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How to get Home Loan and Shakthi Loan with approval in 25* Minutes

By IIFL Home Loans | Published On Aug 26 2022 10:07 AM 1 min read 346 views 2188 Likes
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For some people owning their first home can be one of the most fulfilling experiences, while for others it could be having a stable local business. If you are planning to buy a home for your family, start a local business, or expand your small business, and your funds are insufficient, you can always look up to lenders and housing finance companies. However, most lenders and housing finance companies take their own sweet time to approve the loan application.

Different lenders offer products for different types of customers with a varied range of home loan interest rates, loan amounts, tenure, processing charges, loan sanction, disbursement time, etc. However, IIFL Home Finance Limited is one of the most preferred home finance company for adding value to the lives of its customers.

We support those who dream big and have the courage to turn their dreams into reality. They work towards the fruition of it, even with budgeted finances. Our focus is on ensuring the highest standards of ethics, compliance and maintaining transparency with customers. A wide range of branches, backed by digital infrastructure and social development intent, we cater to the needs of marginalised sections across the nation. Being one of the largest housing finance companies in India, we aim to make home finance and loan against property option more accessible. While also improving the home buying or business expansion experience with our specialised offerings such as:

  • Digital Loan Approval
  • Competitive Home Loan and Shakthi Loan Interest Rates
  • Easy EMIs
  • Quick Disbursement

Our team works seamlessly towards the sanction and disbursal of loan. However, the eligibility of the applicant for Home Loan depends on these three points:

  • Indian citizen
  • The age group of 18-75 years
  • Salaried or self employed

To qualify for IIFL Shakthi Loan, the customer needs to meet the following eligibility criteria:

  • Indian citizen
  • Needs to be between the age group of 18 to 75 years
  • Both salaried and self-employed individuals. Small business types which may avail Shakthi Loan are small groceries stores, saloons, vegetables vendors, small traders, Tiffin Center, Tea Stall, Livestock, and similar

While most of the non-housing financial institutions ask for numerous documents, we only ask for the basic documents, which are easily available with the applicant.

Documents required for Home Loan:

Mandatory documents:

Document type Salaried Self-employed
Application Form Yes Yes
Identity Proof
  • PAN Card (Mandatory)
  • Passport
  • Driving Licence
  • Aadhaar Card
Yes Yes
Address Proof
  • PAN Card (Mandatory)
  • Passport
  • Driving Licence
  • Aadhaar Card
Yes Yes

Income & other documents:

Document type Salaried Self-employed
Latest Salary Slip Yes No
Form 16/ITR Yes Yes
Bank statement of the last 6 months Yes Yes

Property Documents:

Document type Salaried Self-employed
Copy of chain documents of the property (if applicable) Yes Yes
Copy of Receipt made to the developer (if applicable) Yes Yes
Copy of Buyer Agreement Yes Yes
Copy of Agreement to Sell (if executed) Yes Yes

Documents required for Shakthi Loan:

Mandatory documents:

Document type Salaried Self-employed
Application Form Yes Yes
Identity Proof
  • PAN Card (Mandatory)
  • Passport
  • Driving Licence
  • Aadhaar Card
Yes Yes
Address Proof
  • PAN Card (Mandatory)
  • Passport
  • Driving Licence
  • Aadhaar Card
Yes Yes

How to get home loan or shakthi loan with approval in just 25 minutes?

It may come as a surprise to you that you can get your home loan or shakthi loan sanctioned in just 25 minutes. We aim to provide best of our service to the first-time home buyers and small business owners and make their loan approval process easier.

You will be amazed to know that our loan application starts with less than 2 minutes journey where you get to know whether your loan application will be further processed or not. Once the loan is accepted for further processing, it is considered as a hot lead and we dedicate a sales person for handling the loan application, who would be connecting with the customer within 24 hours. The sales person would meet with you and complete your digital loan application and give you an instant in principle approval with maximum sanction amount as per your income and loan requirements within 25 minutes.

How do we do it?

  • Our system check does a first level credit history performance check to provide a quick decision on whether the loan application is accepted for further processing or rejected.
  • We assign you with a local sales team member for further processing based on the residence city or city where you wish to buy your property.
  • If you do not have any credit history i.e., taking loan for the first time then also we would process your loan applications and provide an instant decision within 25 minutes.
  • We don’t require any photocopies of your document nor do we need you to fill out an application form. You just needs to be ready with your original KYC documents and income documents and you will be able to get instant sanction./li>

You can make an online home loan or shakthi loan application by clicking here. The documentation process is simple and IIFL Home Finance offers instant sanctions for home loans or shakthi loans. You can also call on our Helpline Number: 1860-267-3000 for assistance.

*Conditions Applied

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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.