Consumers can apply for IIFL Home Improvement Loan to renovate, extend, and enhance their existing homes. This includes flooring, tiling, bathroom makeovers, kitchen remodeling, garden design, home extensions, plastering and more. The loan amount also covers expenses related to contractors, interior designers, purchase of raw materials, and other associated costs.
| IIFL Home Loan Highlights |
|
| Interest Rate | 8.90% p.a. onwards |
| Loan Amount | Rs. 2 lakh onwards |
| Loan Tenure | Up to 25 years |
| Processing Charges | Up to 1.75% of the loan amount |
Note: Interest rates as of 27th December 2024
Table of Contents
IIFL Home Loan Interest Rates
IIFL home loan interest rate starts at 8.90% p.a. onwards. The final interest rates offered to the applicants will depend on various factors such as credit score, age, monthly income, job profile, employer’s profile, loan amount, LTV ratio, etc. All these factors contribute to the margin being higher or lower at the time of on-boarding the customer. Hence, home loan applicants should ensure to compare home loan interest rates of top banks and HFCs before making a home loan application.
Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Check Eligibility |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
Check home loan processing fees as charged by leading banks and HFCs.
IIFL Home Loan Processing Fee and Other Charges
| Particulars | Charges/Fees |
| Processing Fee | Up to 1.75% of the loan amount |
| Transaction/Legal Handling charges in Balance Transfer | Rs. 2,500 |
| CERSAI Fees | Rs. 100 (for loans > Rs. 5 lakh) |
| Rs. 50 (for loans <= Rs. 5 lakh) | |
| Cheque / ECS Dishonour Charges | Rs. 500 for each ECS/cheque bounce |
| Nil on Representation of ECS/ Cheque | |
| Late Payment Charges | 18% p.a. of outstanding EMI |
| Prepayment Charges | For individuals: No foreclosure or part prepayment charges on floating rate home loans
For non-individuals: Within 1st year of the first disbursement For Full/Part Prepayment: 5% of amount prepaid After 1st year till fixed-rate tenor For Full Prepayment: 3% of amount prepaid For Part Prepayment: 1% of amount prepaid |
Types of IIFL Home Loan
IIFL New Home Loan
Purpose:
IIFL New Home Loan is a regular housing loan scheme for salaried and self-employed home loan applicants. This home loan scheme can only be availed by Resident Indian citizens.
Loan Amount:
The HFC offers home loans starting from a loan amount of Rs 2 lakh
Tenure:
Applicants can apply for home loan of up to 25 years
IIFL Home Loan for Uniformed Services
IIFL Home Loan for Uniformed Services (Residential Home Loan for Uniformed Services) is a special home loan scheme for working and retired personnel of Indian Defence Forces and Paramilitary Forces.
Purpose:
The eligible applicants can avail the loan for house construction or house purchase (ready to move in or under construction) from a builder or developer or self-construction of house or purchase of property from an individual seller.
Benefits:
- The scheme features free health insurance of up to Rs 3 lakh for 1 year, starting from the date of the first disbursal of the loan
- Borrowers can get one EMI cashback on completion of 48 EMIs
IIFL Home Improvement Loan
Purpose:
Loan amount:
IIFL offers home improvement loan of loan amount of up to Rs 50 lakh
Tenure:
Prospective borrowers can avail loan of up to 25 years
IIFL Home Loan Balance Transfer
Existing home loan borrowers of other banks and HFCs can exercise home loan balance transfer facility to transfer their outstanding home loans to IIFL Home Finance Limited at lower interest rates and/or better terms and conditions. The HFC offers loan of tenures of up to 20 years.
IIFL NRI Home Loan
IIFL NRI home loan scheme is for Non-Resident Indians (NRIs) to purchase residential properties in India. Both salaried and self-employed NRIs residing in the following countries can apply for NRI home loan :
- North America – USA and Canada
- Middle East Countries – U.A.E. (Dubai, Abu Dhabi, Sharjah only), Riyadh, Bahrain, Saudi Arabia, Qatar, Oman, Muscat, Kuwait
- East Asian Countries – Singapore, Japan, Thailand, Malaysia, Hong Kong
- All EU Countries (except Greece, Portugal, Spain and Italy)
- Australia and New Zealand
IIFL Pradhan Mantri Awas Yojana
IIFL Home Finance Ltd. also offers home loans under the Pradhan Mantri Awas Yojana (PMAY) scheme for meeting the housing needs of Lower Income Group/Economically Weaker Section/ Middle Income Group (EWS/LIG/MIG) (first-time home buyers) by offering them interest subsidy of up to Rs. 2.67 lakh on a home loan.
