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.

You should know what you are paying each month as an Equated Monthly Installment (EMI) or what you are going to pay as a loan installment to your lender. The EMI is calculated on the basis of combinations of following factors namely principal amount, interest rate, tenure of loan and computation method.

Pre-EMI is the monthly payment of the interest amount applicable on the home loan. These payments are made when your house is under construction. Since the principal amount is not included in these payments, the pre-EMI payment is lower than the full EMI payment.

The EMI (Equated Monthly Installment) for a home loan should ideally not exceed 30% to 40% of the borrower's income.

Opting for EMI provides you with financial flexibility, allowing you to allocate your funds to other essential expenses or investments. Rather than spending your savings all at once, EMI enables you to make manageable monthly payments.

There are three major factors that affect your EMIs:

• Loan amount: This is the amount you borrow and is the primary factor that determines your EMI. The higher the loan amount, the larger the EMI.
• Interest rate: The interest rate on your loan is another critical factor affecting the EMIs. EMIs are directly proportional to the interest rate. Banks and financial institutions calculate the interest based on several factors like your income, repayment capacity, credit history, prevailing market situation, etc.
• Tenure: The loan tenure is the third factor that impacts your EMI. A longer tenure generally results in lower EMIs and vice versa. However, opting for a longer tenure also means paying more interest over the entire loan duration.

IIFL Home Loans provides a tax saving calculator that accurately calculates tax implications. By using the home loan tax benefit calculator, one can understand the tax savings on their housing 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.