How to apply for IIFL Home Loan 101% Approval: IIFL Finance Limited has made it pretty easy and quick for everyone to apply for the IIFL home loan in 2022.
With their financing as well as expert advice, anyone can be a proud house owner with a few simple steps.
It doesn’t matter if you are self-employed or work elsewhere on a salary basis, getting a home loan has now been made easy at a competitive IIFL Home Loan interest rate for investing in a row house, flat, bungalow, and plots as well.
Quicker processing together with reasonable EMIs help to make the IIFL home loan the most ideal alternative for not only experienced but also new home buyers.
Not only this, but the IIFL home loan login will also lead you to legal as well as technical counselling from experts who will assist you in making the whole process of buying your new home much quicker and easier.
Here, we are going to lend you a hand in your IIFL home loan application and make the dream of buying your house come true.
Also read – Navi instant personal loan
Why IIFL Home Loan?
- Quick, easy, and hassle-free process with a minimal number of documents required
- PAN India IIFL branch network
- Transparent procedures
- Legal, as well as technical advice by experts, is made available at every point
- Swift IIFL home loan approval
- Longer repayment duration is offered- Up to 20 years
- Loan amount as much as Rs. 10 crore
- Both residents, as well as non-residents, are welcome to apply.
- Features an attractive IIFL home loan interest rate.
- IIFL home loan customer care service is available at all times to help the applicants with all sorts of problems.
IIFL Home Loan Terms
Before we should go on to learn about applying for IIFL home loan, here are some home loan terms provided by IIFL Home Finance Limited that you must be aware of before you proceed with your application:
1. EMI: While applying for a home loan or any other type of loan, EMI is one term that you are going to listen to the maximum number of times.
EMI, which is the popular abbreviation for Equated Monthly Installments, refers to the amount that the customer has to pay to IIFL Home Finance Limited every month for repaying the loan.
It is calculated beforehand and is informed to the customer before the loan is sanctioned to them.
It is computed based on several factors that we will look at in later sections of this article.
2. Down Payment: When purchasing your property, the amount that IIFL Home Finance Limited is going to sanction will mostly be 70-80% of your property value.
As a borrower, you will need to arrange the rest yourself and that remaining amount is known as a down payment.
3. Credit Appraisal: Before IIFL sanctions a loan, it ensures the repaying ability of the borrower based on several parameters. The entire process of assuring repayment capability is known as credit appraisal.
4. Security or collateral: In some cases, you will need to provide a security or collateral asset for confirming your repayment capability.
This property will be used for recovering the home loan amount in case anything goes wrong on your end.
5. Disbursement Mode: After the verification process as well as all the other legalities are finalized by IIFL, it approves the disbursement of your home loan amount.
Loan disbursement can be made in three different modes: Advance, Partial, and Full.
6. Post Dated Cheque or (PDC): PDC refers to the row of cheques that are put out by the customer for as long as one or two years. These shall of course be used for withdrawing the EMI amount in the form of ECS.
7. Sanction Letter: Once IIFL decides to approve the home loan, a sanction letter is going to be issued which confirms the eligibility of the borrower to avail of the IIFL home loan.
8. Pre-EMI: The amount that the borrower pays as the interest rate before the full disbursement of their home loan amount is known as Pre-EMI.
Now that you are aware of the above-mentioned home loan terms that were undoubtedly crucial for you to know, we are sure that you are now a much more conscious individual who is going to fully and carefully understand the IIFL home loan process.
Let’s take a closer look at everything else that you need to know.
Also read – Bank of Baroda Home loan
IIFL Home Loan Necessary Documentation
The following are all the necessary documents that the applicant must submit while applying for an IIFL home loan:
KYC Documents
Proof of Applicant’s Identity or/and Address (Any One of the following)
- PAN Card
- Aadhar Card
- Voter Card
- Credible Passport
Proof of Applicant’s Income
- Salary slip of last two months
- Bank statements of applicant’s salaried account of last six months
- Form 16 as well as ITR (Latest)
Other Documents Required
- Application form, duly filled as well as signed
- Documents associated with any running loans, together with 6 months of bank statements of the repayment
Property Documents
- A copy of the property’s complete chain of papers (as applicable)
- Copy of the Sale Agreement (in case it has been executed)
- Allotment Letter or Buyer Agreement Copies (in case applicable)
- Copy of deposit slip or proof of payments rendered to the developer (in case applicable)
IIFL Home Loan Interest Rate
IIFL Home Loan Interest Rate for different types of loans are as follows:
- For IIFL New Home Loan- 8.45% onwards
- For IIFL Home Improvement Loan- 8.45% onwards
- For IIFL NRI Home Loan- 8.45% onwards
- For IIFL Swaraj Home Loan- 12.25% onwards
- For IIFL Balance Transfer- 8.45% onwards
IIFL Home Loan Eligibility Criteria
In this section, we have provided the general eligibility criteria that an applicant needs to satisfy in case they wish to avail of house loans from IIFL Home Finance Limited. Let’s have a look:
- Age Eligibility
Minimum age limit: 18 years
Maximum age limit: 70 years
- Eligible Applicant Profiles
Resident professionals who are either salaried or self-employed
Non-resident professionals who are either salaried or self-employed
- Other Conditions
A decent credit rating record
A clean report in terms of former loans as well as statutory payment
IIFL Home Loan: EMI Calculator
When you are planning to purchase a house, it is one of the most crucial things to determine the amount of loan that you need to avail.