Eligibility Criteria to Apply for IIFL Home Loans
General Eligibility Criteria for IIFL Home Loans are:
- Resident Indians, Non-Resident Indians (NRIs), and Person of Indian Origin (PIOs) are eligible for the loan
- The age of the applicant should be from 18 to 75 years
- Applicant should have a clean record in terms of past loans and statutory payment
While the HFC has not stated any cut-offs for home loan applicants’ credit score and EMI/NMI ratios, banks and HFCs also consider these factors for evaluating their applicants’ home loan eligibility.
Eligibility Criteria for Home Loan Balance Transfer
- The applicant should have paid at least 12 months of home loan EMIs
- The applicant should not have defaulted on his/her home loan EMIs
- If the property is under construction, the applicant must possess a copy of the approved plan
- If the home loan is disbursed to the applicant and the registration of the property is pending, the applicant will not be eligible for IIFL Home Loans Balance Transfer
- In the case of ready-to-move-in property, the registration of the property is a mandatory requirement for a home loan balance transfer
Eligibility Criteria to Apply for NRI Home Loans
- Any Indian citizen (salaried or self-employed) between the age group 18 to 75 years can apply for the loan
- The applicant should hold a Valid Indian Passport.
- The passport of the home loan applicant should not have a NO ENTRY stamp, prohibiting NRI applicants from entering the country.
- Passport with Valid Entry Visa for NRI applicant where he is appearing in person for submitting the application.
- Applicants with PIO / OCI status should have a Valid PIO / OCI Card copy in addition to a foreign country passport.
IIFL Home Loan Documents Required
Following are the documents required to successfully apply for IIFL Home Loan:
- Duly filled IIFL home loan application form
- Proof of Identity
- Proof of Address
- Proof of Address of Business Entities (if applicable)
- Proof of Income for Salaried:
- Last 2 months’ salary slip
- Last 6 months’ bank statement of salaried account
- Latest Form 16 / ITR
- Proof of Income for Self Employed
- Income Tax Returns along with computation for the last 2 financial years
- Balance Sheet and Profit & Loss account along with all annexures (duly CA certified and audited if applicable)
- Last six months current account statement of the business entity and saving account statement of individual
- Copy of complete chain documents of the property (as applicable)
- Copy of Agreement to Sell (if executed)
- Copy of the Allotment Letter/Buyer Agreement (if applicable)
- Copy of Receipt/(s) of payment/(s) made to the developer (if applicable)
IIFL Home Loan EMI Calculator
Home Loan EMI Calculator
₹
%
Year(s)
Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs
1. Is it mandatory to have a co-applicant apply for an IIFL home loan?
Ans. A co-applicant is not required to apply for a home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is mandatory to include them as co-applicants.
2. What is the minimum credit score required to avail IIFL home loan?
Ans. IIFL Home Finance has not specified the cut-off credit score for its home loan applicants. However, the applicants with credit scores of 750 and above have higher chances of availing home loans at lower interest rates.
Read more: How to build/improve your credit score using Step UP Credit Card co-branded with SBM Bank India Ltd.
3. Can a lower LTV ratio enhance my home loan eligibility?
Ans. Lower LTV ratio decreases credit risk for lenders; therefore, lenders too prefer approving home loan request of applicants having lower LTV ratios. Hence, opting for a lower LTV ratio can enhance your home loan eligibility. Some banks and HFCs also offer lower home loan interest rates to applicants going for lower LTV ratios. Furthermore, lower LTV ratios translate to lower loan amounts, which when combined with lower interest rates can significantly reduce your overall interest cost.
4. Which are the eligible countries where the NRI must be employed and residing?
Ans. The NRI seeking a home loan must be employed and residing in:
- North America – USA and Canada
- Middle East – UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat
- East Asian Countries – Singapore, Malaysia, Hong Kong, Japan, Thailand
- All EU Countries (Except – Spain, Greece, Portugal, Italy)
- Australia and New Zealand
5. Can I increase tenure to reduce the EMI of my IIFL Home Loan?
Ans. IIFL Home Finance has not disclosed if its existing home loan borrowers can increase their tenure. However, home loan lenders usually allow their existing borrowers to increase their tenure, provided the final loan tenure does not exceed the maximum loan tenure offered by the lender or the retirement age of the borrower.
Note that extending your loan tenure may adversely affect the borrower’s credit score and thereby, his eligibility to avail loan or credit cards in future. This is because the request for tenure increase is considered as loan restructuring and credit bureaus consider such requests as a negative credit event. This leads credit bureaus to decrease the credit score of borrowers applying for tenure increase. Hence, instead of opting for loan restructuring, home loan borrowers should choose the home loan balance transfer facility. This facility allows them to transfer their outstanding home loans to other banks and HFCs at lower interest rates and thereby, reduce their EMIs. Balance transfer applicants can also choose to opt for a longer loan tenure, if eligible, during the loan transfer process.