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IIFL Loan Against Property
IIFL Home Finance is offering Loan Against Property (LAP) to small enterprises in the form of secured business loans starting at an exciting interest rate.
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IIFL Loan Against Property
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IIFL Loan Against PropertyHere are a few factors
| Location | 40km from Branch |
| CIBIL Score | 670+ |
| Applicant | Any Salaried & Self Employed |
| Applicant Age | (i)
Salaried: 21 year to 65 Year (ii) Self Employed:21 Year to 70 Year |
| Loan Amount & Tenure | 5
Lac-200 Lac (5 Year to 15 Year) |
| Login Fees | 5900 |
| Rate of Interest & Type | 13% to 18% (Reducing) |
| TAT | 5 Days |
| Processing Fees | 1.5% to 2% |
| Foreclosure Charges | Upto 4%+GST |
| Insurance | 1%-4% |
| Minimum Business Vintage | 1 year |
| Lock In Period | 12 Month |
| Part Payment Allowed | No |
| LTV | (i) Residential Property-70% (ii) Commercial Property-60% (iii) Industrial Property-55% |
| Product | (i) Fresh LAP (ii) BT+Top UP (iii) Seller BT |
| Program | (i)
LIP Program-50 Lac (ii) Banking Program-2 Cr (iii) Income Program-2 Cr . (iv) Without ITR-20 Lac (v) Cash Rental-50 Lac |
| FOIR | 80% of Cash Income |
| Cautious Profile | (i) Police (ii) Gym |
| Negative Profile | (i)Politician (ii) Real Estate (iii) DSA Profile (iv) Person living in dominated area |
| Funded Property | (i)
Residential Property (ii) Commercial Property (iii) Industrial Property (iii)
Subject to Sale Deed (iv) Single Sale Deed (v) Khasra Khatauni (vi) Multi Tenanted Unit-Upto 20 Tanent(vii) Lal Dora (viii) Stone Slab Property (ix) Sub-divided Property (x) Basement (xi) Commercial Complex (xii) Lease deed without PTM (xiii) Without MAP Property (xiv) Bachha Flat (xv) Legal & Technical not clear |
| Negative Property | (i) School (ii) Hospital (iii) Hotel (iv) Plot (v) Auction Property |
| Accepted Collateral | Other than Negative Property |
| Specific Property wise Funding Limit | On all Property funding upto 2 Cr |
| Any Specific Product for Professionals | No |
| USP | (i) Funding on 16 Sq. Yard Property (ii) Funding in 6ft Gali (iii) Funding on unapproved 4th Floor |
| Additional | (i) Loan to Salaried Applicant upto 15 Lac (ii) Pension is also considered |
IIFL Loan Against Property EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 13 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,932 |
| Total Interest | ₹ 7,181 |
| Loan Amount + Interest | ₹ 107,181 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 23,803 | ₹ 2,993 | ₹ 26,796 | ₹ 76,197 | 23.80 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 76,202 | ₹ 4,186 | ₹ 80,388 | ₹ 0 | 100.01 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required Documents to Apply for IIFL Loan Against Property
Salaried income documents
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KYC of applicant & Co-Applicant
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Last 3 Month Salary Slip of Applicant
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Last 12 month Bank Statement of applicant & co-applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant & co-applicant
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Appointment letter of applicant if available
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
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2 Reference with contact details
Self Employed person documents
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KYC of applicant & Co-Applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Last 12 month Bank Statement of applicant & co-applicant
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26AS of last 2 year of applicant & co-applicant
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Copy of GST registration
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Copy of MSME registration
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Copy of Last 12 month GST return
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Debt Sheet
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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2 Reference with contact details
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Last 3 year Debtors & Creditors on letter head
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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
Note : IIFL Loan Against Property may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
About IIFL Loan Against Property
Take advantage of flexible EMI choices and appealing interest rates to apply for an IIFL loan secured by the property. The interest rate for IIFL LAP is 14% per year. Mortgage finance with multiple uses is available for up to Rs 2 crore over ten years. With a cheap processing charge, simple eligibility requirements, a free LAP Calculator, and a quick online application process, IIFL provides highly customized LAP options for salaried and self-employed individuals alike.
A completely built home, as well as both residential and commercial properties, may be used as collateral for an IIFL Loan Against Property. It is a flexible loan that may be used for a variety of purposes, including personal needs like higher education costs, wedding expenses, medical bills, etc.
Save Your Time with a Simple Loan Process
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.
| Loan amount | Up to Rs. 10 crores |
| Interest rates | 10.75% p.a. onwards |
| Loan tenures | Up to 15 years |
| Processing fees | Up to 2% of the sanctioned loan amount |
| Late payment fee | 18% of the outstanding loan EMI amount |
| Collection visit charges | Rs. 500 per visit |
| Cheque bounce charges | Rs, 500 per bounce |
| Loan to value (LTV) | Up to 65% of the market value of the property |
FREQUENTLY ASKED QUESTIONS
No, IIFL bank does not ask for any loan guarantor.
IIFL usually takes four days to review and approve the loan against the property.
No, IIFL does not charge loan application fees.
Yes, IIFL checks your CIBIL score before approving your LAP.
No, IIFL has floating interest rates of 9% for the LAPs.
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