IIFL Home Finance Limited is a housing Finance Company promoted by India Info line Limited. In addition to providing home loans it also renders technical and legal services to the home buyers to help them wade through the entire home buying process.
Who can apply
Any person who has completed 18 years of age and has yet yet completed 75 years can apply for IIFL home loan either as sole applicant or as joint application. He may be salaried or self employed but should be working with regular income. So retired persons are not eligible to get IIFL loan.
Rate of interest and charges of IIFL home loans
IIFL provides home loan at interest rates beginning from 8.75% which are comparable to offered by the leading banks. The actual rate applicable will depend on the credit profile, source of income, educational qualification etc. IIFL charges a processing fee of 0.75% subject to a minimum of Rs. 2500/- for home loan application. No prepayment charges are presently levied in case you decide to prepay the home loan before its tenure whether in part or in full.
Documents required to be submitted
Both salaried and self employed have to submit some basic Know Your Customer (KYC) documents to IIFL to prove their identity and residential address. For the purpose of identity one has to mandatorily submit copy of the PAN card. In addition to PAN card one can submit copy of Voter Card, Aadhaar Card, Passport, Driving Licence etc. Even a photo credit card or any photo identity card issued by any government body is also acceptable. In case you do not have any of the above documents you can submit a letter from any recognised authority or a public servant verifying your identity with a photograph but this should not be older than 30 days.
For address proof one can submit any documents where borrower’s name and address is mentioned like Aadhaar, Passport, Voter card, property ownership documents, rent agreement, telephone or electricity or gas bill. Even bank statement duly certified by the bank officials are also acceptable proof for residence. Copies of life insurance policies/receipt, receipts of payment of property tax etc. are also acceptable to IILF. Here also the certificate as obtained from public authority or public servant with photograph is acceptable.
In addition to identity and address proofs the salaried have to submit documents to substantiate their income. For this purpose they have to submit latest two month salary slips, bank statement for six months where the salary is credited and either copy of form no. 16 or ITR if filed for the latest year.
Likewise self employed have to submit more documents as compared to salaried to prove the business address, proof for their trade name, registration proof with various government authorities. For this purpose the self employed whether carrying on a business or a profession has to submit any of the documents like GST registration certificates, certificate issued under the shop and establishment act. In case the self employed is a member of any trade association or professional body like bar council or Institute of Chartered Accountants of India, the certificate of membership issued by them can also be submitted as proof that you are in fact caring on business/profession in that trade name. The self employed have to submit documents in support of income. For this purpose one has to provide copies of the audited/unaudited profit and loss and with balance sheet for latest two years as certified by Chartered Accountant in either case. The self employed home loan borrower also has to submit copies of ITR for the same period. The bank statement of the current/saving account where the business receipts are credited along with personal saving bank account of the prospective borrower is also required to by submitted to IIFL.
In case the property has already been identified, you should submit complete chain of documents of the property, draft of the agreement to be singed, copies of the receipts of payments made to the seller or developer if already made.
NRI Home loans
IIFL home loans helps the Non resident settled outside India to buy a property in India. The home loan under this category of IIFL home loan is available only to the Indian Citizen residing outside India as well as the person of Indian origin. An Indian Citizen holding Valid Indian Passport is eligible for an NRI Home Loan. Persons of Indian origin and holding foreign passport have to submit copy of their foreign passport with valid Personal Of Indian Origin Card (POI) card or Overseas Citizen of India card with a home loan application. It is not that all the NRI are eligible for IIFL home loans. Only the NRI residing in certain countries are only eligible for availing the IIFL home loan. The NRI residing in developed counties as well as those working in middle east as well as those residing in European countries (except countries facing problem like Spain Greece, Portugal and Italy) are eligible to apply for the NRI home loans, whereas those residing in many African countries and South American countries are not eligible to get home loan from IIFL. The NRI applicant mandatorily has to appoint an Indian Resident as Power of Attorney holder for the purpose of documentation on behalf of the NRI. A spouse even if a resident of India cannot be appointed as POA. The POA holder may or may not be a co-applicant
Swaraj Home loan scheme
Under this novel scheme of home loans, the IIFL provides an opportunity to buy a house of their own to the people who do not have sufficient and proper documents to substantiate their regular income like the auto drivers, vegetable vendors or all the people who receive their salary in cash and no documents are provided by the employers.