IIFL Home Loan
Home Loan Bank Information
Table of Contents
- IIFL Home Loan Interest Rates
- IIFL Home Loan Eligibility
- IIFL Home Loan Schemes
- IIFL Home Loan Types
- IIFL Home Loan for NRI or PIO
- How to Apply for IIFL Home Loan
- Document Checklist for IIFL Home Loan
Introduction
India Infoline Finance Limited Home loans like any other home loan aims to provide financial assistance to the people who wish to purchase a readymade fully built house or property to construct a house at their own. India Infoline Finance Limited (IIFL) has rolled out various home loans to suit the various needs of customers and at economical interest rates that make it easy to avail home loan from them. With all your queries being solved by their experts, they’ll guide you with the best home loan as per your needs. Additionally, if there are any doubts which you wish to clarify before availing the home loan, IIFL also has its team of legal advisors available to assist you in solving all your queries and making the entire process of availing home loan simpler, easier and transparent. Thus, helping you in becoming the proud owner of your own home.
To add to it, the interest rates offered are one of the best across the industry, irrespective of you being a salaried employee or a self-employed individual.
Some of the features of IIFL home loan which lure its customers to approach IIFL for a home loan are listed below.
- The rate of interest is budget-friendly and appealing.
- The entire process of documentation and applying for a home loan is smooth, quick and effortless.
- IIFL has a widespread network of branches to attend and service to your home loan requirements both before and after availing a home loan.
- Repayment vis EMI option is easy and smooth.
- Assistance if any, whether legal or technical, is available for customers while availing a home loan.
- IIFL provides home loan to both salaried and self-employed individuals.
- Complete documentation and a good CIBIL score help in getting a waiver in the fee and charges and a cut in interest rate.
- Assessment of the security or collateral is a complimentary service done by IIFL.
- Service at home as per your convenience is another added feature.
- Fund values corresponding to different loan amounts have been pre-determined.
- Tax benefit is available on the principal amount and interest part of the home loan.
In addition to the attractive features of IIFL home loan, it must be noted here that IIFL loan can be applied along with a co-applicant wherein the co-applicant can be your spouse or parents or children who are above the age of 18 years.
IIFL Home Loan Interest Rates
The basic details of home loan interest rates for the year 2019 for IIFL are represented below in the table.
| IIFL Home Loan Interest Rates 2019 | |
|---|---|
| Interest Rate | 9.50% onwards |
| Age Criteria | Min 18 years & Max 70 years |
| Loan Tenure | Upto30 years for salaried & 20 years for self-employed |
| Processing Charges | Up to 0.75% of the loan amount, or Rs. 3000 |
| Nationality | Indian |
| Prepayment or Foreclosure Charges | Nil for Individual |
| Co-applicant | Can be any out of Spouse, a close relative, partnership firms, or a private ltd company |
The above table clearly shows the interest rate and other conditions for availing home loan from IIFL.
IIFL Home Loan Eligibility
Both Salaried and self-employed individuals can apply for a home loan from IIFL and utilise the amount to purchase a house or construct a house on the property. The basic eligibility to apply for a home loan can be represented as below.
| Salaried |
|
|---|---|
| Self Employed |
Salaried individuals who are eligible for a loan
- Minimum 21 years of age
- Maximum 70 years of age at maturity (conditions apply)
- Income eligibility based on latest salary slip and Form 16
- Minimum of 1-year continuous employment
Self-employed applicants who are eligible for a loan
- Minimum 18 years of age
- Maximum 75 years of age at the time of loan’s maturity
- Minimum Annual income through business of INR. 1,80,000 p.a. for selected applicants and Rs. 2,00,000 p.a. for others.
- Based on the latest Income Tax Returns the income eligibility will be determined.
- Minimum 3 years of employment in the same line of business
Self – employed non – individuals who are eligible for a loan
- Minimum Annual income through business ofINR. 1,80,000 p.a. for selected categories and Rs. 2,00,000 p.a. for others
- Based on the latest 2 year income, Income Tax Returns and audited financials of 2 years along with computation of income the Income eligibility is determined
- The applicant must be in the same business for a minimum of 3 years
Salary customers who are eligible for a loan
- Customers having a Salary Account with Axis Bank for the past 3 months and those working for the below stated organisations:
- Private Limited and Public Limited Companies, MNCs
- Permanent employees of Central or State Government
- Permanent employees of reputed schools or colleges
- Permanent employees of Public Sector Undertakings
Other criteria
- Minimum 21 years and Maximum 70 years during maturity of the loan
- Minimum Annual Salary – INR. 2,40,000 p.a.
