IIFL Home Finance Ltd. offers home loans at reasonable interest rates. The application process for a home loan with IIFL is straightforward, quick, and relatively simple. This article will give you the information that you need about the IIFL home loan as well as the process for the IIFL home loan login.
IIFL home loan: Features
Applying for a home loan via IIFL is a simple process, and you can do it entirely online from the convenience of your own home. Some of the most notable features of IIFL house loans are listed below:
- The application procedure is online, allowing applicants to respond to the questionnaire from the convenience of their own homes or places of business. The applicants of IIFL home loans are offered instantaneous sanctioning of their housing loans.
- Through a balance transfer home loan, you may switch from a home loan with a high monthly payment to a home loan with low EMIs offered by IIFL.
- When applying for a home loan with IIFL, the paperwork is fast, simple, and straightforward.
- Under the Pradhan Mantri Awas Yojana, you may also get a reduction in the interest you pay on a home loan.
Also read: IIFL Home Loan targets 15,000 customers under PMAY
IIFL home loan: Highlights
| Loan amount | Rs 2 lakh onwards |
| Loan tenure | Up to 25 years |
| Interest rate | 8.20% p.a. onwards |
| Processing fee | Up to 1.75% of the loan amount |
| Processing time | 25 minutes onwards |
IIFL home loan: Interest rates
The interest rates for IIFL home loans start from 8.20% p.a. The interest rate offered to applicants can vary based on various factors like their age, monthly income, credit score, employer’s profile, job profile, LTV ratio, loan amount, etc. All of these factors are taken into account before your interest rate is determined.
IIFL home loan: Processing fee and additional charges
| Processing fee | Up to 1.75% of the loan amount |
| CERSAI Fees | Rs 100 (For loan amount of over Rs 5 lakh)
Rs 50 (For loan amount of under or equal to Rs5 lakh) |
| Legal/transaction handling charges in case of home loan balance transfer | Rs 2,500 |
| Late payment charges | 18% p.a. of outstanding EMI |
| Cheque/ECS dishonour charges | Rs 500 for each ECS/cheque bounce
None for representation of ECS/cheque |
IIFL home loans: Types
IIFL Home Finance Ltd. offers many different types of home loans. You can choose from these options depending on your needs. Here is a list of the types of IIFL home loans available.
IIFL new home loan
This is a regular housing loan scheme suitable for both salaried and self-employed applicants. Only Indian citizens residing in the country can apply for this IIFL home loan. With a tenure of up to 25 years, the loan amount for this scheme begins from Rs 2 lakh.
IIFL home loan for uniformed services
This housing loan scheme has been introduced for retired and working personnel of Indian Paramilitary Forces and Defence Forces. The eligible candidates can apply for this IIFL home loan for house purchase and construction. This loan comes with complimentary health insurance of up to Rs 3 lakh for a period of 1 year.
IIFL home improvement loan
Applicants can avail of this housing loan scheme for renovating or extending their existing home. With a tenure of up to 25 years, this IIFL loan offers a loan amount of up to Rs 50 lakh.
IIFL home loan balance transfer
This facility allows those who have an existing home loan from another bank to switch to IIFL Home Finance Limited at lower interest rates and better terms and conditions.
IIFL Pradhan Mantri Awas Yojana
IIFL Home Finance Ltd. also provides the option of applying for home loans under the Pradhan Mantri Awas Yojana (PMAY) by an interest subsidy of up to Rs. 2.67 lakh on the home loan.
IIFL home loan: Eligibility
The applicant may apply for one of many different types of IIFL home loans, each of which has different qualifying requirements attached to it. The following is a list of the eligibility criteria that must be met in order to qualify for a home loan from IIFL:
IIFL new home loan: Eligibility criteria
- It is recommended that the nationality be Indian.
- The age of the applicant must be between 18 and 75 years.
- CIBIL rating of 750 or above.
- Applicants that are self-employed or have a traditional 9 to 5 job are both accepted.
IIFL home improvement loan: Eligibility criteria
- Applicants must be legally permitted to work in India and must be either paid or self-employed.
- The age bracket should be from 18 to 75 years.
- Anyone with a foreign passport and Indian ancestry may apply for a home renovation loan from IIFL, even if they are not a resident Indian.
- If you wish to apply for the loan with a co-applicant, the person you choose should be a member of your immediate family.
IIFL NRI home loans: Eligibility criteria
- Eligible candidates must be Indian citizens.
- The applicant must be between the ages of 18 and 75
- The candidate must be either a salaried professional or self-employed.
- The applicant must possess a current passport for India.
- There should be no indication of a NO ENTRY stamp on the passport in any form.
- A valid passport and an entry visa are required.
- Applicants having PIO or OCI status are required to provide a valid PIO or OCI card in addition to a passport from another country.
