IIFL Home Loan Review

The IIFL home loan is available to purchase a new house, flat, land and even plots. This loan is unique as it provides home loans to even those looking to purchase plot lands and not just homes.

Interest rate is on the higher side, but is available for both salaried and self-employed individuals. IIFL does not give loans on the basis of an individual’s income but that of a family with a monthly income of INR 7,500.

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IIFL Home Loan

3.0

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Interest Rate

8.2% onwards

Processing Fees

1.75%

Interest Rate

8.2% onwards

Processing Fees

1.75%

Pros & Cons

• Available for land purchase as well.
• Instant approval.
• Available to low income brackets.
• No pre-closure charges for individuals.

• Interest rate of 8.2%.
• Collection convenience fee every time a payment is made.

Amount

Amount given as loan by IIFL differs from person to person depending upon their requirement and them meeting eligibility norms.

Time Period

Maximum 25 years (this will depend on the age of the person).

Moratorium Period

Up to 6 months.

Credit Score Requirement

If the credit score is 750 then the person can get a home loan at an interest rate of 8.20%.

Prepayment or Foreclosure Charges

There are nil pre-closure charges for individuals.

Approval Process

As per the company website, a home loan approval is instantly given within 25 minutes of applying for it. In practical terms, the approval process may take longer subject to the terms and conditions.

Processing Fees

1.75%

Property Insurance

You will have to pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy alive at all times during the tenure of the loan.

Statutory Charges

Charges on account of stamp duty, memorandum of deposit (MOD), memorandum of extension (MOE), Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory bodies + applicable taxes will have to be paid.

Some other charges are:

Eligibility

Age Limit: Between 18 and 75 (applicants for home improvement loan should be 21).
Minimum Salary: IIFL considers the income of the household while giving a loan; the cumulative income should be at least INR 7,500 per month.
Maximum Loan Term: 25 years
Financial Position: The current income and the income prospects of an individual are given great importance while sanctioning a loan.
Past and Present Credit History and Credit Score: Credit score of a person is considered while giving a loan.
Other Financial Obligations: Ongoing loans like car loan, credit card debt, etc, are all taken into consideration.
Repayment: EMIs can be repaid by opening a savings account in the bank and then making the bank debit the money on a monthly basis from there.

Salaried Individuals

Proof of identity required by both salaried and self-employed:

• PAN card (mandatory)
• Passport
• Driving license
• Address proof
• Latest salary slip is required only by salaried applicants.

Proof of income required by both salaried and self-employed:

• Form 16, copy of your ITR
• Bank statement (last 6 months)

Property documents required by both salaried and self-employed:

• Copy of chain documents of the property (depending on the property type).
• Copy of receipt made to the developer (depending on the property type).
• Copy of buyer agreement.
• Copy of agreement to sell (depending on the property type).

• One can apply online for these home loans or by calling the company-registered numbers.
• The home loan balance transfer facility is available on an existing loan at a lower interest rate.
• Top-up on existing home loans is also available.

Any borrower can buy a personal loan insurance policy from the bank or a service provider acceptable to the bank to safeguard himself or herself from paying the loan in case coming across any incapability like death, critical illness, permanent disability, job loss etc.

Borrowers pay a separate premium for this insurance and in case they face any of the above issues, the insurance pays the rest of the amount and the balance is paid to the nominee of the account holder.