- Based on latest salary slip and Form 16 Income eligibility will be determined
- Continuous employment for a minimum of 1 year
Certain other points to be noted while checking eligibility are as mentioned below.
- A home loan is available for up to Rs2 crores.
- The period of loan that can be taken is 30years.
- The sanctioning of home loan is also dependent on many other factors which include guaranty or collateral, loan paying back capacity of the borrower, credit score and previous credit history of the applicant.
- The security against which the home loan is processed is most of the time, the property for which the loan is raised. However, the applicant must make sure that the property is saleable, has a clear property title and is free of any kind of encumbrance.
For the other schemes also the eligibility criteria remain the same
For Salaried:
- Minimum Age: 18 Years
- Maximum Age: 70
For Self Employed:
- Minimum Age: 18 Years
- Maximum Age: 70
IIFL Home Loan Schemes
IIFLoffers home loan under the following schemes. These can be illustrated as below.
IIFL New Home Loan
| Interest Rate | 10.25% p.a. onwards |
|---|---|
| Processing Fee | Rs.3,000 to 0.75% of the loan amount |
Loan under this scheme can be taken for a period of 20 years and in case of self-employed up to 20 years. With quick and simple documentation, this loan can be used to purchase a house, bungalows, flats or plot.
IIFL Swaraj Home Loan
| Interest Rate | 11.25% onwards |
|---|---|
| Processing Fee | 1.5% of the loan amount |
This home loan scheme is especially useful for people who although have a good income but are unable to get the loan sanctioned due to lack of proof of income documents. To apply for a loan under this scheme, the borrowers should fulfil the following eligibility criteria.
- Should be a resident of India
- One co-applicant must be compulsorily a female.
- Minimum work experience of 2years or may vary for different cases.
- Business must be in existence for at least 2 years.
- Age while applying for the loan must be at least 25 years and if age is 21years, in that case the age of one earning co-applicant must be 25 years.
This loan can be taken for a period up to 20 the maximum amount of loan being 20 lakhs. Especially useful to people applying first time for a loan with no credit history and no concrete income proof. However, it requires one co-applicant to be a female compulsorily.
IIFL Home Improvement Loan
| Interest Rate | 10.25% p.a. onwards |
|---|---|
| Processing Fee | Rs.3,000 to 0.75% of the loan amount |
The IIFL Home Improvement Loan is taken for any improvement in the house, which may include house painting, new flooring, tiling or plaster. Or for enhancing the house like renovating the kitchen, new bathroom fitting, designing the garden etc. The loan can be taken for 30 years by salaried individuals and by self-employed for 20 years. The IIFL Home Improvement Loan has budget-friendly EMI, the smooth and quick loan process and rate of interests that suits all.
IIFL Home Loan Balance Transfer
| Interest Rate | 10.25% p.a. onwards |
|---|---|
| Processing Fee | Rs.3,000 to 0.75% of the loan amount |
The IIFL Loan Balance Transfer comes with a tax benefit and economical loan processing fee. Besides, they also provide a free evaluation of collateral and loan up to 30 years.
The basic documentation required to apply for any kind of home loan from IIFL can be listed as below.
Salaried
- Identity Proof:
- PAN card (mandatory).
- Voter ID.
- Aadhar card.
- Valid passport.
- Driving license.
- Photo of your credit card.
- Any identity card issued by Government that bears your photo.
- Letter issued by an authority from the public sector authenticating the identity of the customer along with a latest photograph (taken within last 30days).
- Address Proof (any one):
- Voter ID.
- Aadhar card.
- Valid passport.
- Letter issued by an authority from the public sector authenticating the identity and residential address of the customer along with a latest photograph (taken within last 30days).
- Rent agreement on stamp paper.
- Latest utility bill.
- Credit card statement not older than 3 months.
- Bank statement with the address of borrowers of any commercial or nationalised bank.
- Life insurance policy.
- Residence address certificateorletter by the employer on company letterhead.
- Municipal or property tax receipt.
- Copy of Sale Deed of the property (residence), if owned.
- Post office saving bank account statement.
- Documents issued by Government departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India.
- Allotment letter of accommodation issued by the employer where the employer can be a Government Department (State or Central), Financial Institution, Statutory body, scheduled commercial bank etc.
- Pension payment orders (PPOs) issued by the Government to employees retired from a Government department, provided it contains the address too can serve as address proof.
- Proof of Income (all documents):
- Last two months’ salary slips.
