*Please note quotes shown will be from Our Partners

Home Loan

 

India Infoline offers a hassle free IIFL Ltd. home loan which helps an individual to meet his requirement to build a life time asset starting from purchasing a new house or a flat or a renovation.
 

Various types of home loans sanctioned are:-
 

  • IIFL Limited Home Loan to buy new homes.
  • Home Improvement/Extension Plan.
  • Loans to NRIs.
  • Balance Transfer.
  • Under Construction Properties.

India Infoline Finance Limited - Buy a New Home

IIFL Home Loans are given for purchase of:-
 

  • Residential properties
  • Plots.
  • A flat, row house, bungalow from private builders. The project has to be in the approved list of IIFL.
  • Properties from Development Authorities for example DDA, MHADA.

Features of IIFL Home Loan
 

IIFL Housing Loans come with some unique and attractive features which are:
 

  1. Various funding values have been set according to the loan amount.
  2. Attractive rate of interest.
  3. Trouble free and faster documentation process.
  4. A strong branch network for applying and servicing of the loan thereafter.
  5. A very simple EMI based IIFL Home loan repayment option.
  6. A very sound Legal and Technical advice.

Loan Amount
 

The maximum finance part of the loans offered by India Infoline is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL. The IIFL Ltd. home loan offers a maximum Loan tenure of 30 years to salaried and 20 years to self employed.
 

Loan Amount

Maximum Finance to be provided

Up to 30 Lakhs

90%

More than 30 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%


IIFL Ltd. Home Loan Eligibility
 

IIFL Housing Loans are given to both salaried and self employed category of people. Co applicants like close relatives, partnership firms, private limited companies can also be added to the home loan from India Infoline

  • Salaried:
  1. Minimum Age: 18 Years
  2. Maximum Age: 70
  • Self Employed:
  1. Minimum Age: 18 Years
  2. Maximum Age: 70
  3. Minimum Gross Annual Income: Rs 500000/-

Documents for IIFL Home loans
 

As mentioned above, easy, hassle free and minimum mandatory documentations are needed along with the IIFL Ltd. home loan application form. The details are as follows:-
 

 Documentation

Salaried

Self employed

Financials or Proof of Income

  1. Salary Slip for last 2 months
  2. Latest Form 16 or ITR
  3. Copy of Bank Statements for salary account for last 6 months.

 

  1. Income Tax return with computation of last 2 financial years.
  2. Profit and Loss account with computation of Income and Balance sheet with all its annexure for last 2 years certified by a CA.
  3. Copy of Bank Statements for main account for last 6 months for the business as well as for individuals.

Proof of Identity & Address

  1. Valid Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card
  5. PAN Card
  1. Documents as approved by National Housing Board (NHB) which are required from time to time.

 

  1. Valid Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card
  5. PAN Card
  1. Documents as approved by National Housing Board (NHB) which are required from time to time.

 

Other Documents

  1. Application form duly filled up.
  2. Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  1. Application form duly filled up.
  2. Papers for existing loans together with the 6 months bank statements from which the repayment is made.
  3. Memorandum and Articles of Association.
  4. List of Directors and shareholders with their individual share holding certified by a CA /CS.
  5. Partnership Deed.

Documents required for sanctioning.

  1. Copy of complete chain documents.
  2. If executed, copy of Agreement to sell.
  3. Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  4. Copy of receipts and payments made to the developer.

 

  1. Copy of complete chain documents.
  2. If executed, copy of Agreement to sell.
  3. Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  4. Copy of receipts and payments made to the developer.

 

IIFL Home Improvement Loans/ IIFL Home Extension Loan

IIFL Home Loans are given for purchase of:-
 

  • Improvement of residential properties
  • Renovation of residential properties.

