IIFL Finance Home Loan Interest Rates

It is comparatively easier to apply for IIFL home loans without any hassles. You can benefit from a seamless IIFL home loan online application procedure and a competitive IIFL home loan interest rate. IIFL Home Loans are available for many customers and accompanying technical and legal assistance. You can apply for IIFL home loans to buy a plot, home, apartment, or bungalow. The financial institution offers a digital loan application procedure for quick disbursal. At IIFL Finance, you get affordable interest rates and flexible repayment tenure of up to 25 years.

IIFL Home Loan Interest Rates 2024

IIFL offers several housing finance schemes to cater to versatile customer needs. Whether you seek funds to build your new home or wish to renovate the existing one, get an IIFL home loan at a competitive interest rate starting from 8.20% onwards.

The offered IIFL home loan interest rate depends on the applicant’s creditworthiness. Generally, banks consider several factors to determine the proposed interest rates, such as credit score, work profile, financial history, monthly income, existing debt and much more. Thus, home loan applicants must start working on their credit profile before applying for one. It helps to fasten the loan application process and easy approval.

IIFL Home Loan Highlights

IIFL Home Loan
Home Loan Interest Rate	Starting from 8.20% per annum onwards
Loan Amount	From INR 2 lakh onwards
Loan Tenure	25 years (at maximum)
Processing Charges	Usually, 1.75% of the approved loan amount

IIFL Home Interest Rates on Loan schemes 

IIFL offers various housing finance schemes to cope with distinct customer requirements. 

IIFL Secured SME Loan

• These finances are available for business professionals who need quick funding to fulfil their business requirements.
• Secured SME loan against residential property, commercial property, and plot. 
• Available at affordable interest rates from 11.5% onwards. 
• Flexible repayment tenure of up to 15 years. 

Specifics	Charges
IIFL Secured SME Loan Interest Rate	From 11.5% per annum
IIFL Secured SME Loan Processing Fee	Up to 2% of the loan amount

IIFL Home Loan Balance Transfer

• A home loan balance transfer is available for loan applicants who have an existing home loan account with another bank at higher interest rates.
• Applicants can select repayment terms at their convenience to make repayment easy.
• Same-day approval with attractive IIFL interest rates.

Specifics	Charges
IIFL Home Loan Balance Transfer Interest Rate	Starting from 10.25% per annum
IIFL Home Loan Balance Transfer Processing Fee	From INR 3,000 to 1.75% of the approved loan amount

IIFL New Home Loan

• Applicants willing to purchase flats, row houses, villas, bungalows, and plots can secure IIFL new home loans.
• Available at competitive home loan interest rates from 8.70% per annum onwards. 
• Quick approval for MHADA, DDA projects, and other ongoing constructions.
• Flexible home loan repayment tenure up to 20 years

Specifics	Charges
IIFL Home Loan Interest Rate	Starting from 8.70% per annum onwards
IIFL Home Loan Processing Fee	1.75% of the approved home loan amount

IIFL Home Improvement Loan

• Home improvement loans are provided to renovate or extend the existing house.
• Financing of up to INR 2 crores based on the applicant’s eligibility. 
• A repayment time frame of 30 years at maximum. 

Specifics	Charges
IIFL Home Improvement Loan Interest Rate	Starting from 8.7% per annum onwards
IIFL Home Improvement Loan Processing Fee	INR 3,000 to 1.75% of the approved loan amount

IIFL NRI Home Loan

This home loan scheme is available only for Non-Resident Indians who wish to purchase a residential property in India.

Specifics	Charges
IIFL NRI Home Loan Interest Rate	Starting from 8.70% per annum onwards
IIFL NRI Home Loan Processing Fee	At a maximum of 1.75% of the approved home loan amount

IIFL Pradhan Mantri Awas Yojana

• This IIFL home loan scheme is available for beneficiaries falling under economically weaker sections under the PMAY scheme.
• An interest subsidy of INR 2.67 lakh is available. 

Specifics	Charges
IIFL Pradhan Mantri Awas Yojana Interest Subsidy	Starting from 6.5% per annum onwards
IIFL Pradhan Mantri Awas Yojana Processing Fee	U1.75% of the approved home loan amount

Shakti Loan Against Property

To meet the financial needs of India’s unorganised and small organisations, IIFL Home Finance provides Shakthi Loan. It is a small ticket-size loan which is provided against the property. Shakthi Loan gives company owners access to capital in the form of loans for expanding daily operations and promotes inclusive growth for underserved and informal segments of society that struggle to obtain quick credit through other lenders. The IIFL Shakthi Loan against Property bridges the financial gap and adheres to the principle of providing easy financing to small, unorganised businesses in the last mile.

