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IIFL Bank Home Loan
IIFL Home Loan is a type of loan that can be used to purchase new houses, flats, land, and plots. Eligibility requires Indian citizenship, age between 18 to 75 years, and a CIBIL score of 750 or above. Loan amounts can start from Rs. 2 lakhs with a repayment period of up to 25 years, depending on the applicant's eligibility. The loan application process is entirely online, and customers can receive seamless support from a dedicated team. Besides, IIFL offers a home improvement loan with an interest rate starting from 8.7% p.a., and financing of up to Rs. 2 crores based on the applicant's eligibility.
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IIFL Bank Home Loan
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IIFL Bank Home LoanHere are a few factors
| Location | 50Km from Branch |
| CIBIL Score | 650+ & Minus 1 CIBIL Score |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | Salaried-23 Year to 60 Year, Self Employed-23 Year to 65 Year |
| Loan Amount & Tenure | (i)
Loan Amount: 5 lac to 50 lac (ii) Tenure: (a) Salaried: Upto 25 year (b) Self Employed:Upto 20 Year |
| Login Fees | 3000+GST |
| Rate of Interest & Type | 10% to 14% (Reducing) & For High Rise Building-8.90% onwards |
| TAT | 2-3 Days |
| Processing Fees | Upto 1.25%+GST |
| Insurance & Other Charges | Insurance Charges:2%-4% |
| Foreclosure Charges | Nil |
| Minimum Income | Which is fit to cover EMI |
| Lock In Period | 12 Month |
| Part Payment Allowed | Yes |
| Home Loan OD Product | No |
| LTV | 60% of Market Value or 150% of Registry Value, whichever is lower |
| Product | BT+Top UP, Plot Purchase, Fresh Loan, Plot+Construction, Seller BT |
| Program | (i)
LIP Program-50 Lac (ii) Without ITR-50 Lac (iii) Income Program-50 Lac,
(iv) Low LTV-50 Lac (v) Banking-50 Lac |
| CO - Applicant | Yes |
| FOIR | 1.Salary -60% FOIR 2. Self Employed-100% of Income |
| Negative Profile | Property Dealer, Brokers |
| Funded Property Type | (i)
Residential Property (ii) Residential Plot Purchase (iii) Residential Plot Purchase & Construction |
| Negative Property | GPA Property, Auction Property, Unapproved 5th Floor & above, Bachha Flat, Basement |
| Accepted Collateral | Other than Negative Property |
| Business Vintage for Self Employed Person | 1 Year |
| Minimum Job Experience for Salaried Person | 1 Year |
| Experience with Current Employer | 1 Month |
| Any Specific Product for Professionals | No |
| USP | 1.
Funding on Leasehold Property where PTM not available 2. Funding on Freehold Property 3. Funding on Gift Deed/Current Sale Deed property |
IIFL Bank Home Loan EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 10 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,792 |
| Total Interest | ₹ 5,499 |
| Loan Amount + Interest | ₹ 105,499 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 24,076 | ₹ 2,300 | ₹ 26,376 | ₹ 75,924 | 24.08 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 75,929 | ₹ 3,199 | ₹ 79,128 | ₹ 0 | 100.01 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required Documents to Apply for IIFL Bank Home Loan
Salaried income documents
-
KYC of applicant & Co-Applicant
-
Last 3 Month Salary Slip of Applicant
-
Last 12 month Bank Statement of applicant & co-applicant
-
Last 3 year ITR with computation of income of applicant & co-applicant
-
Last 2 Year Form 16 of applicant
-
26AS of last 2 year of applicant & co-applicant
-
Appointment letter of applicant if available
-
Agreement to Sale if purchase case
-
Property Paper with complete chain of last 13 years
-
Approved MAP of Property if available
-
LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
-
Sanction letter of all running loan
-
Latest utility Bill if owned residence or rent agreement if rented
-
2 Reference with contact details
Self Employed person documents
-
KYC of applicant & Co-Applicant
-
Last 3 year ITR with computation of income of applicant & co-applicant
-
Last 3 year audited balance sheet of applicant
-
Last 3 year Tax audit report of applicant
-
Last 12 month Bank Statement of applicant & co-applicant
-
26AS of last 2 year of applicant & co-applicant
-
Copy of GST registration
-
Copy of MSME registration
-
Copy of Last 12 month GST return
-
Agreement to Sale if new purchase case
-
Property Paper with complete chain of last 13 years
-
Approved MAP of Property if available
-
LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
-
Sanction letter of all running loan
-
Debt Sheet
-
Latest utility Bill of residence if owned or rent agreement if rented
-
Latest utility Bill of Office if owned or rent agreement if rented
-
2 Reference with contact details
-
Last 3 year Debtors & Creditors on letter head
-
List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Some Important Points
If Applicant is
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
Co-Applicant means in case of
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
3. If applicant is professional, then his professional degree is required
About IIFL Bank Home Loan
IIFL offers house loans with interest rates starting at 8.90% p.a. The best possible interest rates made available to applicants will be determined by a number of variables, including credit score, age, monthly income, employment history, loan size, LTV ratio, and many more. All of these elements influence whether the margin is larger or lower at the time of client introductions. Therefore, before submitting a house loan application, borrowers should be sure to evaluate the home loan interest rates offered by the best banks.
