A "low interest" loan shouldn't mean you have very little interest in paying it back!

    IIFL Home Loan

    India Infoline Housing Finance Limited (IIHFL) is a 100% subsidiary Company of India Infoline Finance Limited (IIFL), an entity that is a registered Non-Banking Financial Company (NBFC) and is authorized for operation by the Reserve Bank of India (RBI). Primarily a mortgage finance, the company was officially registered with the National Housing Bank (NHB) in 2009. Since then, IIFL Home Loans has enjoyed a steady surge in popularity that allows it to compete with the bigger players in the lucrative sphere of home loans in India.

    Home Loans from IIFL:

    The IIFL Home Loan is a study in simplicity and convenience. The essential highlights include simplified documentation, immensely hassle free application process, doorstep service and competent insurance options. The basic eligibility to apply for this home loan is that the applicant must be an Indian citizen, not younger than 21 years, and not older than 60 years (salaried individuals) and 65 years (self-employed people). Again, the application process itself is very simple- you can apply for the home loan online, give a missed call to IIFL Home Loans, reach their ever responsive customer support team via email, or visit any one of their highly visible branches across the country.

    Features of IIFL Home Loans:

    At IIHFL, the focus has always been to comprehensively simplify the home loan acquisition process. And, why should you indulge in the pursuit of a home loan from IIHFL? The following are the express reasons-

    • Super quick loan application process.
    • Completely transparent, hassle free procedure with zero hidden costs.
    • Innovative options such as door-step services and personal loan counseling.
    • Nationwide presence and consistent online presence ensures that IIHFL is approachable at any time.
    • Balance Transfer Facility- Transfer your existing home loan from another lender to IIHFL.
    • Option to apply for the loan individually or jointly with co-applicants (not necessarily co-owners).
    • Maximum loan available is 75% of the cost of the property for loans above 75 lakhs and 80% of the cost of the property for loans upto 75 lakhs.
    • Linked security offered with insurance cover.
    • Tax benefits under Section 80C of the Income Tax Act, 1961.

    Current IIFL Home Loan Interest Rate:

    Currently, the applicable interest rate for individual IIHFL home loan interest rate ranges from 9.55% onwards. The applicant’s credit score is used as the deciding factor to assess his/her risk profile. A combination of these factors decide the quantum of applicable interest rate.

    Expounding, the following home loan interest rates apply:

    Criteria. Applicable Interest Rate.
    Loan amount lesser or equal to Rs.200 lakhs (Rs.2 Crores) 9.55% - 10.50%
    Loan amount above Rs.200 lakhs (Rs.2 Crores) 10.50% - 11.50%

    Eligibility and Documentation:

    In order to avail an IIFL Home Loan, the applicant must comply with the following requirements-

    • Must not be lesser than 21 years old, and older than 60 years (salaried individuals) or 65 years (self-employed individuals).
    • For salaried people, the gross annual family income must not be lesser than Rs.2 lakhs, while the same stands at a minimum profit of Rs.2 lakhs (minus taxes) for self-employed individuals.
    • The applicant must qualify in terms of the gauge of repayment capacity. This factor is ascertained by the following indicators- gross annual income, age, qualifications, income of spouse, assets, liabilities, financial stability, continuity of occupation, savings etc.

    Upon application, India Infoline Housing Finance Limited (IIHFL) will request for the following documents:

    • Completed application form, duly signed by primary applicant and co-applicants (if any).
    • One passport sized photograph (for co-applicants as well, crossed signed for self-verification).
    • Identity proof- This can include Passport, Driving License, Voter’s ID, PAN Card, Aadhar Card etc.
    • Verification of Signature- PAN Card, Passport or Authentication letter from the bank.
    • Proof of Residence- Passport, Voter’s ID, Telephone bill that isn’t older than 3 months, Ration Card, Bank passbook with address, Latest utility bill (electricity, water etc).
    • Financial Documents-

      Salaried Individuals- Last 6 months bank statement, latest form 16/ITR, latest 3 months salary slips.

      Self Employed Individuals- Last 6 months bank statement, last 3 years IT returns for both self and business, certificates proving educational qualifications, last 3 years balance sheet, professional practice certificate, copy of business license and partnership deed (if applicable).

      Self Employed Non Professional- Last 6 months bank statement, last 3 years IT returns for both self and business, certificates proving educational qualifications, last 3 years balance sheet, professional practice certificate, copy of business license and partnership deed (if applicable), brief introduction to the business as furnished on the letter head of the firm.

    Already a choc-a-block specialty field, the home loans situation in India has received a boost in the arm with the entry of India Infoline Housing Finance Limited. Offering the highest grade of service, products and complete peace of mind, IIHFL is definitely worth your undivided attention.

    News About IIFL Home Loan

    • IIFL Reduces Rates for Home Loans to 9.55%

      Customers of India Infoline Housing Finance Limited will now have to pay 9.55% instead of 9.65% for their home loans, effective immediately. They have also cut the fee for home loan processing, bringing it down to Rs. 5, 000.

      In a move to make information better accessible to current customers, they have come out with a mobile application. Through this app, customers will have access to all their home loan related information at a glance, wherever they are.

      3rd February, 2016

    • IIFL Q1 Profits up by 22%- Business Looks Good for 2015-16

      India Infoline Finance Limited (IIFL) has recorded a solid showing for the 2015 Q1 that ended on June 30. The company, specializing in loans against property, SME loans, home loan, commercial vehicle finance, etc., recorded a cumulative income of Rs.963.9 crores that is a 22% hike when compared to comparative year-on-year numbers. After deducting taxes, the number still impressed at Rs.118.9 crore- a solid indicator of IIFL’s continued popularity in the Indian market and ability to churn out a profitable 2015-16 fiscal year.

      31st July 2015

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