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EMI Starts From : ₹884/Lakh
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Interest Rates starting @8.75%

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Tenure upto 30 years

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IIFLIIFL
  • Overview
  • Loan Calculations
  • Highlights
  • Home Loan Interest Rates
  • Compare With Other Banks
  • Processing Fees
  • Fees and Charges
  • Home Loan Types
  • EMI Calculator
  • Eligibility Criteria
  • Documents
  • Tenure
  • How to Apply
  • Loan Amount
  • Customer Care
  • Nearest Branches
  • Disbursement Process
  • Home Loan Insurance
  • Tax Benefits
  • Bank Features
  • Why Choose Credit Dharma

IIFL Home Loan

IIFL offers home loans with interest rates starting at 8.75% per annum and repayment tenures of up to 30 years. The minimum loan amount available is ₹2 Lakh, ensuring accessibility for a wide range of applicants. Beyond attractive interest rates and flexible tenures, IIFL offers home loan balance transfer facility, top up loan, and home loans for Indian defence forces.

Rate of Interest

8.75% - 10.5%

Loan to Value

80% - 90%

Loan Tenure

Max 30 years

Max Loan Amount

Upto 5cr

Rate of Interest8.75% - 10.5%
Loan TenureMax 30 years
AgeSalaried/ Self Employed : 18-75 years
ProfessionSalaried/Self Employed
IncomeMetro Cities : 20,000/Month & Above
Other Cities : 15,000/Month & Above
NationalityResident Indian/ NRI
Max Loan AmountUpto 5cr
Plot Purchase
Independent Building
Apartment
Resale Property
New Construction
LTV80% - 90%
Home Loan
Plot Cum Construction Loan
Balance Transfer
Overdraft Facility
Top Up Facility
Other OfferingsLoan Against Property, Secured Business Loan, Home Loan for Uniformed Sevices, NRI Home Loan
Processing FeesUp to 1.75% of the loan amount
Other ChargesLate Payment Charges- 18% per annum on the overdue loan amount
Overdraft Facilities-
Highlights• Customized repayment solutions
• All round assistance
• No prepayment charges
• Door step services
• Minimal documentation

*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.

Home Loan Calculations
₹50,00,000
20 Years
Loan Amount₹ 50,00,000
Loan Tenure20 years
Rate of Interest8.75% - 10.5%
Monthly EMI₹ 44,185 -
₹ 49,918

IIFL Home Loan Highlights

IIFL home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

CategoryDetails
Interest Rate8.75% p.a. onwards
Loan Amount ₹2 Lakh onwards
Loan Tenure30 Years
Processing ChargesUp to 1.75% of the loan amount

IIFL Home Loan Interest Rates

IIFL offers home loans at interest rates starting from 8.75% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose. 

Home Loan TypeHome Loan Interest Rates
Home Loan8.75% p.a. onwards
Home Improvement Loan8.90% p.a. onwards
Home Loan For Uniformed ServicesContact the Bank
Home Loan Balance Transfer8.90% p.a. onwards
NRI Home LoanContact the Bank

Get the best Home Loan interest rates tailored for you

If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.

Apply Now
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Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

BankUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI Bank8.00% p.a. onwards8.00% p.a. onwards8.00% p.a. onwards
HDFC Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
LIC Bank8.50% – 10.35% p.a.8.50% – 10.55% p.a.8.50% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Punjab National Bank8.50% – 11.05% p.a.8.50% – 11.05% p.a.8.50% – 11.05% p.a.
Bank Of Baroda8.40% onwards8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Axis Bank8.75%-10.30% p.a.8.75%-10.30% p.a.8.75%-10.30% p.a.
Bank of India8.40% p.a onwards8.40% p.a onwards8.40% p.a onwards
TATA Capital8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

IIFL Home Loan Processing Fees

IIFL takes processing fees to cover the cost of reviewing your documents and assessing your loan application.

Fees TypeAmount
Home LoansUp to 1.75% of the Loan Amount
Loan Against PropertyUp to 2.00% of the Loan Amount

IIFL Home Loan Other Fees and Charges

IIFL applies various fees and charges on its home loans. Besides processing fees, borrowers may also have to pay administrative costs, legal fees, and prepayment charges.

