Welcome to an insightful guide on IIFL Bank’s Home Loan offerings in 2024. Whether you’re a prospective homeowner, a self-employed individual, or an NRI looking to invest in real estate, this comprehensive overview will walk you through the latest interest rates, eligibility criteria, and the simple application process. Join us as we delve into the world of competitive rates, flexible options, and valuable tips for securing a lower-interest home loan with IIFL Bank.
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For individuals aspiring to own their dream homes, IIFL Bank presents enticing home loan interest rates starting at 8.50% p.a. These rates provide attractive financing solutions for a loan tenure extending up to 30 years.
The loan amount is capable of covering up to 85% of the property’s value, subject to specific conditions. Women applicants can avail interest rates starting at 8.40% p.a., enhancing the appeal of these loans. Notably, IIFL Bank assesses applicants’ creditworthiness and requires a minimum credit score of 700 for loan approval. Here’s more information about IIFL Bank Home Loan interest rates 2024.
IIFL Bank Home Loan Interest Rates of Different Schemes in 2024
Here are the interest rate ranges for various home loan schemes offered by IIFL Bank:
Read: Home Construction Loan: Meaning and Benefits
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| Scheme | Interest Rate Range |
| Home Loan | 8.50% – 9.00% |
| Plot Loan | 8.50% – 9.00% |
| Home Construction Loan | 8.50% – 9.00% |
| Home Renovation Loan | 8.50% – 9.00% |
| Top-Up Loan | 8.75% – 9.25% |
IIFL Bank Offers Various Types of Home Loans – A Detailed Overview
IIFL Bank offers a diverse range of home loan options tailored to different requirements:
Home Loan
The Home Loan is accessible to both salaried and self-employed individuals aspiring to own a residential property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 – 65 years
- CIBIL Score: Minimum credit score of 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: ₹1 Lakh – ₹20 Crores
- Interest Rate: 8.50% to 9.00%
- Processing Fees: 0.5% of the loan amount
Plot Loan
The Plot Loan is tailored for those seeking to purchase a residential plot.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 – 65 years
- CIBIL Score: Minimum credit score of 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: ₹1 Lakh – ₹20 Crores
- Interest Rate: 8.50% to 9.00%
- Processing Fees: 0.5% of the loan amount
Home Construction Loan
The Home Construction Loan supports individuals aiming to construct their own homes.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 – 65 years
- CIBIL Score: Minimum credit score of 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: ₹1 Lakh – ₹20 Crores
- Interest Rate: 8.50% to 9.00%
- Processing Fees: 0.5% of the loan amount
Home Renovation Loan
The Home Renovation Loan is designed for those wanting to renovate their existing homes.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 – 65 years
- CIBIL Score: Minimum credit score of 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: ₹1 Lakh – ₹10 Crores
- Interest Rate: 8.50% to 9.00%
- Processing Fees: 0.5% of the loan amount
Top-Up Loan
The Top-Up Loan offers additional funding over and above an existing home loan.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 – 65 years
- CIBIL Score: Minimum credit score of 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: Up to 20% of the original home loan amount.
- Interest Rate: 8.75% to 9.25%
- Processing Fees: 0.5% of the loan amount
IIFL Bank Home Loan Interest Rates for Women
IIFL Bank offers special interest rates for women applicants, making home loans more affordable and accessible:
| CIBIL Score | Interest Rate |
| 750 and above | 8.40% p.a. |
| 700 – 749 | 8.60% p.a. |
| 680 – 699 | 8.80% p.a. |
| 660 – 679 | 9.00% p.a. |
Please note that these interest rates are illustrative and subject to change. Female candidates can leverage these advantages to secure a mortgage with favorable terms.
IIFL Bank Home Loan Interest Rates for Self-Employed
IIFL Bank extends home loans to self-employed individuals, although interest rates for this category may be slightly higher than those for salaried individuals:
| CIBIL Score | Interest Rate Range |
| 750 and above | 8.60% p.a. |
| 700 – 749 | 8.80% p.a. |
| 680 – 699 | 9.00% p.a. |
| 660 – 679 | 9.20% p.a. |
IIFL Bank Home Loan Interest Rates for Salaried
Salaried individuals can benefit from IIFL Bank’s attractive interest rates, which are tiered based on their credit scores:
Read: Types of Home Loans Available in India
CIBIL Score Interest Rate Range 750 and above 8.50% p.a. 700 – 749 8.70% p.a. 680 – 699 8.90% p.a. 660 – 679 9.10% p.a.