The central element that must be kept in mind while doing so is certainly the amount of EMI and whether or not it is affordable for you to pay based on your present-day monthly income.
EMI refers to the static amount of fee that the borrower needs to pay to his lender on a particular date each month as a rebate of the sanctioned home loan by the lender.
For those who don’t know, EMI stands for Equated Monthly Installment. It is the sum of the Principal Amount and Interest rate that is charged on that principal amount.
With IIFL quick payment procedures, paying your EMI has been made much simpler and quicker.
For estimating the EMI on your home loan, one can easily do so with the help of the provided Home Loan EMI Calculator.
With reduced EMIs, impressive interest rates as well as repayment terms of as long as 20 years, an IIFL Home Loan is exactly what you need to purchase your dream home easily and quickly.
How is my IIFL Home Loan EMI going to be calculated?
The EMI on your IIFL home loan is going to be calculated based on plenty of factors that include the following:
- The principal amount
- The charged interest rate
- The tenure of your home loan, and
- The estimation method
IIFL Home Loan Tips
In case you are striving to avail of an IIFL home loan and buy real estate for the first time, the following are a few key points to keep in mind that will assist you throughout the process:
1. Evaluate Your Finances
Once the loan has been sanctioned to you by IIFL Home Finance Limited, you will need to provide EMIs for long months. This is why it may be a good idea to first have a clear analysis of your finances.
IIFL login home loan provides you with an EMI calculator that will precisely tell you all about the EMI on your amount and then you can see what you can easily afford.
Apart from that, make sure to check the amount of down payment as well.
2. Choose your Property Carefully
The builders or/and architects who are generally known to be infamous for postponing or not finishing off their projects are usually blacklisted by not only IIFL but also many other lenders in the market.
In case you are hoping to buy a new home under an undertaking formed by such a developer, it may be possible that your lender would not prefer to approve your request for a home loan even if you would otherwise be rightfully eligible for it in all other senses.
Therefore, we suggest that you carefully select your property and the builder for IIFL home finance limited to approve your loan as quickly as possible.
3. Consider Applying for a Joint Home Loan
In case you are someone with a working partner, you should also consider applying for a joint loan.
When you have a co-applicant available along with your home loan application, the odds of your home loan approval are most likely to enhance as the commitment of reimbursing the home loan is now going to be shared by not one but two individuals given that they have a fixed source of income.
Final Words
IIFL Home Finance Limited has been proven to make the process of buying your house very simple and quick with their attractive interest rates and EMIs on home loans.
The fast loan approval backed with expert advice and IIFL quick payment is a major boon to the customers and in case you rightfully satisfy their eligibility criteria with all the necessary documentation, we reckon that you don’t need to worry about a thing.
Just keep all the above-mentioned things in mind and you will only be a few steps away from buying your dream home!
Frequently Asked Questions
Who is eligible to apply for the IIFL Home Loan?
All individuals who fall in the age group of 18 to 75, are citizens of India, and are either self-employed or work on a salary basis are rightfully eligible to apply for an IIFL home loan.
Is having a co-applicant necessary while applying for an IIFL home loan? If yes, how do I choose my co-applicant?
While applying for an IIFL home loan, it is not at all compulsory to have someone as your co-applicant, however, having one will only boost the eligibility as well as the likelihood of receiving the IIFL home loan sanctioned.
In case you are a single person applying for the loan, anyone including your mother, father, spouse, or even your children (18+ only) can become your co-applicant.
The co-owner of the property needs to be your co-applicant however your co-applicant does not need to be the co-owner.
But in the case of Non-Individual groups such as a partnership corporation, an LLP, or a private limited firm may also become your co-applicant.
Will I be receiving any tax privileges on my IIFL Home Loan?
Of course. After your IIFL home loan, you become rightfully eligible for all the tax privileges on principal as well as interest elements of the Home Loan as per the Income Tax Act of 1961.
Since the privileges are bound to fluctuate every year, please make sure to confirm with IIFL Loan Counsellor regarding the tax privileges that you will be able to avail of on the home loan by IIFL Home Finance Limited.
What does the term own contribution means?
The term own contribution indicates the difference of the entire amount of the home minus the IIFL home loan that the customer has applied for.
In other words, own contribution in the case of loans, as the name suggests, stands for the amount that the customer pays from their pocket for buying the house.
What security do I need to offer for availing an IIFL home loan?
Security in the case of an IIFL home loan is normally the mortgage of the customer’s property that the IIFL home Finance Limited is going to finance or/and any other interim security or collateral that the corporation may further require from the customer.
It is highly crucial for the applicant to first make sure that the ownership of their property is precise, saleable, as well as free from any hindrance.
There must not be any kind of prevailing mortgage, litigation, or loan concerning your security, which may probably lead to any adverse effect on its title.
What are the eligibility criteria for a Non-Resident Indian (NRI) trying to avail of an IIFL home loan?
A citizen of India holding a legal Indian Passport is rightfully eligible for a Non-Resident Indian (NRI) Home Loan.
The passport of the NRI applicant must not have any sort of ENTRY stamp that prohibits the applicant from approaching the country.
Passport as well as a credible Entry Visa in case of all the NRI applicants who wish to appear in person to submit their IIFL home loan application.
For PIO or OCI, a copy of a credible PIO or OCI Card needs to be documented as well, along with the passport of a foreign country.