- Last 6 months’ bank statement of your salaried account.
- Latest Form 16orIncome Tax Returns (ITR).
- Other Documents:
- Related to existing loans along with 6 months’ repayment bank statements.
- Property Documents (all documents):
- Copy of the Allotment LetterorBuyer Agreement (if applicable.
- Copy of Agreement to Sell (if executed).
- Copy of complete chain of documents of the property.
- Copy of Receipt of payments made to the builderordeveloper (if applicable).
Self-Employed
- Identity Proof:
- PAN card (mandatory).
- Voter ID.
- Valid Passport.
- Aadhar card.
- Driving License.
- Photo of your credit card.
- Photo ID issued by Government body.
- Letter issued by an authority from the public sector authenticating the identity of the customer along with a latest photograph (taken within last 30days).
- Address Proof (any one):
- Voter ID.
- Valid Passport.
- Aadhar card.
- Latest utility bill.
- The rental agreement on stamp paper.
- Letter issued by an authority from the public sector authenticating the identity of the customer along with a latest photograph (taken within last 30days).
- Bank statements reflecting the address of borrowers of any commercial nationalised bank.
- Credit card statement not older than 3 months.
- Life Insurance Policy.
- Copy of Sale Deed of the property (residence), if owned.
- Property tax receipt.
- Post office saving bank account statement.
- Address Proof for Business Entities (any one):
- Shops and establishment certificate issued as per a requirement of the Shops and Establishment Act.
- A certificate which is an official authorization to carry out trade is the Trade License can be used.
- SSI registration certificate.
- Sales Tax, Pan Card or a VAT Registration Certificate issued by the Government of India.
- Registration Certificate issued to a Factory.
- EXIM or Export Import Code.
- Degree and professional certificate of professionals.
- The registration number issued by ROC.
- SEBI registration certificate.
- Proof of Income (all the below):
- Income Tax Returns (ITR) along with the calculation for the last two financial years.
- Balance Sheet, and Profit and Loss account along with all annexures (certified by a CA and audited if applicable).
- Last six months current account statement of the business entity and saving account statement of the individual.
- Other Documents (all of the below):
- Documents relating to any existing loans along with six months’ repayment bank statement.
- MOA for private limited companies.
- Latest list of the shareholding pattern (duly certified by CAorCS).
- Property Documents:
- Copy of the Allotment LetterorBuyer Agreement (if applicable).
- Copy of agreement to sell (if executed).
- Copy of complete chain of documents of the said property.
- Copy of receipt of payments made to the builder or developer (if applicable).
IIFL Home Loan Types
IIFL has on its platter varied home loan schemes which you can pick as per your requirement. Be it for purchasing a new flat, house, plot or constructing a house or making improvements in our existing house which may be in the form of flooring, paint, or a modular kitchen, garage etc. IIFL also provides the facility to avail loan by people who though might be economically sound but due to lack of income proof documents or prior credit history are unable to apply for a loan. This is known as the Swaraj Home Loan.
With over 30million customers who have benefitted from IIFL Home Loan, there are a host of reasons to choose IIFL Home Loan.
They have a huge network of branches spread all over the country to cater to your Home loan requirements. The entire process of applying for a loan through IIFL is clear, smooth, transparent, quick and effortless. They also provide doorstep service to accommodate the time that suits you and visit accordingly. They also provide the facility of counselling by legal and technical experts at every stage of the loan process.
The different types of Home loan offered by IIFL can be represented as below.
- IIFL New Home Loan
- Swaraj home Loan
- Home Improvement Loan
- Balance Transfer
The New Home Loan by IIFL is suitable for people keen on buying a house, flat or a plot. The interest rates are suitable and economical. Similarly, the IIFL Home improvement Loans are taken by people who want to improve or enhance the existing house also provides the customer with the option to transfer their existing Home Loan running with some other Bank or Financial Institution to IIFL and also get an additional loan with the transfer.
IIFL Home Loan for NRI or PIO
IIFL has home loans for Non-Resident Individuals (NRI) too. They can avail this loan for buying plot, property which is under construction, residential property or for improvement and enhancement of existing house. Some of the features of the home loan for NRI are as listed below.
- To apply for IIFL NRI Home Loan, the borrower must be from one of the following countries. USA and Canada, Middle East: UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat, East Asian Countries: Malaysia, Singapore, Japan, Hong Kong, Thailand, EU Countries excluding the following countries .These include Spain, Greece, Italy and Portugal), New Zealand and Australia.
