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IIFL Finance Home Loan for Senior Citizens and Pensioners

IIFL Finance Home Loan for Senior Citizens and Pensioners

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Understanding the home loan application process can be daunting, especially as one approaches retirement. However, IIFL Finance offers a solution for this demographic with their Home Loan for Senior Citizens and Pensioners to tackle this hindrance. The IIFL Finance Home Loan for Senior Citizens is designed to accommodate the unique financial circumstances of retirees, offering stability and manageable repayment options. You could be looking to buy a new home, downsize, or simply refinance an existing mortgage, IIFL’s home loan provides a secure pathway to achieving your housing goals without compromising your retirement savings.

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Table of Content

1. IIFL Finance Home Loan for Senior Citizen Highlights

2. IIFL Finance Home Loan for Senior Citizen Fees and Charges

3. IIFL Finance Home Loan for Senior Citizen Documents Required

4. IIFL Finance Home Loan for Senior Citizen Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IIFL Finance Home Loan for Senior Citizen – Highlights

To help senior citizens and pensioners navigate the possibilities of financing their home needs, IIFL Finance offers a specialised Home Loan that is both accommodating and cost-effective.

Below is a detailed overview of the key features:

Feature	Details
Eligibility	Age 60+, stable retirement income
Loan Purpose	Purchase, renovation, extension of home
Loan Amount	Based on pension income and property value
Repayment Period	Flexible tenure, aligned with the applicant’s age
Interest Rates	Competitive, starting from as low as 8.75%
Documentation	Minimal, focused on ID, income, and property
Co-applicant	Optional; can include family members for higher eligibility
Prepayment Charges	None, encouraging early closure

IIFL Finance Home Loan for Senior Citizen – Fees and Charges

When you get a senior citizen’s home loan from IIFL Finance, there are a few extra costs to consider. You might pay a processing fee of up to 1.75% of the loan amount. If your home isn’t part of a pre-approved facility, you’ll also pay ₹3,000 for the bank to check its value. If you’re late with a payment, they charge an 18% yearly fee on the late amount. There’s no fee if you pay off your loan early, but if you pay back some of it early, they charge 5% in the first year and 3% after that, plus taxes.

IIFL Finance Home Loan for Senior Citizen – Documents Required

Both salaried and self-employed seniors need to provide specific documents. Here’s a breakdown in a clear, tabular format:

Document Type	Salaried Individuals	Self-Employed Individuals
Application Form	Required	Required
Identity Proof	PAN, Voter ID, Passport, Driving Licence, Aadhar Card	PAN, Voter ID, Passport, Driving Licence, Aadhar Card
Address Proof	Passport, Voter ID, Driving Licence, Aadhar Card	Passport, Voter ID, Driving Licence, Aadhar Card
Income Documents	Salary Slip/Certificate, Form 16/ITR, Bank Statement	Form 16/ITR, Bank Statement
Property Documents	If applicable: Chain documents, Receipts to the developer, Buyer Agreement, Agreement to Sell	If applicable: Chain documents, Receipts to the developer, Buyer Agreement, Agreement to Sell

IIFL Finance Home Loan for Senior Citizen – Eligibility Criteria

To qualify for an IIFL Finance Home Loan as a senior citizen, there are specific requirements:

Nationality: The applicant must be an Indian resident.
Age: Eligibility extends to those aged 18 to 75, with special provisions for senior citizens.
Occupation: The loan is available to individuals who are either salaried or self-employed.

Frequently Asked Questions (FAQs)

What is the new IIFL Finance home loan scheme for senior citizens?

The new IIFL Finance home loan scheme for senior citizens is designed to meet the financial needs of retirees looking to purchase, renovate, or extend their homes. It offers competitive interest rates and tailored repayment options to suit their income levels post-retirement.

What is the maximum age limit for Senior Citizen Home Loan in IIFL Finance?

The maximum age limit for availing of a Senior Citizen Home Loan in IIFL Finance is 75 years. This ensures that applicants can secure financing for their housing needs during their retirement years.

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