Small grocery stores, bars, vegetable vendors, small traders, and agricultural ancillaries are a few examples of the micro businesses that Shakthi Loan against Property serves and helps with their credit needs. With online documentation and quick loan processing, loan approval can be obtained in as little as 25 minutes.

Home Loan for Uniformed Services

To all uniformed and armed forces branches, IIFL finance offers an exclusive and unique home loan scheme.

All members of the Indian Defence Forces, along with Paramilitary Forces, fall under the eligibility criteria of this scheme. Both currently employed or retired pensioners can apply for a loan under this new programme, “Residential Home Loan for Uniformed Services.”

Exclusive interest rates, a lower processing charge, and free health insurance up to INR 3 lakh are all features of the IIFL Residential Home Loan for Uniformed Services.

IIFL Home Interest for Salaried and Self-Employed

IIFL Finance offers home loans to salaried and self-employed individuals.

The below table showcases IIFL home loan interest rates for salaried and self-employed persons.

Category	Applicable Interest Rates
IIFL Home Loan Interest Rate for Salaried Employee	Starting from 8.20% per annum
IIFL Home Loan Interest Rate for Self-Employed individual	Starting from 8.20% per annum

IIFL Home Loan Balance Transfer Rates

IIFL provides balance transfer home loans to customers who wish to transfer their existing loan to IIFL at lower interest rates.

Category	Offered Interest Rate
For  Salaried Employees	From 8.20% Onwards
For Self-Employed Individuals	From 8.20% Onwards

IIFL Home Loan Interest Rates for Govt Employee

IIFL Finance provides home loans to Government employees with interest rates starting from 8.20% onwards. An individual working for any Government organisation needs to provide valid proof for the same such as Identity Card. However, the financial institution doesn’t offer additional benefits to government employees. 

IIFL Finance Home Loan Interest Rate For Women

IIFL Finance home loan to working women professionals with an attractive interest rate starting from 8.20%. Home loans are not available for homemakers. Additionally, you must adhere to the set eligibility criteria to secure housing finance from IIFL. 

IIFL Finance Home Loan Interest Rate For NRI

IIFL NRI home loan is available for Non-Resident Indians who wish to purchase residential or commercial property in India. However, there is a set of eligibility criteria for NRIs that they must cope with to secure an IIFL home loan at attractive interest rates. To determine the offered interest rates, you must get in touch with the bank, as the rates might vary from one applicant to another based on their credibility. Before finalising the bank or financial institution; you must compare the product with other lenders to make a more informed decision. Here is how IIFL home loan interest rates compare with other lenders.

IIFL Home Loan Interest Rate and Other Charges

When you apply for an IIFL home loan, you must get acquainted with the associated charges to determine the actual cost of your loan. It helps to understand what costs you might need to bear when you make part-prepayments or decide to foreclose your loan.

The IIFL home loan interest rate indicates the cost you must pay in return for the borrowed amount. The offered interest rate is subject to various factors such as credit profile, existing debts, annual income, repayment history, loan amount, etc. Apart from the interest rate, you may have to pay the below-depicted IIFL home loan charges:

Type of IIFL Charges	Costing
Loan Processing Fees	At a maximum of 1.75% of the approved loan amount
Collateral Evaluation Charges in Home Loan Non-AFP	INR 3000
Charges Associated with Late Payment	At a maximum of 18% p.a. of the remaining debt amount
Loan Foreclosure Charges	Not Applicable

How to Calculate IIFL Home Loan Interest?

You can easily calculate the IIFL home loan interest rate through Urban Money’s high-tech interest rate calculator. All you need to do is enter a few values in the dedicated fields, including loan amount, interest rate and repayment tenure. It will compute your monthly EMIs and the interest component you must pay throughout the loan repayment tenure.

If you wish to go the traditional way, you can compute the value through the given mathematical formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this formula,

• P is the Principal home loan amount
• R is the applicable IIFL home loan interest rate
• N is the number of EMIs you will pay across the repayment tenure

Why IIFL Home Loan Interest Rates the Best for Customers?

IIFL Finance offers an array of home loan schemes to cater to versatile customer needs, including PMAY, Loan Against Property, Property Loans for SMEs, etc. These home loan schemes are also available at attractive interest rates from 8.20% onwards. Additionally, IIFL home loan interest rates are comparatively lower than the interest rates offered by other major Indian banks.

Factors Affecting IIFL Home Loan Interest Rate and EMI

The offered home loan interest rates may vary from one applicant to another based on their credit profile. This variation is rooted in several factors, including property location, LTV ratio, location of the property, loan repayment tenure, etc.

Here are the major factors directly affecting the IIFL home loan interest rates: 

• Type of home loan interest rate
• MCLR rate set by the bank
• Loan-to-Value ratio 
• Location of the property
• Applicant’s income and job profile
• Chosen loan repayment tenure
• Credit or CIBIL score