- The plot or house must be in an area which is within municipal coverage and must not be an agriculture land.
- The land or plot must be used only for residential use.
- The loan period in case of NRI loan is 20 years for up to Rs75 lakhs and 15 years for an amount more than Rs75lakh.
- The borrower must be an Indian Citizen holding a valid Indian Passport with a valid visa to enter the country.
- There must not be any NO Entry stamp on the Passport of the NRI.
- An Indian citizen residing in the country must be given the POA since the spouse of the NRI cannot be given POA. A POA holder can also be a co-applicant in the loan application.
| Rate of Interest | 10.25% p.a. onwards |
|---|---|
| Processing Fee | Rs.3,000 to 0.75% of the loan amount |
Amount of loan can be Taken Under This Scheme
The value of the property and the loan payback ability of the customer are the crucial factors in determining the part of the loan that will be financed. This can be shown through the following table.
| Loan Amount | Maximum Finance percentage |
|---|---|
| Up to 30 Lakhs | 90% |
| More than 30 Lakhs but less than 75 Lakhs | 80% |
| More than 75 Lakhs | 75% |
Bank Home Loan for NRI
IIFL provides easy and quick home loans for NRI’s with a smooth and seamless loan processing system. With technical and legal counselling available at each step, home loans from IIFL is an attractive option for NRI’s. To avail home loan as an NRI, the applicant must fulfil the following conditions.
Home Loan eligibility for NRI
- The applicant must be an Indian citizen.
- Should be within the age group of 18 to 70years.
- The applicant must either be a salaried individual or self-employed with all income proof documents in place.
- The NRI home loan of IIFL applies to Indian citizens who are living outside India and to Personal of Indian Origin (PIO). Thus a PIO has to provide both the foreign passport and the PIO (Personal of Indian Origin) card or an Overseas Citizen of India card. (OCI).
Repayment of Loan
The Loan payback or the loan repayment capacity of the individual is dependent on various factors which include income, age, education qualification, the income of spouse, number of dependents, past credit history, assets, liabilities, income stability and savings history.
The loan instalment amount or EMI, interest on the loan and loan processing fee and charges are to be paid by the NRI through his NRE, NRO or any other foreign currency account in India or by remitting funds to India through various modes of bank transfer. He can also use the rent received from his property in India taken through the loan.
Another important point to be noted is that only NRE or NRO accounts can be used for repayment of EMI and down payment as the repayment must be in Indian currency.
The following documents are required to be submitted while applying for NRI Home Loan.
Salaried Individuals
- Identity Proof (Mandatory):
- Valid Passport
- Valid Visa
- Copy of Valid Rent Deed or title document as foreign residence proof
Any one of the optional documents:
- Driving License
- Photo Credit Card
- Photo Identity card issued by Govt. body
- Letter issued by an authority from the public sector authenticating the identity of the customer along with a latest photograph (taken within last 30days).
- Valid Indian passport
- Voter Card
- Aadhar Card
- Pan card
- Address Proof (Mandatory):
- Valid Passport
- Valid Visa
- Copy of Valid Rent Deed or title document as foreign residence proof
- Allotment letter of accommodation issued by the employer where the employer can be a Government Department (State or Central), Financial Institution, Statutory body, scheduled commercial bank etc.
- A Government Department, falling under foreign jurisdiction, issued document or any document provided by the Foreign Embassy.
Any one of the optional documents:
- Letter issued by an authority from the public sector authenticating the identity and residential address of the customer along with a latest photograph (taken within last 30days) .
- Latest Utility bill
- Rent agreement on stamp Paper
- Bank Statements reflecting address of borrowers of any commercial nationalised bank
- Credit Card Statement not older than 3 months
- Life Insurance Policy
- Residence address Certificate orletter by the employer on company letterhead
- Copy of Sale Deed of the property (residence), if owned
- Municipal or property tax receipt
- Post office saving bank account statement
- Pension payment orders (PPOs) issued by Government to employees retired from a Government department provided it contains the address.
- Proof of income
- Bank statement of last six months required from both NREorNRO accounts and foreign bank account.
