Adult female membership is required in property structure. In case of absence of an adult female member in a household, the property can be registered in the name of a male member only.
  • For EWS/LIG - Husband, Wife and unmarried children constitute household/Beneficiary Family
  • An adult earning member (irrespective of its marital status be considered as separate household)
Following documents need to be submitted to the branch officer as per IIFL HFL Credit Policy. The list of documents is mentioned below:
  • Aadhaar of all household members
  • Notarized Affidavit cum Undertaking is mandatory
As the household does not own a Pucca house, he can apply for subsidy under the scheme subject to additional qualifiers such as annual household income, property in urban/adjacent area etc.
Subsidy amount shall not be adjusted against tenure. The impact of subsidy would be adjusted against principal only, further impacting EMI amount.
  • EWS/LIG - No, there is no capping on minimum/maximum property value or area as per the scheme guidelines issued by the Ministry of Housing and Urban Poverty Alleviation
No, household cannot take the benefit under CLSS as spouse in beneficiary family/household already owns one property.
Scheme mentions that “The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India to be eligible to receive central assistance under the mission”

Therefore, beneficiary family already owning shop, commercial establishment, plot, factory but not owning a pucca house clears the eligibility parameter of 1st house ownership.
The income norms for various Household categories are defined as under:
  • Annual Household Income of EWS/LIG should be less than Rs. 6 Lakhs
Post disbursement of the loan amount, IIFL HFL may claim the Credit Linked subsidy for eligible borrowers from National Housing Bank(CNA). .On receipt of Subsidy amount from CNA, the Principal Outstanding in Home Loan Account of the Beneficiary is Reduced to the tune of Subsidy amount. Accordingly, EMI of the Beneficiary is reduced
A Customer is eligible for maximum subsidy if the disbursed amount is equal to or more than Rs. 6 lakhs and the loan tenure is of minimum 20 years. In case the Loan disbursement or tenure is Below 6 lakhs the subsidy would be reduced proportionately. Kindly refer to the subsidy calculator.
Repairing work in the existing house may be undertaken in houses which are kutcha, semi pucca and require extensive renovation to make it into a pucca house. However, this is applicable only in case houses area is below 60 sqmtrs.