Features of IIFL Home Improvement Loans/Home Extension Loans
 

IIFL Loan with its have some unique features which are:
 

  • Various funding values have been set according to the loan amount.
  • Attractive rate of interest.
  • Trouble free and faster documentation process.
  • A strong branch network for applying for IIFL Housing loan and servicing of the loan thereafter.
  • A very simple India Infoline home loan EMI based repayment option.
  • A very sound Legal and Technical advice.

Loan Amount
 

The maximum finance part of the India Infoline housing loan scheme is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL. Maximum Loan tenure under IIFL Limited home loan schemes is 30 years to salaried and 20 years to self employed.
 

Loan Amount

Maximum Finance to be provided

Up to 20 Lakhs

85%

More than 20 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%


Home Loan Eligibility
 

Home Loan from IIFL Limited is given to both salaried and self employed category of people. Co applicants like close relatives, partnership firms, private limited companies can also be added.
 

  • Salaried:
  1. Minimum Age: 18 Years
  2. Maximum Age: 70.

 

  • Self Employed:
  1. Minimum Age: 18 Years
  2. Maximum Age: 70
  3. Minimum Gross Annual Income: Rs 500000/-

Documents for IIFL Home Improvement Loans/Home Extension Loans
 

The above mentioned set of documents is required for this type of loan.

IIFL NRI Home loan

IIFL provides home loan to Non Resident Individuals also. The purposes are:
 

  • Purchase of new residential property.
  • Improvement/ Renovation of residential property.
  • Purchase of Under Construction properties.
  • Plot purchase.

Features of IIFL Home Loan
 

IIFL Loan with its have some unique features which are:
 

  1. Various funding values have been set according to the loan amount.
  2. Attractive rate of interest.
  3. Trouble free and faster documentation process.
  4. A strong branch network for applying and servicing of the loan thereafter.
  5. A very simple EMI based repayment option.
  6. A very sound Legal and Technical advice.

Loan Amount
 

The maximum finance part is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL. The repayment tenure for a salaried and self-employed individual is divided in 2 parts. For a loan amount up to Rs.75 lakhs, the maximum tenure is 20 years. And for a loan amount above Rs.75 lakhs, the maximum tenure is 15 years.
 

Loan Amount

Maximum Finance to be provided

Up to 30 Lakhs

85%

More than 30 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%


Home loan Eligibility
 

Following can apply for IIFL NRI Home Loan:-
 

  • An Indian citizen holding valid Indian Passport.
  • Passport must not have No Entry stamp, which prohibits an NRI to enter a country.
  • Passport with Valid Entry Visa for NRIs where he is present in person for submitting the application.
  • For OCI/ PIO, Valid PIO/ OCI card needs to be furnished along with the valid passport.

An Indian Citizen employed and residing in the following countries;
 

  • North America (USA & Canada)
  • Middle East (Dubai, Sharjah, Abu Dhabi, Riyadh, Bahrain, Muscat)
  • East Asian Countries (Singapore, Malaysia, Hong Kong, Japan, Thailand)
  • All European Countries (Except Spain, Greece, Portugal, Italy)
  • Australia and New Zealand.

Power of Attorney (POA)
 

POA must be given to a Resident Indian irrespective of the fact whether the NRI was present in India at the time of application. Spouse cannot be a POA. However, a resident co-borrower can be a POA. A POA can be the co-applicant, however if there is any other co-applicant in the loan the POA can choose not to be there as a co-applicant.


Documentation
 

As mentioned above, easy, hassle free and minimum mandatory documentations are needed along with the loan application form. The details are as follows:-
 

Documentation

Salaried/Self Employed

Financials or Proof of Income

  1. Salary Slip for last 2 months
  2. Bank Statements for last 6 months for both NRE/NRO and foreign bank account.
  3.  Appointment letter/ Increment Letter/ Contract Letter.
  4. A Valid work permit.

 

Proof of Identity & Address

  1. Valid Passport
  2. Valid Visa
  3. Copy of valid Rent Deed or title document as foreign residence proof.
  1. Documents as approved by National Housing Board (NHB) which are required from time to time.

