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Most Asked Questions

If you are an Indian citizen between the ages of 18 to 75, and are either salaried or self-employed, you can apply for a Home Loan from IIFL Home Finance Limited.
It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant. A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner. Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.
You can make an online home loan application by clicking here. Our documentation is simple and we offer instant sanction for home loans. You can also call us on our Helpline Number : 1860-267-3000 for assistance.
When you avail of a part of your home loan, you will be charged simple interest on the amount that has been paid out till your entire sanctioned home loan amount is disbursed. This payment of simple interest on part payment is called PRE- EMI Interest.
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits can vary each year, please do check with our Loan Counsellor about the tax benefits that you can avail on your loan.
When you take a home loan to buy real estate in an under construction property, we will disburse payments towards its purchase in installments, based on our assessment of the progress of construction, but not necessarily as per the developer’s agreement. We advise you in your own interest to enter into an agreement with the developer wherein your payments are linked to the construction work and not pre-defined on a time-based schedule.
Security of the home loan would generally be mortgage of the property that is financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.
  • An Indian Citizen holding Valid Indian Passport is eligible for an NRI Home Loan.
  • The passport of the home loan applicant should not have NO ENTRY stamp, prohibiting NRI applicant from entering the country.
  • Passport with Valid Entry Visa for NRI applicant where he is appearing in person for submitting the application.
  • For PIO / OCI, in addition to foreign country passport, Valid PIO / OCI Card copy to be documented.
The NRI seeking a home loan must be employed and residing in:
  • North America - USA and Canada
  • Middle East – UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat
  • East Asian Countries – Singapore, Malaysia, Hong Kong, Japan, Thailand
  • All EU Countries (Except – Spain, Greece, Portugal, Italy)
  • Australia and New Zealand
  • Yes, Resident Indian POA is must in all NRI Home Loans, irrespective of whether the NRI applicant is present in India at the time of application or not.
  • The spouse cannot be a POA holder.
  • Resident co-borrower can also be the POA.
  • POA can be the co-applicant but it’s not mandatory for POA to be co-applicant when there is another co-applicant in the loan.
The minimum home loan amount that you are eligible at IIFL Home Finance depends on your income. The higher your annual income, the more you can obtain. Additionally, if you have a good credit score and history, you have a better chance of securing a higher loan amount.
Shakthi Loan, offered by IIFL Home Loan, is a specialized Loan Against Property tailored for India's unorganized and small businesses. This loan aims to address the financial needs of these businesses and empower them to thrive.
Shakthi Loan Against Property provides business owners with easy access to funds, allowing them to scale up their day-to-day operations. This contributes to the inclusive growth of underserved and informal sections of society that often struggle to obtain quick and convenient credit facilities from traditional banking and financial institutions.
Before applying for a secured business loan at IIFL Home Finance, ensure you meet the eligibility criteria.
Borrowers must be Indian residents, aged 21 to 70, and can be salaried or self-employed. A co-applicant, such as a partner, relative, or private company, can enhance eligibility. Eligible borrowers include shopkeepers, wholesalers, retailers, and small enterprises. Collateral properties include residential, commercial, and industrial, with Loan to Value up to 65%.
To avail a home loan at IIFL Home Finance, a minimum CIBIL score of 660 is required, subject to approval and other eligibility criteria of the borrower.
Simple documentation, paper-less processing, excellent customer service with home loan approval in just 30 minutes* makes IIFL Home Loan a one stop solution.
The maximum period for repaying your house loan is up to 25 years.

It means a fixed amount of payment that a borrower pays to a lender on a specified date every month as repayment of the home loan taken. The abbreviation of EMI is Equated Monthly Installment.

EMI = Principal amount + Interest on principal amount. This is paid through auto debit instructions to the bank or with post dated cheques.

If you are an Indian citizen between the ages of 18 to 75, and are either salaried or self-employed, you can apply for a Home Loan from IIFL Home Finance Limited.
It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant. A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner. Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.
You can make an online home loan application by clicking here. Our documentation is simple and we offer instant sanction for home loans. You can also call us on our Helpline Number : 1860-267-3000 for assistance.
An EMI is the 'Equated Monthly Installment', which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full. We offer the cheapest home loans which means that in comparison your EMI’s on a IIFL Home Finance Limited Home Loan will be lower, thus making it easier on your pocket.
When you avail of a part of your home loan, you will be charged simple interest on the amount that has been paid out till your entire sanctioned home loan amount is disbursed. This payment of simple interest on part payment is called PRE- EMI Interest.
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits can vary each year, please do check with our Loan Counsellor about the tax benefits that you can avail on your loan.
When you take a home loan to buy real estate in an under construction property, we will disburse payments towards its purchase in installments, based on our assessment of the progress of construction, but not necessarily as per the developer’s agreement. We advise you in your own interest to enter into an agreement with the developer wherein your payments are linked to the construction work and not pre-defined on a time-based schedule.
Security of the home loan would generally be mortgage of the property that is financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.
  • An Indian Citizen holding Valid Indian Passport is eligible for an NRI Home Loan.
  • The passport of the home loan applicant should not have NO ENTRY stamp, prohibiting NRI applicant from entering the country.
  • Passport with Valid Entry Visa for NRI applicant where he is appearing in person for submitting the application.
  • For PIO / OCI, in addition to foreign country passport, Valid PIO / OCI Card copy to be documented.
The NRI seeking a home loan must be employed and residing in:
  • North America - USA and Canada
  • Middle East – UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat
  • East Asian Countries – Singapore, Malaysia, Hong Kong, Japan, Thailand
  • All EU Countries (Except – Spain, Greece, Portugal, Italy)
  • Australia and New Zealand
  • Yes, Resident Indian POA is must in all NRI Home Loans, irrespective of whether the NRI applicant is present in India at the time of application or not.
  • The spouse cannot be a POA holder.
  • Resident co-borrower can also be the POA.
  • POA can be the co-applicant but it’s not mandatory for POA to be co-applicant when there is another co-applicant in the loan.
Following are the documents required for Home Loan Application –
  • ID Proof
  • Address Proof
  • Income Proof
  • Employment Proof
  • Property Documents
  • Loan Application Form
To claim tax deductions on a home loan, you can fill in home loan details such as interest and principal amount paid in the ITR or submit it to the HR department of your company. Post evaluation, they deduct the Tax at source on your income accordingly.
A credit score of 660 is the minimum requirement for Home loan.
If you decide to opt for prepayment of the home loan, we understand! There are absolutely zero prepayment charges. For more details on schedule of charges, click here.
The time taken for home loan disbursement varies depending on factors such as documentation completeness, lender workload, and property evaluation. Typically, it ranges from a few weeks to a few months.

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