This is a unique initiative for house loans for active-duty and retired members of the Indian Defence Forces and Paramilitary Forces. The financing is available to eligible applicants for both home building and home acquisition. Additionally, it may be used to buy a plot and build on it. A free year of up to Rs. 3 lakh in annual health insurance is also included with the loan, commencing on the day of the first loan disbursement.
Start with IIFL Bank Home Loan in few step
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
Let us take an example, How Home Loan Emi is being calculated.
For instance, if "Shubham" applies for a Home loan of INR 10 Lacs and get the loan sanctioned at the rate of 10 % with a tenure range of 10 years or 120 Months , in such a case his EMI would be INR 13,215 and complete repayment amount till the end of 10 years tenure would be 15,85,809 (i.e 13,215 EMI * 120 months),, wherein the total interest amount is INR 5,85,809 along with principal repayment of INR 10,00,000.Few additional charges like those of minimal one-time processing fee upto 7% of loan amount may apply. T& C apply.| Year | EMI | Interest Paid | Principle Paid | Outstanding Balance |
|---|---|---|---|---|
| ₹13215.07 | ₹49382.95 | ₹29907.47 | ₹1506518.42 | |
| Jul | ₹13215.07 | ₹8333.33 | ₹4881.74 | ₹1572593.77 |
| Aug | ₹13215.07 | ₹8292.65 | ₹4922.42 | ₹1559378.70 |
| Sep | ₹13215.07 | ₹8251.63 | ₹4963.44 | ₹1546163.63 |
| Oct | ₹13215.07 | ₹8210.27 | ₹5004.80 | ₹1532948.56 |
| Nov | ₹13215.07 | ₹8168.56 | ₹5046.51 | ₹1519733.49 |
| Dec | ₹13215.07 | ₹8126.51 | ₹5088.56 | ₹1506518.42 |
| ₹13215.07 | ₹94107.33 | ₹64473.54 | ₹1347937.58 | |
| Jan | ₹13215.07 | ₹8084.10 | ₹5130.97 | ₹1493303.35 |
| Feb | ₹13215.07 | ₹8041.35 | ₹5173.73 | ₹1480088.28 |
| Mar | ₹13215.07 | ₹7998.23 | ₹5216.84 | ₹1466873.21 |
| Apr | ₹13215.07 | ₹7954.76 | ₹5260.32 | ₹1453658.14 |
| May | ₹13215.07 | ₹7910.92 | ₹5304.15 | ₹1440443.07 |
| Jun | ₹13215.07 | ₹7866.72 | ₹5348.35 | ₹1427228.00 |
| Jul | ₹13215.07 | ₹7822.15 | ₹5392.92 | ₹1414012.93 |
| Aug | ₹13215.07 | ₹7777.21 | ₹5437.86 | ₹1400797.86 |
| Sep | ₹13215.07 | ₹7731.89 | ₹5483.18 | ₹1387582.79 |
| Oct | ₹13215.07 | ₹7686.20 | ₹5528.87 | ₹1374367.72 |
| Nov | ₹13215.07 | ₹7640.13 | ₹5574.95 | ₹1361152.65 |
