Most Asked Questions

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
• For MIG - Husband, wife and unmarried children
• 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 IIIFL Home Finance Limited 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 - As per the scheme guidelines issued by the Ministry of Housing and Urban Poverty Alleviation. Property area has to be upto 30 mtrs for EWS & 60 mtrs for LIG
• MIG - Upto 160 mtrs & 200 mtrs in MIG I & II respectively

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
• Annual Household Income of MIG 1 should be Rs. 6-12 Lakhs
• Annual Household Income of MIG 2 should be Rs. 12-18 Lakhs

Post disbursement of the loan amount, IIFL Home Loans may claim the subsidy benefit for eligible borrowers from National Housing Bank(NHB). On receipt of Subsidy amount from NHB, the Principal Outstanding in Home Loan Account of the Customer is reduced to the tune of Subsidy amount. Accordingly, EMI of the Customer is reduced.

A Customer is eligible for maximum subsidy if the disbursed amount is equal to or more than Rs. 6 lakhs in EWS/LIG category, 9 lakhs in MIG 1 category, 12 lakhs in MIG 2 category and loan Tenure is of 20 years. In case Loan disbursement or Tenure is below the above-mentioned limits, subsidy would be reduced proportionately. Kindly refer to the subsidy calculator.

Check Subsidy Eligibility

• EWS/LIG - upto 2.67 Lakhs
• MIG 1 - upto 2.35 Lakhs
• MIG 2 - upto 2.30 Lakhs

Repairing work to the existing house can be undertaken in houses which are kutcha, semi pucca and require exTen1sive renovation to make it into a pucca house. However, this is applicable only for applicants in the EWS/ LIG categories.

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.

Here, E stands for EMI, P means for principle, R means rate of interest every month. N indicates the tenure of loan. The monthly payable amount remains fixed but with passage of time, you will pay less towards interest and more towards principal.

However, to understand how much EMI you need to shell out, the first thing you need to know is that how much loan can you take. To compute your eligibility, you need to provide few basic personal details such as PAN Card No, Date of Birth and professional details like organization’s name, income status and job tenure. These factors affect the chargeable interest rate on your loan. In order to pay dues on time, you need to calculate the accurate EMI in advance. The EMI helps you to assess whether loan is affordable or not.

Example -

Abhijit with 5 years of professional experience earns Rs 70,000 a month. He wants to purchase a property worth Rs 50,000,00. How much home loan he can get on his salary? What would be his EMI?

The eligibility for total home loan amount will be around Rs 42,50,000/- And, the E.M.I would stand around Rs 40,033 and this would be for 20 years.

• 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.

• 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.