 

Other Documents

  1. Application form duly filled up.
  2. Papers for existing loans together with the 6 months bank statements from which the repayment is made.

Documents required for sanctioning related to property.

  1. Copy of complete chain documents.
  2. If executed, copy of Agreement to sell.
  3. Copy of Allotment Letter/ Buyer Agreement ( If applicable)
  4. Copy of receipts and payments made to the developer.

 

Balance Transfer

IIFL facilitates Balance Transfer option which is transferring the existing outstanding Home Loan from another Bank or any other Financial Institution and gets an additional top up loan.


Details of the Loan
 

  • Maximum Loan tenor is 30 years for both salaried and a self employed individual.

Loan Amount
 

The maximum finance part is subject to the value of the property and the repayment ability of the customer as assessed/ considered by IIFL.
 

Loan Amount

Maximum Finance to be provided

Up to 30 Lakhs

85%

More than 30 Lakhs but less than 75 Lakhs

80%

More than 75 Lakhs

75%


IIFL Home loan Eligibility
 

Home Loan is given to both salaried and self employed category of people. Co applicants like close relatives, partnership firms, private limited companies can also be added.
 

  • Salaried:
  1. Minimum Age: 18 Years
  2. Maximum Age: 70.
  • Self Employed:
  1. Minimum Age: 18 Years
  2. Maximum Age: 70
  3. Minimum Gross Annual Income: Rs 500000/-

Features of IIFL Home Loan
 

IIFL Loan with its have some unique features which are:
 

  1. Various funding values have been set according to the India Infoline home loan amount.
  2. Attractive rate of interest.
  3. Trouble free and faster documentation process.
  4. A strong branch network for applying and servicing of the India Infoline home loan thereafter.
  5. A very simple EMI based repayment option.
  6. A very sound Legal and Technical advice.

Documentation
 

As mentioned above, easy, hassle free and minimum mandatory documentations are needed along with the India Infoline home loan application form. The details are as follows:-
 

Documentation

Salaried

Self employed

Financials or Proof of Income

  1. Salary Slip for last 2 months
  2. Latest Form 16 or ITR
  3. Copy of Bank Statements for salary account for last 6 months.

 

  1. Income Tax return with computation of last 2 financial years.
  2. Profit and Loss account with computation of Income and Balance sheet with all its annexure for last 2 years certified by a CA.
  3. Copy of Bank Statements for main account for last 6 months for the business as well as for individuals.

Proof of Identity & Address

  1. Valid Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card
  5. PAN Card
  1. Documents as approved by National Housing Board( NHB) which are required from time to time.

 

  1. Valid Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card
  5. PAN Card
  1. Documents as approved by National Housing Board (NHB) which are required from time to time.

 

Other Documents

  1. Application form duly filled up.
  2. Papers for existing loans together with the 6 months bank statements from which the repayment is made.

 

 

  1. A letter on the letterhead of the current lender stating the list of property documents held by them.
  2. Latest outstanding balance letter from the current financial institution on their letter head.
  1. Application form duly filled up.
  2. Papers for existing loans together with the 6 months bank statements from which the repayment is made.

 

 

  1. Memorandum and Articles of Association.
  2. List of Directors and shareholders with their individual share holding certified by a CA /CS.
  3. Partnership Deed.
  4. A letter on the letterhead of the current lender stating the list of property documents held by them.
  5. Latest outstanding balance letter from the current financial institution on their letter head.

Pradhan Mantri Aawas Yojana

IIFL is also offering home loans under the Pradhan Mantri Aawas Yojana which subsidizes the home loan interest rates offered to individuals of lower income groups to facilitate meeting their housing requirements. This home loan scheme comes as a Credit Linked Subsidy Scheme which provides home loans at lower interest rates to individuals who have a gross annual income less than Rs.6 lakhs. Under this scheme, IIFL provides home loans at a subsidized interest rate of 6.5% for a maximum period of 15 years. Loans availed up to Rs.6 lakhs would only have the interest subsidy benefit while any excess amount of loan, if availed, would be charged at the normal prevailing rate of interest as charged by the institution. The subsidy provided can go as high as Rs.2.2 lakhs and the subsidy would be directly adjusted in the borrower’s home loan account. Another important criterion is that the subsidy would be provided only to individuals who are availing of a home loan for the first time.