CategoryCharges
CERSAI FeesLoans ≤ ₹5 lacs: ₹50
Loans > ₹5 lacs: ₹100
Transaction/Legal Handling (BT)₹2,500
Collateral Evaluation ChargesHL Non-APF: ₹3,000
Collateral Evaluation Charges Project Finance<₹5 Cr: ₹15,000
≥₹5 Cr: ₹1,00,000 or actual
(whichever is higher)
Collateral Evaluation Charges in P+C transactions₹5,500
Presentation ChargesHL/Swaraj HL: ₹444
LAP/Sammaan/Secured Business Loan: ₹313 Construction & Project Finance: ₹129
Retrieval charges for original property document in IIFL custody ₹2,000 per instance
(before/post loan closure)
Retrieval charges for original property document in IIFL custody Post Loan Closure:
≤₹1 Cr: ₹1,000
>₹1 Cr: ₹2,000
Retrieval charges for Copies of loan /copies of property document in IIFL custody
₹500 per instance
Cheque/ECS Dishonour Charges₹500 per bounce
Nil on representation
Late Payment Charges18% p.a. of overdue loan amount
Statement of Account/AmortizationNil
Custodial Fee for Closed Loans₹500 per month (post 60 days from loan closure)
Cheque/ECS Swapping Charges₹500 per instance
Collection Convenience FeeOnline: ₹100 per instance (waived for payments < ₹500)
Collection Convenience FeeCash Deposit: ₹200 per instance (waived for payments < ₹500)
Issuance of FC Statement₹500 per instance

Home Loan Pre-Payment/ Foreclosure Charges on Floating ROI Tenor

Borrower TypeSource of FundsForeclosure ChargesPre-payment Charges
Individual/Non-IndividualAny SourceNANA

Read More: Fixed vs. Floating Interest Rates

Home Loan Pre-Payment/ Foreclosure Charges on Fixed ROI Tenor

Source of FundsForeclosure ChargesPre-payment Charges
Own SourcesNANA
Other SourcesWithin 12 months: 5% of prepaid amount + taxesWithin 12 months: 5% of prepaid amount + taxes
Post 12 months: 3% of prepaid amount + taxesPost 12 months: 1% of prepaid amount + taxes

Read More: Home Loan Foreclosure Guide

Types of Home Loans Offered by IIFL

IIFL understands that owning a home is a cherished goal for everyone. IIFL home loan schemes are thoughtfully designed to meet your unique needs, offering flexible terms and competitive rates.

IIFL Home Loan

  • IIFL Home Loans offers a comprehensive range of services, including New Home Loans, Home Extension or Improvement Loans, NRI Home Loans, Balance Transfers, and Loans Against Properties.
  • Quick disbursal of loans within 30 minutes.
  • Seamless transfer of existing home loans with high top-up loan amounts available for additional funding needs.
  • Loan amounts starting from ₹2 Lakhs*, customizable to meet your property and financial requirements.

IIFL Home Improvement Loan

  • Avail a Home Improvement Loan of up to ₹50 Lakhs to meet your renovation and remodeling needs.
  • Use the loan for various purposes, including flooring, tiling, bathroom makeovers, kitchen remodeling, garden design, plastering, and more.
  • Cover expenses related to contractors, raw materials, and interior designers under the loan amount.
  • Repay the loan conveniently with flexible tenure options of up to 25 years.
  • Both salaried individuals, such as government and corporate employees, and self-employed individuals, including CAs, doctors, contractors, and traders, are eligible to apply.

IIFL NRI Home Loan

  • Both salaried and self-employed NRIs can apply for a home loan.
  • Loans are offered under guidelines of the Foreign Exchange Management Act (FEMA), ensuring smooth property purchase for NRIs in India.
  • Legal and technical counseling services provided as part of the home-buying process.

Read More: Best CIBIL Score for NRI Home Loan

IIFL Home Loan For Uniformed Services

  • Designed specifically for Indian Defence Forces and Paramilitary Forces employees, including retired pensioners.
  • Complimentary health insurance coverage up to ₹3 Lakh.
  • One EMI cashback on successful completion of 48 EMIs.

IIFL Home Loan Balance Transfer

  • Transfer your existing home loan to IIFL Home Loans for better interest rates, a top-up on the loan amount, or an extended repayment tenure.
  • Choose a repayment tenure of up to 20 years, allowing you to manage EMIs comfortably.
  • Enjoy additional funding with a top-up loan on your existing balance transfer.
  • Benefit from lower fees during the transfer process.

