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IFL Home Loan

  • Best Rate and No Hidden Charges
  • Transparent Process
  • Easy Documentation
  • Fast Processing
  • Competitive Interest Rates with Long Loan Tenure
  • Get Subsidiary Benefits Under PMAY
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IFL Housing Finance Limited works towards fulfilling people’s dreams of owning a place they can call their home. Our efforts are directed toward providing home loans to customers that belong to the low and middle-income segment having either formal or informal income.

While it may seem impossible to have a house of their own for many rural and semi-urban residents, we being a credible home loan finance company make it a possibility through easy home loan services. IFL-HFL is majorly engaged in offering efficient home loan solutions for people in the low-income and EWS category which often go unnoticed by financial institutions. By providing credit, we enable them to build their dream home with basic facilities such as a bathroom and sewage connection that everyone deserves.

COVERAGE PRODUCT NAME PRODUCT DESPCRIPTION
PURCHASE PURCHASE OF NEW UNIT FOR PURCHASE OF UNDER CONSTRUCTION/ NEWLY CONSTRUCTED RESIDENTIAL UNIT
PURCHASE OF OLD UNIT FOR PURCHASE OF OLD CONSTRUCTED RESIDENTIAL UNIT
CONSTRUCTION CONSTRUCTION OF NEW UNIT FOR CONSTRUCTION OF NEW UNIT- FRESH CONSTRUCTION FROM DPC LEVEL
REPAIR AND RENOVATION
  • TOWARDS ADDITION OF BUILT UP SPACE IN A DWELLING UNIT.
  • UP-GRADATION OF A DWELLING UNIT BY COMPLETE DEMOLITION AND RECONSTRUCTION.
  • IMPROVEMENT OF THE DWELLING UNIT BY MAKING WALLS/CEILING BETTER AND SAFER.
  • ADDITION OF WATER CONNECTIONS, BATHROOMS AND SEWAGE CONNECTIONS.
  • RENOVATION OF AN EXISTING DWELLING UNIT.
BALANCE TRANSFER BALANCE TRANSFER WITH/ WITHOUT TOP-UP A BORROWER SHIFTS HIS LOAN ACCOUNT FROM ONE LENDER TO ANOTHER IS TERMED AS BALANCE TRANSFER.
SELLER BT CUSTOMER BUY PROPERTY FROM A PERSON; WHOSE PROPERTY IS MORTGAGED WITH SOME OTHER LENDER.

It's essential to check housing loan eligibility before applying for a home loan as it helps an individual understand whether he/she qualifies for the loan or not.

Applicant: The main applicant is required to be the owner of the property or the breadwinner of the family. If the main applicant is the sole earning member, then the owner of the property is required to be a co-applicant.

Co- Applicant: All co-owners of the property by default become co-applicants. Additionally, the applicant’s parents, spouse and relatives that have attained a majority in the property can become a co-applicant.

IFL's HOUSING LOAN ELIGIBILITY CRITERIA FOR APPLICANT AND CO-APPLICANT

  1. The applicant/co-applicant must be an Indian resident or an NRI.
  2. Applicant:- Above 21 years of age at the commencement of the loan (can be 18 if income is not considered).
  3. Co- Applicant:- Above 18 years of age at the commencement of the loan.
  4. Should be healthy and mentally sound.
  5. Should not be an undischarged insolvent.
  6. Below 60 years (in case of salaried) and 65 years (in case of SENP and SEP) when the loan matures (for applicants whose income is being considered).
  7. Have a stable and permanent source of income.

Before getting a home loan from finance companies, it is important to be aware of the documents that are required to give a home loan.

IFL requires standard KYC documents and other additional documents as mentioned under:-

  1. Filled Application Form.
  2. Latest passport size colour photograph on glossy paper is not more than 3 months old.
  3. Identity proof: Passport, PAN Card, Driving License, Voter ID, Aadhar Card.
  4. Age Proof: Pan Card, Passport, Birth Certificate, Driving License, Bank Passbook, Marksheet of 10th class.
  5. Address Proof: Passport, Driving License, Aadhar No, Voter ID, Ration Card, Rent Agreement with Electricity Bill, etc
  6. Income Proof: ITR, Salary Slip, Last Year Bank Statement, Appointment Letter, Last 3 Year Financials, 1 Yearr Bank Statement, 6 months Katcha Records, etc.
  7. Complete chain of Property documents.

The best features of IFL- a prominent home loan finance company are as follows:

1. AMOUNT    :    1 Lakh to 35 Lakh
2. Maximum Repayment Time
   - Purchase    :    20 Years/ 240 months
   - Other Case    :    15 Years/ 180 months
3. Rate of Interests and Costs   :    Competitive
4. Repayment Options    :    Monthly EMIs

Yes, home loans from finance companies can be taken to either buy, repair, construct, improve or renovate a home.

To get a loan from a home loan finance company, first, the applicant is required to fill out the application form and submit it with the mentioned documents. If all the submitted documents and the application are approved, the bank will then sanction the loan and will inform the applicant within 30 days of the application form and document submission. The 30 day period is counted from the day the applicant receives a receipt of the application form.

No, you get the option to choose the kind of interest you would like to pay. You can pay through the fixed rate of interest or as per the floating rate of interest.

A housing loan eligibility is often determined by the following factors:

  • Loan to Asset Value Ratio (LTV)
  • The applicant's and co-applicant's net monthly salary.
  • The number of loans and credit cards outstanding that an individual has. Generally, a bank will not give a home loan if the EMI obligation goes beyond 50%-60% of your net take-home salary.