IIFL Loan against Property (Mortgage Loan)

Some of the main features of IIFL loans against property are:

1. Loans can be availed against commercial, residential and industrial property
2. High repayment periods of up to 15 years for convenient loan payment
3. Extremely low interest rates
4. Self-employed individuals can avail of special schemes
5. Easy and hassle-free documentation
6. Loan to value offered ranges from 40% - 70% of the market value depending on the property type
7. Existing home loans or loans against property from another financial institution can be transferred over at competitive interest rates
8. Expert legal and technical counselling
9. Loan servicing all over India through integrated network of branches
10. Repayment by EMIs through ECS / ACH

Rate of Interest for IIFL Loan against Property

The interest rate charged by IIFL on Loan against Property are as per the following parameters:

Interest rates for loans against residential property range from 12.25% to 14.50%

Interest rates for loans against commercial property range from 13.25% to 16.00%

Eligibility criteria for IIFL Loan against Property

IIFL offers loan against property to any resident Indian individual, whether salaried or self-employed. Applicants can apply either individually or jointly and co-applicants can be family members, close relatives, partnerships etc

Salaried individuals are required to have an income of at least Rs 2 lakhs per annum after adjustment of tax while self-employed individuals are required to show a profit of at least Rs 2 lakhs per annum after tax.

Documentation Required for IIFL Loan against Property

The following documents are required when availing a loan against property from IIFL:

For Salaried Customers

1. ID and Address proof (PAN Card, Driving License, Valid Passport, Voter’s ID)
2. Last two months’ salary slips
3. Last six months bank statements of the salary account
4. Latest Form 16 and Income Tax Returns
5. Completed and signed application form
6. Any documents related to any other existing loans as well as the previous six months bank statements from which these loan repayments are made
7. Copies of complete documentation of the property
8. Copy of approved plan, if applicable
9. Proof of work experience

For Non Salaried or Self-employed Customers

1. Income tax returns with computations for the last two financial years
2. Balance sheet and Profit & Loss account
3. Last six months bank statement of the main business account
4. Last six months bank statement of the individual’s savings account
5. Completed and signed application form
6. Any documents related to any other existing loans as well as the previous six months bank statements from which these loan repayments are made
7. CA Certificate listing directors and shareholders with their individual shareholding
8. Memorandum and Articles of Association of the company
9. Partnership deed in case of partnership firm
10. Copies of complete documentation of the property
11. Copy of approved plan, if applicable

1. The loan has been sanctioned at a floating rate of interest rather than a fixed rate
2. The loan is authorised in the name of one or more individual applicants
3. Both the applicant and the co-applicant are not corporate firms or entities

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