IIFL Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate IIFL Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from IIFLto finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

  1. A 20-Year Loan (240 months)
  2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

ScenariosHome Loan AmountInterest RateTenureEMIInterest PaymentTotal Payment
Scenario 1₹50,00,000 8.35% p.a.20 years₹42,918₹53,00,236₹ 1,03,00,236
Scenario 2₹50,00,000 8.35% p.a.30 years₹37,915₹86,49,548₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

  • Although the monthly EMI is higher, your total interest outflow is much lower. 
  • Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

  • You’ll pay a lower EMI each month, easing short-term financial burden. 
  • However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.

IIFL Home Loan Eligibility Criteria

Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by IIFL:

IIFL Home Loan

CriteriaDetails
NationalityThe applicant should be a resident of India.
AgeThe applicant should be within the age group of 18 to 75 years.
OccupationThe applicant must be salaried or self-employed.

IIFL Home Improvement Loan

Eligibility CriteriaDetails
Resident IndianAny resident Indian can apply for a loan for a house extension.
AgeBoth salaried and self-employed candidates between the ages of 18 to 75 years.
Non-Resident Indians (NRIs) & PIOsNRIs and Persons of Indian Origin (PIOs) holding foreign passports can avail the loan.

Co-Applicant Eligibility Criteria

  • Co-applicant must be a close family member.
  • Age limit for co-applicants is 18 to 75 years.
  • Women co-applicants, such as a wife or mother, are eligible for better interest rates, even if they are not earning.

IIFL NRI Home Loan

Eligibility CriteriaDetails
AgeIndian citizens aged 18 to 75 years can apply.
Employment StatusSalaried or self-employed individuals are eligible.
Indian PassportApplicant must hold a valid Indian passport.
No “No Entry” StampPassport must not have a “No Entry” stamp prohibiting entry into India.
Valid Entry VisaRequired for NRI applicants submitting the application in person.
PIO/OCI StatusApplicants must provide a valid PIO/OCI card and a foreign country passport.

Eligible Countries:

  • North America: USA and Canada
  • Middle East Countries: UAE (Dubai, Sharjah, Abu Dhabi), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar, Oman
  • East Asian Countries: Singapore, Malaysia, Hong Kong, Japan, Thailand
  • EU Countries: All except Spain, Greece, Portugal, and Italy
  • Australia and New Zealand

IIFL Home Loans for Uniformed Services

CategoryForces Included
Indian Defence Forces– Indian Army
– Indian Air Force
– Indian Navy
– Indian Coast Guard
– Assam Rifles
– Special Frontier Forces (SFF)
– Rashtriya Rifles (RR)
Paramilitary Forces– Central Reserve Police Force (CRPF)
– Border Security Force (BSF)
– Indo-Tibetan Border Police (ITBP)
– Central Industrial Security Force (CISF)
– Sashastra Seema Bal (SSB)
– Railway Protection Force (RPF)
– National Disaster Response Force (NDRF)
– National Security Guard (NSG)/Special Protection Group (SPG)
– State Police/Indian Home Guard (Auxiliary to Indian Police)
– Rapid Action Force (RAF)
– Fire Services
– Indian Forest Services

Home Loan Balance Transfer

Eligibility CriteriaDetails
Existing LoanApplicant must have an existing loan.
EMI Payment HistoryAt least 12 EMIs should have been paid without any defaults.
Under-Construction PropertyMust have a copy of the approved plan; property registration must not be pending.
Ready-to-Move-In PropertyProperty must be registered in the applicant’s name.

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Documents Required For IIFL Home Loan

When applying for a home loan with IIFL, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:

General Documents

CategoryDocuments Required
Proof of IdentityPAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card
Proof of AddressDriver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement

Proof of Income

SalariedSelf Employed
Last 6 months’ Salary SlipsLast 3 Years ITR with Computation of Income
1 Year ITR/Form 16Profit & Loss Account
6 months bank account statement (salary account or individual account).Balance Sheet
Capital Account Statement
Bank account statement for the last 12 months (for individual or business).
Business proof 

NRI/ PIO

CategoryDocuments
Passport & VisaPassport with VISA printed on it
Work AuthorizationWork Permit
Identity ProofCopy of PAN, ID card issued by employer
Proof of Address Proof of address in India
Proof of address in the foreign country
Proof of address from employer with contact details
Income ProofLatest salary slip in original
Annual income tax return filed as per applicable rules for the last 2 years

Read More: How to Get a Home Loan Without All Documents?