| Dec | ₹13215.07 | ₹7593.67 | ₹5621.40 | ₹1347937.58 |
| ₹13215.07 | ₹87356.11 | ₹71224.78 | ₹1189356.74 | |
| Jan | ₹13215.07 | ₹7546.82 | ₹5668.25 | ₹1334722.51 |
| Feb | ₹13215.07 | ₹7499.59 | ₹5715.48 | ₹1321507.44 |
| Mar | ₹13215.07 | ₹7451.96 | ₹5763.11 | ₹1308292.37 |
| Apr | ₹13215.07 | ₹7403.93 | ₹5811.14 | ₹1295077.30 |
| May | ₹13215.07 | ₹7355.51 | ₹5859.57 | ₹1281862.23 |
| Jun | ₹13215.07 | ₹7306.68 | ₹5908.40 | ₹1268647.16 |
| Jul | ₹13215.07 | ₹7257.44 | ₹5957.63 | ₹1255432.09 |
| Aug | ₹13215.07 | ₹7207.79 | ₹6007.28 | ₹1242217.02 |
| Sep | ₹13215.07 | ₹7157.73 | ₹6057.34 | ₹1229001.95 |
| Oct | ₹13215.07 | ₹7107.26 | ₹6107.82 | ₹1215786.88 |
| Nov | ₹13215.07 | ₹7056.36 | ₹6158.72 | ₹1202571.81 |
| Dec | ₹13215.07 | ₹7005.04 | ₹6210.04 | ₹1189356.74 |
| ₹13215.07 | ₹79897.95 | ₹78682.93 | ₹1030775.90 | |
| Jan | ₹13215.07 | ₹6953.29 | ₹6261.79 | ₹1176141.67 |
| Feb | ₹13215.07 | ₹6901.10 | ₹6313.97 | ₹1162926.60 |
| Mar | ₹13215.07 | ₹6848.49 | ₹6366.59 | ₹1149711.53 |
| Apr | ₹13215.07 | ₹6795.43 | ₹6419.64 | ₹1136496.46 |
| May | ₹13215.07 | ₹6741.94 | ₹6473.14 | ₹1123281.39 |
| Jun | ₹13215.07 | ₹6687.99 | ₹6527.08 | ₹1110066.32 |
| Jul | ₹13215.07 | ₹6633.60 | ₹6581.47 | ₹1096851.25 |
| Aug | ₹13215.07 | ₹6578.75 | ₹6636.32 | ₹1083636.18 |
| Sep | ₹13215.07 | ₹6523.45 | ₹6691.62 | ₹1070421.11 |
| Oct | ₹13215.07 | ₹6467.69 | ₹6747.39 | ₹1057206.04 |
| Nov | ₹13215.07 | ₹6411.46 | ₹6803.61 | ₹1043990.97 |
| Dec | ₹13215.07 | ₹6354.76 | ₹6860.31 | ₹1030775.90 |
| ₹13215.07 | ₹71658.81 | ₹86922.05 | ₹872195.06 | |
| Jan | ₹13215.07 | ₹6297.59 | ₹6917.48 | ₹1017560.83 |
| Feb | ₹13215.07 | ₹6239.95 | ₹6975.13 | ₹1004345.76 |
| Mar | ₹13215.07 | ₹6181.82 | ₹7033.25 | ₹991130.69 |
| Apr | ₹13215.07 | ₹6123.21 | ₹7091.86 | ₹977915.62 |
| May | ₹13215.07 | ₹6064.11 | ₹7150.96 | ₹964700.55 |
| Jun | ₹13215.07 | ₹6004.52 | ₹7210.55 | ₹951485.48 |
| Jul | ₹13215.07 | ₹5944.43 | ₹7270.64 | ₹938270.41 |
| Aug | ₹13215.07 | ₹5883.85 | ₹7331.23 | ₹925055.34 |
| Sep | ₹13215.07 | ₹5822.75 | ₹7392.32 | ₹911840.27 |
| Oct | ₹13215.07 | ₹5761.15 | ₹7453.92 | ₹898625.20 |
| Nov | ₹13215.07 | ₹5699.03 | ₹7516.04 | ₹885410.13 |
| Dec | ₹13215.07 | ₹5636.40 | ₹7578.67 | ₹872195.06 |
| ₹13215.07 | ₹62556.94 | ₹96023.92 | ₹713614.22 | |
