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. IIFL offers Home Loan approval in under 25 minutes* and disbursal with basic documentation and hassle free experience.
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It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility (if co-applicant is earning) and will eventually increase chances of getting the Home Loan sanctioned. If you are an individual, your parents, your spouse or even your children (of age above 18 years) can be your co-applicant. A co-owner of your property has to be a co-applicant but a co-applicant not necessarily has to be a co-owner of the property/house. Non Individual organizations such as a partnership firm, an LLP, and a private limited company, etc. can also be a co-applicant.
An EMI is an '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. It is calculated in the manner that in the initial years of the loan, the interest payment is much larger than the principal component whereas in the latter years of the loan duration, the principal component is much larger.
When you avail of a part of your Home Loan (generally in case of under construction property), you will be charged a 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
Market value is the fair value of the property that you propose to mortgage with us as security against the Home Loan you avail of. Our specialized team calculates this value based on the prevailing market conditions and trends.
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.
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What are the eligibile countries where the NRI, applying for Home Loan, must be employed and residing ?
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