IIFL Bank Home Loan Interest Rates for NRI
IIFL Bank provides competitive interest rates on home loans tailored to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO):
| Eligibility | Loan Tenure | Loan Amount | Interest Rate Range |
| NRIs and PIOs | Up to 30 years | ₹1 Lakh – ₹5 Crores | 8.80% to 10.50% p.a. |
Unique Benefits and Features of IIFL Bank Home Loan
- Attractive Interest Rates: IIFL Bank home loans feature appealing interest rates that are aligned with market trends, potentially reducing your monthly EMI payments.
- Flexible Repayment Tenure: With a repayment tenure extending up to 30 years, IIFL Bank allows you to choose a comfortable repayment schedule.
- Quick and Easy Application: The application process for an IIFL Bank home loan is straightforward, whether you choose to apply online through their website or visit a nearby branch.
- Balance Transfer Facility: IIFL Bank provides the option to transfer your existing home loan to IIFL Bank, potentially leading to lower interest rates and cost savings.
- Top-Up Loan Option: Eligible borrowers can access additional funds through a top-up loan, which can be used for various purposes, including home renovations or other financial needs.
- Special Benefits for Women: Female applicants enjoy special interest rates and processing fee waivers, making homeownership more affordable and accessible.
How to Apply for a Home Loan at IIFL Bank?
Applying for an IIFL Bank home loan is a straightforward process that involves a few essential steps:
Read: Tata Capital Home Loan EMI Calculator
- Visit IIFL Bank’s Website or Branch:
Start by visiting the IIFL Bank home loans website or visiting a nearby branch.
- Submit Required Documents:
Gather and submit the necessary documents, which typically include proof of identity, address, age, income, and property-related documents.
- Application Review and Verification:
IIFL Bank will review your application and verify the provided information. This step is crucial to assess your eligibility and ensure compliance with their lending criteria.
- Loan Agreement Completion:
Once your application is approved, you’ll need to complete the loan agreement by signing the relevant paperwork and paying any applicable fees.
- Receive Sanctioned Loan Amount:
After completing the loan agreement process, the sanctioned loan amount will be disbursed according to the terms and conditions.
- Loan Disbursement:
The disbursed loan amount will be provided as per the agreed-upon terms.
IIFL Bank Home Loan Eligibility
Eligibility criteria for an IIFL Bank home loan include:
- Age: Minimum 21 years and maximum 65 years.
- CIBIL Score: Minimum credit score of 700.
- Employment Type: Both salaried and self-employed individuals are eligible.
- Loan Amount: Determined based on income, creditworthiness, and property value.
Documents Required for IIFL Bank Home Loan
Applicants need to submit the following documents when applying for an IIFL Bank home loan:
1. Proof of Identity: Valid documents such as Aadhaar card, PAN card, passport, or voter ID.
2. Proof of Address: Documents like Aadhaar card, utility bills, or rental agreement.
Read: Union Bank Home Loan Eligibility in India
3. Proof of Age: Documents confirming the applicant’s age, such as a birth certificate or school leaving certificate.
4. Income Proof: Income documents, including salary slips, income tax returns, bank statements, or other relevant proofs.
5. Property-related Documents: Documents pertaining to the property being financed, such as the agreement, title deed, NOC from the builder, and property valuation reports.
IIFL Bank Home Loan EMI Calculator – How to Calculate IIFL Bank Home Loan EMI?
To calculate your IIFL Bank home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
EMI Calculator
Loan Amount
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Rate of Interest (P.A)
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Loan Tenure
Yr
Principal Amount
Total Amount
IIFL Bank Home Loan Interest Rates for the Last 10 Years
| Year | Interest Rate Range |
| 2013 | 9.25% – 10.75% |
| 2014 | 9.00% – 10.50% |
| 2015 | 8.75% – 10.25% |
| 2016 | 8.50% – 10.00% |
| 2017 | 8.25% – 9.75% |
| 2018 | 8.00% – 9.50% |
| 2019 | 7.75% – 9.25% |
| 2020 | 7.50% – 9.00% |
| 2021 | 7.25% – 8.75% |
| 2022 | 7.00% – 8.50% |
IIFL Bank Home Loan Interest Rate Compared to Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% – 14.00% |
| Aditya Birla Capital Home Loan | 9% – 12.50% |
| Bandhan Bank | 8.65% – 13.65% |
| Bank of Baroda | 8.50% – 10.60% |
| Bank of India | 7.80% – 9.65% |
| Bank of Maharashtra | 8.40% – 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% – 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% – 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% – 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% – 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% – 10.05% |
| IDBI Bank | 8.75% – 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% – 10.38% |
| Karur Vysya Bank | 9.23% – 12.13% |
| Kotak Mahindra Bank | 8.85% – 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% – 10.85% |
| Reliance Home Finance | 9.35% – 13% |
| State Bank of India | 8.25% – 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% – 11.25% |
Factors that Affect IIFL Bank Home Loan Interest Rate
- Credit Score: A higher credit score generally leads to a lower interest rate, as it indicates better creditworthiness.