| Jan | ₹13215.07 | ₹5573.24 | ₹7641.83 | ₹858979.99 |
| Feb | ₹13215.07 | ₹5509.56 | ₹7705.51 | ₹845764.92 |
| Mar | ₹13215.07 | ₹5445.35 | ₹7769.72 | ₹832549.85 |
| Apr | ₹13215.07 | ₹5380.60 | ₹7834.47 | ₹819334.78 |
| May | ₹13215.07 | ₹5315.31 | ₹7899.76 | ₹806119.71 |
| Jun | ₹13215.07 | ₹5249.48 | ₹7965.59 | ₹792904.64 |
| Jul | ₹13215.07 | ₹5183.10 | ₹8031.97 | ₹779689.57 |
| Aug | ₹13215.07 | ₹5116.17 | ₹8098.90 | ₹766474.50 |
| Sep | ₹13215.07 | ₹5048.68 | ₹8166.39 | ₹753259.43 |
| Oct | ₹13215.07 | ₹4980.63 | ₹8234.45 | ₹740044.36 |
| Nov | ₹13215.07 | ₹4912.01 | ₹8303.07 | ₹726829.29 |
| Dec | ₹13215.07 | ₹4842.81 | ₹8372.26 | ₹713614.22 |
| ₹13215.07 | ₹52501.99 | ₹106078.90 | ₹555033.38 | |
| Jan | ₹13215.07 | ₹4773.04 | ₹8442.03 | ₹700399.15 |
| Feb | ₹13215.07 | ₹4702.69 | ₹8512.38 | ₹687184.08 |
| Mar | ₹13215.07 | ₹4631.76 | ₹8583.32 | ₹673969.01 |
| Apr | ₹13215.07 | ₹4560.23 | ₹8654.84 | ₹660753.94 |
| May | ₹13215.07 | ₹4488.11 | ₹8726.97 | ₹647538.87 |
| Jun | ₹13215.07 | ₹4415.38 | ₹8799.69 | ₹634323.80 |
| Jul | ₹13215.07 | ₹4342.05 | ₹8873.02 | ₹621108.73 |
| Aug | ₹13215.07 | ₹4268.11 | ₹8946.97 | ₹607893.66 |
| Sep | ₹13215.07 | ₹4193.55 | ₹9021.52 | ₹594678.59 |
| Oct | ₹13215.07 | ₹4118.37 | ₹9096.70 | ₹581463.52 |
| Nov | ₹13215.07 | ₹4042.57 | ₹9172.51 | ₹568248.45 |
| Dec | ₹13215.07 | ₹3966.13 | ₹9248.95 | ₹555033.38 |
| ₹13215.07 | ₹41394.13 | ₹117186.75 | ₹396452.54 | |
| Jan | ₹13215.07 | ₹3889.05 | ₹9326.02 | ₹541818.31 |
| Feb | ₹13215.07 | ₹3811.34 | ₹9403.74 | ₹528603.24 |
| Mar | ₹13215.07 | ₹3732.97 | ₹9482.10 | ₹515388.17 |
| Apr | ₹13215.07 | ₹3653.95 | ₹9561.12 | ₹502173.10 |
| May | ₹13215.07 | ₹3574.28 | ₹9640.80 | ₹488958.03 |
| Jun | ₹13215.07 | ₹3493.94 | ₹9721.14 | ₹475742.96 |
| Jul | ₹13215.07 | ₹3412.93 | ₹9802.14 | ₹462527.89 |
| Aug | ₹13215.07 | ₹3331.24 | ₹9883.83 | ₹449312.82 |
| Sep | ₹13215.07 | ₹3248.88 | ₹9966.19 | ₹436097.75 |
| Oct | ₹13215.07 | ₹3165.83 | ₹10049.25 | ₹422882.68 |
| Nov | ₹13215.07 | ₹3082.08 | ₹10132.99 | ₹409667.61 |
| Dec | ₹13215.07 | ₹2997.64 | ₹10217.43 | ₹396452.54 |
| ₹13215.07 | ₹29123.16 | ₹129457.74 | ₹237871.70 | |
| Jan | ₹13215.07 | ₹2912.50 | ₹10302.58 | ₹383237.47 |
| Feb | ₹13215.07 | ₹2826.64 | ₹10388.43 | ₹370022.40 |