IIFL balance transfer home loan: Eligibility criteria
- You must already have a house loan.
- The applicant is required to have made a minimum of twelve monthly instalments on the current house loan.
- The applicant must not have a history of default on any previous house loans.
- Ensure that you have a record of the authorised plan if you are having work done on your property.
- If the authorisation of the property has not yet been completed and the lender has already distributed the loan cash, then IIFL will not be able to provide you with a balance transfer loan.
- In the event of a home that is completely ready for occupancy, it is essential that the property be registered as soon as possible.
IIFL home loan: Documents required
The following documents must be submitted with your application for an IIFL home loan in order to be considered:
- Finalised application form for IIFL home loan
- Identity proof
- Address proof
- Address verification for commercial enterprises (if applicable)
- Income documentation for salaried people (paycheck stub from the last two months, bank statement proving employment status, recently filed form 16/ITR)
- Income verification for the self-employed (Returns of income taxes paid together with computations for the past two financial years, the balance sheet and the profit and loss statement with supporting documentation, statements of both the individual’s savings account and the entity’s current account for the most recent half-year)
- An entire set of property records in copy form (as applicable)
- A copy of the purchase and sale contract (if executed)
- Buyer agreement and letter of allotment (if applicable)
- Payment receipt(s) paid to developer(s) (if applicable)
IIFL home loan: How to apply?
It is very easy to apply for an IIFL home loan. All you need to do is visit the IIFL customer portal, fill in the form available on the top right corner of the page and click on Submit. You can also call IIFL’s helpline number (1860-267-3000) for assistance.
IIFL home loan: Login
There is a very simple method available to you that you may use in order to use the IIFL home loan login option.
- Proceed to the official sign-in page for the IIFL home loan login. If you click, you will be brought to a website where you may log in to your account.
- You may do the IIFL home loan login in one of two ways: either by using your password or by entering your registered mobile phone number and receiving a one-time password (OTP) on that number, which you will then be required to input in order to complete the login process.
- When you have successfully signed in, you will get a confirmation message in the form of a pop-up window on the screen once you have clicked the “Enter” button.
IIFL home loan: Customer care number
For any queries, concerns, or issues regarding your IIFL home loan, you can call the customer care number, which is 1860-267-3000.
IIFL home loan: Tax benefits
Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on the principal repayment of your home loan. Also, Section 24 of the ITA allows a maximum deduction of Rs 2 lakh on the interest paid on your home loan. If you are a first-time home buyer, you can claim an additional deduction of Rs 50,000 in interest under Section 80EE.
FAQs
How can I apply online for an IIFL house loan?
If you're interested in an IIFL house loan, you may fill out the application on the bank's website. The IIFL application is available both online and as a downloadable app.
Which IIFL house loan plan is the best?
Each of the home loans offered by IIFL comes with its own range of attributes and advantages. The kind of house loan programme that will work best for an application is determined, in large part, by the applicant's specific requirements. You may also look at the subsidised home loan programme that IIFL is offering as part of the Pradhan Mantri Awas Yojana.
Should you get a mortgage from IIFL?
Yes, you are able to get a house loan from IIFL since it offers the applicant benefits like minimum paperwork, excellent interest rates, ease of application, rapid authorisation, and a speedy online procedure that is hassle-free when it comes to processing home loans.
What are the various forms of IIFL mortgage loans?
The various kinds of house loans offered by IIFL are as follows: New home loan Subsidised home loan Home repair loan Balance transfer loan Home loans for non-resident Indians
What is IIFL's maximum home loan term?
The duration of an IIFL house loan might be as long as 25 years at the very most.
How long would it take for approval of an IIFL house loan?
An approval for an IIFL home loan may be obtained in as little as 25 minutes if your application meets all of the requirements stated by the bank and is submitted in a timely manner.
What is the IIFL mortgage processing fee?
The processing charge for an IIFL house loan may be up to 1.75 % of the total loan amount.
What is the minimum CIBIL score and wage requirement for applying for a house loan from IIFL?
The CIBIL score required for an IIFL house loan must be a minimum of 650. With the help of the IIFL house loan eligibility calculator, you can determine whether or not you are qualified for a home loan via IIFL. You have the ability to input all of the pertinent information, such as your total earnings, financial commitments, other EMIs, and so on, which will determine whether or not you are eligible for the IIFL house loan.
What is the credit limit for IIFL mortgages? Can a senior citizen get a mortgage through IIFL?
There are many variables that determine how much of a loan you may get, including your earnings, your CIBIL rating, your ability to pay the loan back, your history with the bank, and your repayment history. It is possible for an IIFL pensioner to qualify for a house loan, but this will rely on his eligibility as well as other factors.
