A "low interest" loan shouldn't mean you have very little interest in paying it back!
A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • IIFL Home Loan is Rated as "Satisfactory" by 10 Users
    rated 3.0/5.0 by 10 users

    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.

    Perfect Home Loan Deals for you

    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 to provide more Subsidised Home Loans under PMAY Scheme

      India Infoline Housing Finance company (IIFL) announced its plans to acquire 15,000 new customers under the Indian government’s Pradhan Mantri Awas Yojna (PMAY) urban scheme by the end of financial year 2018.

      IIFL, which so far provided about 11% of the total subsidy under the PMAY scheme, aims to fulfil housing needs of maximum number of needy urban poor through the credit linked subsidy scheme (CLSS). It also plans to associate with state housing boards to become a loan partner for affordable housing projects.

      Through CLSS, the finance company provides interest subsidy on home loans for economically weaker sections and low and middle income groups. The interest subsidy ranges from 3-6.5% which is equivalent to a monthly savings in EMI of Rs.2,200 to 2,550 depending on the customer type.

      So far IIFL provided subsidised loans under the scheme in 17 Indian states and also expanded to smaller towns and rural areas to make their services available across length and breadth of the country.

      25th October 2016

    • 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

    IIFL Home Loan Reviews

    • IIFL Home Loan
      "Good Home Loan"
      0.5 3.0/5 "Satisfactory"
      The Interest Rate is 8.5%, which I felt is a little higher than what government Bank offers. The Process for the application got over quickly and documentation required was pretty low too. It's difficult to reduce the Rate of Interest with them.
      Was this review helpful? 2
      , faridabad
      Reviewed on Dec 01, 2017
    • IIFL Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service was good and I am a new user of IIFL the interest rate was 8.5 which was little high compare to others in the market the documents were door step the staffs are very supportive ,it was a excellent experience from IIFL for my home loan service .
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 29, 2017
    • IIFL Home Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      IIFL housing loan process is very good, rate of interest is 9.25% which is the best. I had just taken this loan before 4 months, Processing fee charged was 35 k it was okay. They had taken around one month to provide this housing loan and it is a joint loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 30, 2017
    • IIFL Home Loan
      "They provide customer friendly service"
      0.5 3.0/5 "Satisfactory"
      IIFL interest rate was not up to the mark, initially they gave me the interest rate of 9.65% but Hdfc ltd offering 8.35%, hence I am going to do balance transfer. India infoline customer service is not support, I asked them to reduce the interest rate its EMI is going for 9.65% it was huge. I spoke them to reduce they told maximum can be done 8.65% its good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2017
    • IIFL Home Loan
      "Pathetic- IIHFL home loan"
      0.5 0.5/5 "Unacceptable"
      This housing finance(iihfl) is a Trap. they lure you and once you enter you can never exit. they have worst customer service. First they deduct extra money in name of processing fee. Later u suffer a lot in name of customer service. simple query gets response from them in 2 months. PATHETIC. I am planning to change my bank. they are not allowing for that as well. .. willing to take this further in court.
      Was this review helpful? 3
      , bangalore
      Reviewed on Mar 28, 2017
    • IIFL Home Loan
      "Its fine "
      0.5 2.5/5 "Just OK"
      IFL housing loan process is average, its neither good nor bad its okay. The first and the best thing about them is they were able to provide the loan amount what ever I had asked for. On the contrary, they take a lot of time to process the request. Also they are not providing the best interest, but it is line with the market rate. The processing time is very much average. As they took around a months time to provide the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2017
    • IIFL Home Loan
      "Not to go for it"
      0.5 3.0/5 "Satisfactory"
      I was in a hurry to finalize the property and I had been asked to do it quickly as the property was already approved with INDIA INFO LINE. I decided to goahead with that. The rate of interest offered by them was 12% which was way too high which is dislike the most. I am planning to do a balance transfer in the next 6 months only because of the rate of interest.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 26, 2016
    • IIFL Home Loan
      "Not satisfactory"
      0.5 1.0/5 "Really Bad"
      I have not had a good experience with India Infoline Housing Limited for my home loan. There was no response from them. They also had a lot of hidden charges. I was told there would not be any processing fees and later I was charged.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Dec 12, 2015
    • IIFL Home Loan
      "Not happy.."
      0.5 1.0/5 "Really Bad"
      India Infoline Housing Limited have high rate of interest. It was like 9.9% where they reduced to 9.65 but they could have been reduced still for an existing customer. The home loan rate got decreased but they did not reduce me. I wrote a letter but no response.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 03, 2015
    • IIFL Home Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      India infoline housing finance ltd offered me a good rate of interest for my home loan. The services has been good. They responded well. The process took just four days. They also waived off the processing fee. The interest rate is not fixed rate.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 28, 2015
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