| Mar | ₹13215.07 | ₹2740.07 | ₹10475.00 | ₹356807.33 |
| Apr | ₹13215.07 | ₹2652.78 | ₹10562.29 | ₹343592.26 |
| May | ₹13215.07 | ₹2564.76 | ₹10650.31 | ₹330377.19 |
| Jun | ₹13215.07 | ₹2476.01 | ₹10739.07 | ₹317162.12 |
| Jul | ₹13215.07 | ₹2386.52 | ₹10828.56 | ₹303947.05 |
| Aug | ₹13215.07 | ₹2296.28 | ₹10918.80 | ₹290731.98 |
| Sep | ₹13215.07 | ₹2205.29 | ₹11009.79 | ₹277516.91 |
| Oct | ₹13215.07 | ₹2113.54 | ₹11101.53 | ₹264301.84 |
| Nov | ₹13215.07 | ₹2021.03 | ₹11194.05 | ₹251086.77 |
| Dec | ₹13215.07 | ₹1927.74 | ₹11287.33 | ₹237871.70 |
| ₹13215.07 | ₹15567.22 | ₹143013.65 | ₹79290.86 | |
| Jan | ₹13215.07 | ₹1833.68 | ₹11381.39 | ₹224656.63 |
| Feb | ₹13215.07 | ₹1738.84 | ₹11476.24 | ₹211441.56 |
| Mar | ₹13215.07 | ₹1643.20 | ₹11571.87 | ₹198226.49 |
| Apr | ₹13215.07 | ₹1546.77 | ₹11668.30 | ₹185011.42 |
| May | ₹13215.07 | ₹1449.53 | ₹11765.54 | ₹171796.35 |
| Jun | ₹13215.07 | ₹1351.49 | ₹11863.59 | ₹158581.28 |
| Jul | ₹13215.07 | ₹1252.62 | ₹11962.45 | ₹145366.21 |
| Aug | ₹13215.07 | ₹1152.94 | ₹12062.14 | ₹132151.14 |
| Sep | ₹13215.07 | ₹1052.42 | ₹12162.65 | ₹118936.07 |
| Oct | ₹13215.07 | ₹951.06 | ₹12264.01 | ₹105721.00 |
| Nov | ₹13215.07 | ₹848.86 | ₹12366.21 | ₹92505.93 |
| Dec | ₹13215.07 | ₹745.81 | ₹12469.26 | ₹79290.86 |
| ₹13215.07 | ₹2262.21 | ₹77028.26 | ₹0.44 | |
| Jan | ₹13215.07 | ₹641.90 | ₹12573.17 | ₹66075.79 |
| Feb | ₹13215.07 | ₹537.13 | ₹12677.95 | ₹52860.72 |
| Mar | ₹13215.07 | ₹431.48 | ₹12783.60 | ₹39645.65 |
| Apr | ₹13215.07 | ₹324.95 | ₹12890.13 | ₹26430.58 |
| May | ₹13215.07 | ₹217.53 | ₹12997.55 | ₹13215.51 |
| Jun | ₹13215.07 | ₹109.22 | ₹13105.86 | ₹0.44 |
FREQUENTLY ASKED QUESTIONS
A co-applicant is not
mandatory, except when there are other co-owners of the property.
IIFL Home Finance
has not specified a minimum credit score, but a score of 750 or above increases
the chances of getting a lower interest rate.
Yes, opting for a lower
LTV ratio can increase eligibility for a home loan, as it reduces credit risk
for lenders and can result in lower interest rates and reduced overall interest
cost.
Indian citizens who are
salaried or self-employed and aged between 18 to 75 are eligible to apply for a
Home Loan at IIFL Home Finance Limited.
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