IIFL Mortgage Loan Against Property In India
IIFL Mortgage Loan Against Property is also known as LAP or Shakti Loan against Property. IIFL Mortgage is a multipurpose loan that can be given to seekers against their residential or Commercial Property in India. IIFL Loan for property can vary in interest payment but the minimum rate of interest will be 11.50% annually.
Borrowers can repay this loan amount up to 10 years. The maximum loan amount borrowers can get will be around 10 crore. Borrowers can also ask for a loan of about 65% of the value of their property.
IIFL Mortgage Loan Against Property Interest Rates
IIFL is the Indian institution name India info line financial institution. It gives loans to the residents of India against their property. Their interest rate starts at a minimum of 11.50 % annually.
The reference rate for the year 2024 will be given below.
|
Rate Package |
Rate of Interest |
|---|---|
|
Floater |
Min 11.50% per annum |
|
Fixed |
Min 11.50% per annum |
IIFL Mortgage Loan Against Property Eligibility Criteria
To get Loan from IIFL against property is quite easy and hassle free if you fulfil the eligibility criteria. Salaried class and self-employed both are eligible for this loan and their eligibility depends upon a few parameters like age range, nationality, minimum income earned, and Credit score.
Credit score is a number that estimates how likely you repay your loans on time. These Eligibility criteria are set by NBFC and these are given below.
|
Eligibility Parameters |
For Salaried Individuals |
For Self-Employed Individuals |
|---|---|---|
|
Age Range (in years) |
21 – 70 years |
21 – 70 years |
|
Nationality |
Indian Residents |
Indian Residents |
|
Minimum Income Earned |
Rs. 12,000 per month |
Rs. 12,000 per month |
|
Credit Score |
750 or above (preferred) |
750 or above (preferred) |
IIFL Mortgage Loan Against Property Fees & Charges
If you are eligible for IIFL Loan against property then you have to pay these fees and charges. These fees and charges quietly depend upon the conditions and scenarios that are given below.
|
Description |
Fee & Charges |
|---|---|
|
Processing Fee |
2% of the loan amount |
|
CERSAI Charges |
|
|
Late Payment Charges |
18% p.a. of the outstanding EMI |
|
Cheque Dishonour Charges |
Rs. 500 |
|
Collateral Evaluation Charges |
|
|
Foreclosure Charges (Individual Applicant) |
|
|
Foreclosure Charges (Non-Individual Applicant) |
|
|
Prepayment Charges (Individual Applicant) |
|
|
Prepayment Charges (Non-Individual Applicant) |
|
Note:
CERSAI charges are fees paid to register a property with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) when taking out a home loan.
For those considering other home loan options, you can also refer to the Union Bank Home Loan Interest Rates to compare offerings and find the most suitable option for your needs.
How To Apply For IIFL Loan In India
If you are looking to apply for IIFL Mortgage Loan against Property in India then you have to fulfil the below guidelines.
- First you have to check your eligibility, if you are eligible then move to next step.
- Before moving to the next step first review the required documents that are mentioned below and if you lack some documents first complete them for future inconvenience.
- Then Click on “Apply Now” below in order to complete your e-form.
Apply Now
- When you click on “Apply Now” e-form will be open and complete that e-form carefully.
- After that the team will contact you for further Instructions.
Note:
You can also calculate your EMI Home Loan Calculator. Click Here
IIFL Loan Against Property Required Documents
If your loan is approved for IIFL then following documents are required for further processing. These are as
Documents Required for Salaried Professionals
- Address and ID proof
- Photograph
- Application form completely filled
- Form 16
- Salary Slips (Last 2 Months)
- Property Documents
- Last 6 Months Bank Statement
- Work Experience proof
Documents Required for Self Employed Personal
- Application form completely filled
- Photograph
- Address and identity proof
- Balance Sheet and P/L account
- ITR of last 2 years
- Property documents
- Educational certificates
- Last 6 months bank statement
- Income proof
- Partnership deed if have any
Bottom Lines
IIFL Mortgage Loan against property is one of the best loans that a borrower can get at easy and hassle free instalments in India. Borrowers can get loans against the value of their residentials and commercial property. The rate of interest against IIFL Mortgage is also minimum and it can be bearable for salaried class too.
If you meet the eligibility criteria and in need of loans for property and other needs apply for it at your earliest.
