS/ ACH swapping charges||500 per instance||500 per instance|
|Late payment charges||36% p.a. of outstanding EMI||36% p.a. of outstanding EMI|
|Charges for retrieval of original property document in IIFL custody before loan closure||2,000||2,000|
|Charges for retrieval of original property document in IIFL custody at the time of loan closure||1,000 per instance||2,000 per instance for loans above 1 Crore if more than 2 documents retrieved during tenure of loan|
|Charges for retrieval of copies of loan or copies of property document in IIFL custody||500 per instance||500 per instance|
|Charges for collection visit||500 per instance||500 per instance|
|Issuance of FC statement||500 for 2 instances within 1 month||500 for 2 instances within 1 month|
|Custodial fee for property documents in case of closed loans||500 per month (after 60 days from the date of loan closure)||500 per month (after 60 days from the date of loan closure)|
|Charges for statement of account or amortization schedule||Nil||Nil|
|Collateral evaluation charges||NA||3,000 - 25,000, depending on the loan amount|
*All charges, interests, taxes, fees, GST, and other imposts, taxes, levies, etc. prescribed by any statutory or regulatory bodies from time to time, will be solely borne by the Borrower. The charges mentioned above are subject to change from time to time and GST is applicable on the charges specified above.
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ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
Any resident individual, salaried or self-employed, can apply for the loan. Close relatives, firms and Private Limited Companies can be co-applicants to the loan.
To express the ratio of loan to value of asset mortgaged, the term loan to value or LTV is used. The LTV for IIFL Loan Against Property is 70% if the property is residential and 60% if the property is commercial.
Repayment can be made in EMI and must be done through the Automated Clearing House (ACH) or Electronic Clearing Service (ECS).
The loan can b repaid within a maximum period of 10 years.
A maximum loan amount of Rs. 35 Lakhs can be availed under Samman LAP.
The minimum annual household/ family income of the applicant should be 2 Lakhs or above.
It may take a minimum of 4 working days after you submit the required documents.