- Last 2-months salary slips
- Letter of appointment, Salary raise Letter or a Contract Letter
- Valid work permit
- Other documents Documents related to running loans along with 6 months repayment bank statements
- Property Documents
- Copy of Agreement to Sell (if executed)
- Copy of complete chain of documents of the property (as applicable)
- Copy of the Allotment Letter or Buyer Agreement (if applicable)
- Copy of Receiptor(s) of paymentor(s) made to the developer (if applicable)
Self-employed
- Identity Proof (Mandatory):
- Valid Passport
- Valid Visa
- Copy of Valid Rent Deed or title document as foreign residence proof
Anyone of the optional documents:
- Driving License
- Photo Credit Card
- Photo Identity card issued by Govt. body
- Letter issued by an authority from the public sector authenticating the identity of the customer along with a latest photograph (taken within last 30days).
- Valid Indian passport
- Voter Card
- Aadhar Card
- Pan card
- Address Proof (Mandatory):
- Valid Passport
- Valid Visa
- Copy of Valid Rent Deed or title document as foreign residence proof.
Anyone of the optional documents:
- Letter issued by an authority from the public sector authenticating the identity and residential address of the customer along with a latest photograph (taken within last 30days).
- Latest Utility bill
- Rent agreement on stamp Paper
- Bank Statements reflecting address of borrowers of any commercial nationalised bank
- Credit Card Statement not older than 3 months
- Life Insurance Policy
- Residence address Certificate orletter by the employer on company letterhead
- Copy of Sale Deed of the property (residence), if owned
- Municipal or property tax receipt
- Post office saving bank account statement
- Pension payment orders (PPOs) issued by Government to employees retired from a Government department provided it contains the address.
- Allotment letter of accommodation issued by the employer where the employer can be a Government Department (State or Central), Financial Institution, Statutory body, scheduled commercial bank etc.
- A Government Department, falling under foreign jurisdiction, issued document or any document provided by the Foreign Embassy.
Address Proof for Business Entities
- Shops and establishment certificate issued as per a requirement of the Shops and Establishment Act.
- A certificate which is an official authorization to carry out trade is the Trade License can be used.
- Small Scale Industry Registration received from the Government Ministry.
- Sales Tax, Pan Card or a VAT Registration Certificate issued by the Government of India.
- Registration Certificate issued to Factories.
- EXIM or Export Import Code
- Degree and qualification certification issued to professionals.
- Certificate of Registration issued by SEBI.
- Registration No issued by ROC
- Proof of income
- Last 2 months salary slip
- Bank statement of last six months required from both NREorNRO bank account and foreign bank account.
- Letter of appointment, Salary Raise letter or Contract Letter
- Valid work permit
- Other documents
- Documents related to running loans along with 6 months repayment bank statements
- Valid work permit
- Property Documents
- Copy of Agreement to Sell (if executed)
- Copy of complete chain of documents of the property (as applicable)
- Copy of the Allotment Letter or Buyer Agreement (if applicable)
- Copy of Receiptor(s) of paymentor(s) made to the developer (if applicable)
How to Apply for IIFL Home Loan
IIFL has home different schemes of Home loans to suit different requirements of people. There is a home loan for purchasing a new house, flat or plot. There is another home loan that can be used for making improvements in the existing house. Then there is a home loan to facilitate people who have a good income source but are unable to apply for a loan due to lack of income proof documents or no previous credit history. There is also Home loan for NRI and an option to transfer an existing loan from some other bank or Financial institution to IIFL at attractive terms and conditions and with a loan amount top-up.
In India, any person who is a major and is below the age of 75 years is eligible to apply for IIFL home loans individually, or as a joint applicant provided, he is earning a regular source of income, that is he is either salaried or self-employed.
Anybody who fulfils these basic conditions can visit the IIFL website, enter their details to check their eligibility and EMI by entering details like their name, age, income and apply for Home Loan. The IIFL loan advisors will contact you with all the details and assist you in the entire process of loan application until the loan is disbursed into your account. Subject to the condition that all the eligibility conditions are met, and documents are verified. You can also request for a home visit by the Loan advisors and carry out the entire process of loan application along with the collection of loan documents through your home.
Thus, if you decide to apply for a home loan from IIFL through the online mode, the first and foremost step is to have a good credit score. Once this is done, you can use the EMI calculator to calculate the amount of EMI by entering the following details.
- Loan amount
- Loan Tenure
- Interest rate
Once this is done, it gives a better picture of the EMI for the given amount of loan at the period of our choice.
Document Checklist for IIFL Home Loan
Thus, a final checklist of documents for applying for a home loan through IIFL is given below.
- Application Form
- Proof of Age
- Proof of identity
- Proof of residence
- Proof of income
- Photographs (passport size)
- Bank statements
- Proof for verification of Signature
The detailed list of documents required under each category is mentioned above and can be used as a ready reference before applying for IIFL Home Loan.