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    IIFL Loan against Property (Mortgage Loan)

    Overview about IIFL Loan against Property

    LAPs or Loans against Property, also known as Mortgage Loans, refer to loans against property such as a residential house, non-agricultural land etc. These loans are sought after by individuals who are looking to generate additional finance from property that they already own. In other words, the individual uses his property as collateral against the loan amount borrowed.

    Loans against property are usually issued to borrowers to fund certain expenses such as:

    1. Expansion of business
    2. Marriage expenses
    3. Medical emergencies
    4. Educational expenses
    5. Personal needs

    IIFL provides loans against fully constructed, residential and commercial properties to meet such expenses and offers some of the lowest interest rates around. IIFL offers loans against property for salaried employees such as corporate employees, government employees and salaried consultants as well as self-employed customers such as professionals, partnerships, sole proprietorships etc

    Features of IIFL Loan against Property

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

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

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

    For Non Salaried or Self-employed Customers

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

    FAQs of IIFL Loan against Property

    Will I be required by IIFL to pay prepayment penalty?

    Loan against property can now be prepaid without any penalty or charges if your loan meets the following criteria:

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