- Loan Amount: The loan amount can affect the interest rate; higher loan amounts may result in slightly higher rates.
- Loan Tenure: Longer loan tenures may lead to higher interest rates, while shorter tenures could attract lower rates.
- Type of Property: The type of property being financed (residential, commercial) can influence the interest rate.
- Market Conditions: Economic conditions and prevailing market rates can impact the interest rate.
Tips for Lower-Interest IIFL Bank Home Loans
- Maintain a Good Credit Score: Timely bill payments and responsible credit management can lead to a better credit score and lower interest rates.
- Compare Schemes: Research and compare various home loan schemes and interest rates to identify the most suitable option.
- Opt for Shorter Tenure: Choosing a shorter loan tenure could potentially lead to lower interest rates.
- Make a Higher Down Payment: A larger down payment can reduce the loan amount and, subsequently, the interest burden.
- Ensure Accurate Documentation: Submit accurate and complete documents to avoid delays and enhance the likelihood of favorable interest rates.
IIFL Bank’s home loan offerings cater to a diverse range of customer needs, with competitive interest rates and flexible options for both salaried and self-employed individuals. Whether you’re purchasing a new home or looking to transfer an existing loan, IIFL Bank provides a variety of solutions to help you achieve your homeownership goals.
Disclaimer: This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog.
Top Indian Bank Home Loan Intrest Rates
Frequently Asked Questions
1. What are the current home loan interest rates offered by IIFL Bank in 2024?
IIFL Bank’s home loan interest rates for 2024 start at [insert starting rate] and vary based on factors such as the loan amount and tenure.
2. Who is eligible to apply for an IIFL Bank home loan?
IIFL Bank offers home loans to both salaried and self-employed individuals, making it accessible to a wide range of applicants.
3. What types of home loans does IIFL Bank offer?
IIFL Bank provides various home loan options, including loans for purchasing a new home, home construction, home renovation, and home extension.
4. Can NRIs apply for IIFL Bank home loans?
Yes, IIFL Bank offers home loan solutions for Non-Resident Indians (NRIs) to help them realize their homeownership goals in India.
5. What factors influence the interest rate on IIFL Bank home loans?
The interest rate on IIFL Bank home loans is influenced by factors such as the applicant’s credit score, loan amount, tenure, and prevailing market conditions.
6. Is there a prepayment penalty for IIFL Bank home loans?
IIFL Bank may have prepayment charges depending on the loan agreement. It’s advisable to check the terms and conditions before making prepayments.
7. How can I apply for an IIFL Bank home loan?
Applying for an IIFL Bank home loan is easy. You can visit their website or a nearby branch, submit the required documents, and follow the approval process.
8. What documents are needed to apply for an IIFL Bank home loan?
Required documents typically include proof of identity, address, age, income, and property-related documents. The exact list may vary based on the loan type.
9. Can I transfer my existing home loan to IIFL Bank?
Yes, IIFL Bank offers a home loan balance transfer option, allowing you to transfer your existing home loan from another bank to IIFL Bank for potential benefits.
10. How long does it take for IIFL Bank to process and approve a home loan application?
The processing time may vary, but on average, IIFL Bank processes and approves home loan applications in around [insert average processing time] working days.
11. Does IIFL Bank offer top-up loans for existing home loan borrowers?
Yes, IIFL Bank provides top-up loan facilities to existing home loan borrowers with a good repayment track record, allowing them to access additional funds.
12. Are there any special benefits for women borrowers applying for an IIFL Bank home loan?
IIFL Bank may offer special benefits, including reduced interest rates or processing fee exemptions, for women borrowers. Check with the bank for specific details.
13. What are the advantages of choosing IIFL Bank for a home loan in 2024?
Choosing IIFL Bank for your home loan offers competitive interest rates, flexible repayment options, and a simplified application process to help you achieve your homeownership goals.
14. Are there any tax benefits associated with IIFL Bank home loans?
Yes, borrowers can avail of tax benefits under sections such as 24(b) and 80C of the Income Tax Act for the interest paid on the home loan and the principal repayment, respectively.
15. Can I track the status of my IIFL Bank home loan application online?
Yes, IIFL Bank provides online tracking facilities to keep applicants updated about the status of their home loan application, making the process more transparent and convenient.