Rate of Interest for Pradhan Mantri Aawas Yojana
 

Home loans are available at interest subsidy at the rate of 6.5 % for tenure of 15 years or during tenure of loan whichever is lower. 
 

IIFL Home loans Interest Rate:
 

India Infoline Finance Limited offers home loans starting at 8.85% onwards.
 

Schedule of Charges
 

  • India Infoline Home Loan Processing Fees
  1. For IIFL Home Loans : <= 28 lakhs Up to Rs 10000/-

                                              >28 lakhs Up to 1.0%

  1. For Non Home Loans: For Residential/ LRD Up to 1.5%

                                           For Commercial /Purchase Up to 2%

  • Prepayment  Charges (India Infoline Home Loan / Non Home Loan)
  1. For Individual and for any property type the full prepayment and part prepayment charges are NIL.
  2. For Non individuals within 1st year of last Disbursement =5% of any amount prepaid.

After 1st year of last disbursement, 3% of any amount prepaid for Full Prepayment and 1% of any amount prepaid for Part prepayment.

  • Other Charges

 

Legal Opinion, ROC, Non-Encumbrance Certificate from SRO, SRO search charges

Rs 2500-Rs 10000 depending on loan amount.

Transaction Handling Charges in Balance Transfer/ Resale – only IIFL Home Loans

Rs 2500/-

Technical valuation charges

Nil ( the same is included in loan processing fees)

PDC/ECS dishonor charges

Rs 500/- for each bounce. And nil on representation.

CERSAI fees

Rs 250/- + ST ( for loans<= 5 lakhs)

 

Rs 500/- + ST ( for loans> 5 lakhs)

Late payment charges

36% p.a of Outstanding EMI

PDC/ECS Swapping charges

Rs 500/- per instance

Retrieval of documents

Rs 500/- per instance

Statement/ Amortization schedule

NILL

Collateral Evaluation Charges

No Charges for Home loans but non-home loans incur charges which range from Rs.15,000 to Rs.25,000 depending on the amount of home loan availed


Tax benefit
 

Resident Individuals can get Tax benefits on both the interest and principal elements of a India Infoline home loan under the Income Tax Act, 1961.
 

Security
 

The security of the India Infoline home loan is the security interest on the property which is financed by IIFL. The title to the property has to be clear, marketable and free from encumbrance. No loan/ litigation/ should be present in the title of the property.

IIFL Home Loan EMI Calculator

The organization provides the facility of EMI calculators. With the help of this calculator, an individual can find out the Equated Monthly Installments as per his eligibility. The applicant can access Paisabazaar.com site at any time and use the calculator and calculate his EMI depending upon the amount of loan he/she wishes to apply for. All he needs to do select the amount that he/she wishes to borrow, and the anticipated BFL Home loans interest rate. After having selected the desired amount, the user now needs to select the tenure for which he needs the loan, i.e. the repayment period as per his/her convenience. EMI and repayment period share an indirect relationship with each other, i.e. the longer the tenure, the lower is the EMI and vice-versa. Using the slider, the user can exercise various options and play with different repayment period till he/she reaches an EMI amount suitable to him.


Apply for India Infoline Home loans
 

Individuals can now easily apply for an IIFL Limited Home loan from the vicinity of their homes using the internet facility. Individuals can apply for an IIFL Home loan online from the Paisabazaar.com website which is an all-inclusive website for knowing the loan, applying for the India Infoline home loan and eventually getting the India Infoline home loan sanctioned.

Get Free Credit Report