IIFL

IIFL

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
Action

Rate of Interest

  • Floating Rate of Interest : 10.50 % to 14.25 % p.a.

Eligibility Criteria

  • Minimum 21 years of age and maximum 65 years
  • Loan period from 1 years to 15 years
  • Should be either salaried or self-employed and have regular source of income
  • Should have sufficient income to pay EMI on required loan
  • Applicant must be Indian Citizen, in case of NRI or person of Indian origin it should be properly documented

Fees and Charges

  • Processing  Fee 1.5 %  depends on type and category of borrower
  • Preclosure Charges – Rs 0
  • Part Payment charges- Rs 0
  •  No any other hidden charges

Documents Required

  • KYC- Pan Card, Adhar Card, ID Proof and Address proof
  • ITR with computation for 3 years with Income proof
  • Bank Statement
  • Photograph
  • 2 references

Value Additions

  • Doorstep services
  • E- approvals
  • Part payment allowed

Special Feature

  • No guarantor required
  • No pre-closure or part payment fees
  • Balance Transfer Allowed
  • Top up available

Overview about IIFL

IIFL it is stand for India infoline limited. It is an Indian diversified financial services company. It’s headquartered in Mumbai. The IIFL organisation was founded by Nirmal Jain. IIFL’s loan against property is a multi-purpose loan that can be availed whether you are starting a new business or require loan term working capital . IIFL provides you loan against property , if you fulfil your financial needs. IIFL and its group companies are backed by Canadian Investor Prem Watsa, private Equity firm General Atlantic and CDC Group.

Your Eligibility depends on following


You should be minimum 21 years old

You should be maximum 65 years old

You should be salaried or self employed

You should have sufficient income to pay EMI on required loan

You can increase your eligibility by doing following

Minimum income required Rs.25,000 per month
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 15 years

Rate of Interest and Other Charges for Loan Against Property are following

Rate Of Interest:

Sno.

Loan Type

Rate Of Interest

1

Loan Against Property(Floating)

10.50% to 14.25%

Existing Loan take over or New Loan

Here are some points for this :

  • Quick & hassle-free loan
  • Attractive interest rate
  • Tenure up to 15 years
  • Loan up to 65% of market value of residential property
  • Loan up to 55% of market value of commercial property

Features of Loan

Features and Benefits of IIFL Bank Loan Against Property:

  • Loans available against residential, commercial and industrial property.
  • lowest interest rates
  • High tenure loans for ease of repayment
  • Minimum documentation
  • Special schemes for self employed
  • Maximum loan to value available.
  • Loan transfer- You can also transfer your existing loan against property or home loan from another institution at attractive rate of interest for personal or business purpose.

 Documents required for IIFL Loan against Property

1-Identity Proof (Salaried and Self Employed)

 

  PAN Card (mandatory) and any one of the below documents:

  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Driving License
  • Photo Credit Card
  • Photo Identity card issued by Govt. body
  • Letter from recognised public authority or public servant verifying the identity of the customer with photograph (not more than 30 days old)

2-Address Proof (Salaried and Self Employed)

Any one of the below documents:

  • Aadhar Card
  • Valid Passport
  • Voter Card
  • Letter from a recognized public authority or public servant verifying the identity and residence of the customer
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Bank Statements reflecting address of borrowers of any commercial nationalized bank
  • Credit Card Statement not older than 3 months
  • Life Insurance Policy
  • Residence address Certificate /letter by employer on company letterhead
  • Copy of Sale Deed of the property (residence), if owned
  • Municipal or property tax receipt
  • Post office saving bank account statement
  • Pension or family pension payment orders (PPOs) issued to retired employees by Govt. departments or Public Sector Undertakings, if they contain the address
  • Letter of allotment of accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions, and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation
  • Documents issued by Govt. departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India

2-Address Proof for Business Entities (Only for Self Employed)

Any one of the below documents:

  • Shops & Establishment Certificate
  • Trade License Certificate
  • SSI Registration Certificate
  • PAN Card/Sales Tax/ VAT Registration Certificate
  • Partnership Deed (for firms) / Memorandum of Association (MOA) for companies
  • Export-Import Code Certificate/Factory Registration Certificate
  • Professional qualification Certificate and Degree Certificate for Professionals
  • SEBI Registration Certificate
  • Registration No issued by ROC

 

3-Proof of income (Only for Salaried)

All the documents given below:

  • Last 2 months salary slip
  • Last 6 months bank statement of salaried account
  • Latest Form 16 / ITR

3-Proof of income (Only for Self Employed)

All the documents given below:

  • Income Tax Returns along with computation for last 2 financials years
  • Balance Sheet and Profit & Loss account along with all annexures (duly CA certified and audited if applicable)
  • Last 6 months current account statement of the business entity and saving account statement of individual

 

4-Other documents (Salaried)

Documents related to running loans along with 6 months repayment bank statements

4-Other documents (Self Employed)

All the documents given below:

  • Documents related to running loans along with 6 months repayment bank statements
  • Latest List of share holding pattern (duly CA/CS certified)
  • MOA (for private Limited companies)
  • Partnership deed (for partnership firms)

 

5-Property Documents (Salaried and Self Employed)

All the documents given below:

  • Copy of complete chain documents of the property (as applicable)
  • Copy of Approved Plan (if applicable)