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Get your Home Loan approved
in just 30 minutes*
Loans starting as low as ₹5 Lakh*
Quick Loan
Processing
Competitive
Interest Rates
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all digital
*Terms & Conditions Apply. Loan at sole discretion of IIFL Home Finance Ltd.
Why choose IIFL Home Loans?
Minimal and seamless paperwork
We offer a streamlined documentation process, saving your valuable time and effort on loan approval.
Online
Process
Our 100% digital process allows you to apply online with no hassle – all done digitally!
Tailored Repayment Solutions
With loans customized as per your requirements, you can repay on a convenient repayment structure.
All-round Assistance
From DST managers to seamless support, we offer guidance whenever you need it.
No Prepayment Charges
Repay your loan early with no penalties for financial decisions aligned with your goals.
Doorstep Services
Get home loan assistance delivered at your doorstep, making the entire process easy for you.
Calculate your Home Loan EMI
Home Loan Interest Rates
Interest rates are critical when evaluating housing loans. A higher rate means higher EMIs and increased monthly outgo. The interest on your loan represents the price your lender charges on the principal amount borrowed. Lenders set home loan interest rates based on distinct factors such as credit score, income, principal, property type, and loan tenure. Thus, the loan rates vary for every borrower. At IIFL Home Finance, we peg interest rates to the Benchmark Prime Lending Rate (BPLR) to ensure fair pricing and transparency. Our housing finance team assesses your profile to determine your home loan interest rate and margin requirements.
Read more on Home Loan Interest RatesHome Loan Fees & Charges
We prioritize transparency and keep you informed at every step, ensuring no hidden costs or surprises. with IIFL Home Finance Limited offer faster access to funds at attractive rates starting from 8.90% p.a. Here are our specific home loan charges
Documents required for Home Loan
Identity proof
- Permanent Account Number or PAN (mandatory)
- Aadhaar Card
- Driving License
- Voter ID
- Passport
Address Proof
- Aadhar Card
- Driving License
- Passport
- Voter ID
- Utility bills
- Rental agreements
- Property tax receipts
Property documents required
- Buyer agreement
- Sale deed
- No objection certificate (NOC) from the builder or housing society
- Receipt made to the developer (if applicable)
- Chain documents of the property
- Property ownership documents
- Property tax receipts
- Encumbrance certificate
- Site plan and layout approval
Income Proof
- Salary slips
- Form 16
- Income Tax Returns (ITR)
- Bank Statements
Employment Proof
- Employment letter from employer
Home Loan Eligibility Criteria
Home loan eligibility primarily depends on the applicant's income, credit history, and repayment capacity. Other parameters like employment, property type, and age are also considered while sanctioning loans. Anyone who meets the following criteria can apply for a home loan.
You must be a resident Indian citizen.
You should be aged between 18 and 75 years.
You must be salaried or self-employed.
Pradhan Mantri Awas Yojana- Urban 2.0 (PMAY-U 2.0)
In a largely populated country like India, where a significant portion of the population resides in Tier 2 and Tier 3 regions, making housing a key aspect of social and economic development. Building on the experiences and learnings from the first phase of PMAY, the Government of India announced the launch of Pradhan Mantri Awas Yojana - Urban 2.0 (PMAY-U 2.0) with the vision of "Housing for All" by focusing on the needs of weaker sections and middle-class families.
PMAY-U 2.0, an upgraded version of the original scheme, focuses on affordability, sustainability, and inclusivity in urban housing. The scheme features innovative technologies, eco-friendly and disaster-resilient construction, and financial incentives for stakeholders.
Read more on PMAY-U 2.0Frequently Asked Questions (FAQ’s)
A home loan is a type of secured loan that provides you with funds to purchase a house. You must repay the loan, along with interest, over a specified period as per your agreed-upon repayment terms.
To apply for a home loan, initiate the process by clicking the "Apply Loan Online" tab and entering your mobile number to receive OTP. Next, enter your location, loan type, and required loan amount. Then, verify your Aadhar, click a live photo, and input PAN details. Finish the process by proceeding with the eligibility check.
Before choosing a housing loan, review your options, negotiate for the best deal, and check fees and terms. Also, verify the lender’s credibility and ensure your credit rating is good.
As per the current home loan eligibility criteria, any salaried or self-employed person aged between 18 - 75 years and a credit score above 660 can obtain a home loan.
To apply for a housing loan, you must submit your PAN card, identity and address proof, income proof, and all property-related paperwork like buyer agreement, receipt made to developer, sale deed, and chain documents of the property along with your duly filled-in home loan application form.
The current home loan interest rates start from 8.90% p.a.
Fixed interest rates remain constant throughout the loan tenure. Conversely, floating interest rates fluctuate as per market vagaries. In the former, your EMIs are fixed, while in the latter, your EMIs change monthly. At IIFL Home Finance, you can obtain floating-rate loans linked to BPLR.
The minimum salary required for home loans is ₹25,000 per month. As your annual income increases, you become eligible for higher loan amounts.
The housing loan EMI formula is:
EMI = [P x R x (1+R)N] / [(1+R)N-1]
where,
P = Principal amount
R = Monthly interest rate
N = Loan tenure in months
IIFL Home Finance offers a pre-built house loan EMI calculator to help you know your EMIs instantly. Homeowners must familiarize themselves with the housing loan EMI calculation formula to better assess their borrowing capacity and make informed decisions about property purchases.
Yes, you can opt for home loan prepayment to reduce your EMIs and loan tenure. With IIFL Home Finance, you incur no prepayment penalties.
To qualify for a home loan at favorable rates, you need a minimum CIBIL score of 660, though lenders consider a score of over 750 excellent.
You can apply for a joint home loan, especially if you want larger loans. Taking a co-applicant improves the combined credit score, helping you qualify for higher loan amounts.
The time taken to process a home loan application varies across lenders. IIFL Home Finance sanctions housing loans within 30 minutes*.
Affordable home loans offer lower interest rates, flexible terms, manageable EMIs, and tailored repayment options. They reduce your financial burden and make homeownership more accessible for low and middle-income buyers.
To apply for affordable housing loans, explore IIFL Home Finance's competitive interest rates and check if you meet the eligibility conditions. Gather all the requisite documents -- identity, address, and income proofs along with property documents -- before submitting a loan application online. At IIFL Home Finance, you can get home loans interest starting from just 8.90% p.a.
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