IIFl Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. IIFL offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

Home Loan TypeHome Loan Interest Rates
Home Loan30 years
Home Improvement Loan25 years
Home Loan For Uniformed Services30 years
Home Loan Balance Transfer20 years
NRI Home Loan20 – 30 years

Impact of Home Loan Tenure on EMIs

  • EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
  • Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
  • Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
  • Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best IIFl Home Loan Tenure?

  • Assess income, expenses, and job security for consistent repayments.
  • Opt for shorter tenures to reduce overall interest costs.
  • Choose EMIs that fit comfortably within your budget.
  • Calculate total interest to minimize long-term costs.
  • Check for prepayment options without heavy penalties.
  • Align tenure with long-term financial goals.
  • Plan to settle the loan before retirement.
  • Factor in potential salary growth for shorter tenures.
  • Balance EMI affordability with loan tenure.

How To Apply For a Home Loan From IIFL?

Getting your dream home is easier than ever with IIFL. Apply today and take the first step towards securing a home loan with competitive rates and flexible terms!

StepsDescription
1. Meet a Loan ExecutiveDiscuss your home loan requirements with an IIFL loan executive.
2. Submit Application and DocumentsProvide the filled application form and required documents (e.g., income proof, ID proof, address proof).
3. Document ReviewThe legal and technical teams will verify your application and documents.
4. Receive Sanction LetterIf approved, receive a sanction letter with loan terms.
5. Submit Additional DocumentsProvide any additional documents requested by the bank.
6. Loan ApprovalReceive final confirmation of loan approval.
7. Loan DisbursementThe approved amount will be disbursed within 15 days.
Note: Submitting the required documents does not guarantee loan approval, as it depends on meeting the bank’s criteria.

IIFL Home Loan: Minimum and Maximum Loan Amount

IIFL offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search.

Home Loan TypeHome Loan Interest Rates
Home Loan₹2 Lakh onwards
Home Improvement LoanUp to ₹50 Lakh
Home Loan For Uniformed Services–
Home Loan Balance Transfer–
NRI Home Loan–

Home Loan Down Payment

Loan Amount% of Down Payment Required
Up to ₹30,00,00010% of the property value
₹30,00,000 – ₹75,00,00020% of the property value
₹75,00,000 and Above25% of the property value

Check Out : Calculate Your Down Payment Now

IIFL Home Loan Customer Care

To facilitate effective communication with customers, in addition, IIFL offers various channels for customer support.

Contact CategoryContact Information
Corporate OfficeIIFL Home Finance Ltd Plot No. 98, Udyog Vihar Phase IV, Sector 18, Gurgaon, Haryana -122015
Toll Free Number1860-267-3000
WhatsApp7304447444
Grievance Redressalhttps://www.iiflhomeloans.com/grievance-redressal-procedure
Email IDreach@iifl.com

IIFL Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. IIFL has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest IIFL branch using our branch locator tool.

IIFl Home Loan Approval and Disbursal

IIFL is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

  • Completeness of documents
  • Property type and location
  • Applicant’s financial profile and credit score

IIFL Home Loan Disbursement Process

IIFL ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan: Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction: Upon submission, IIFL reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement: After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Home Loan Disbursement

  • Full Disbursement: Entire loan amount released if the property is fully constructed
  • Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of IIFL Home Loan Approval?

  • Maintain a high credit score
  • Showcase strong financial stability
  • Reduce existing debt obligations
  • Provide complete and accurate documentation
  • Pay sufficient down payment
  • Choose property in approved locations
  • Maintain consistent employment history
  • Avoid multiple loan applications simultaneously
  • Submit clear and legal property documents
  • Ensure proper property valuation
  • Keep income tax returns up to date
  • Maintain low credit utilization ratio

IIFL Home Loan Insurance

IIFL does not directly offer a home loan insurance product. However, they partner with the following insurance providers to offer home loan insurance solutions:

  • Bajaj Allianz General Insurance
  • HDFC Life Insurance
  • Aditya Birla Capital Insurance
  • Go Digit General Insurance
  • ICICI Prudential Life Insurance
  • ICICI Lombard General Insurance
  • Bajaj Life Insurance

Must Read: Is home loan insurance mandatory?

IIFL Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

SectionDeduction TypeMaximum Deduction AmountConditions
80CPrincipal Repayment of Home Loan₹1.5 Lakh per annumThe house property must not be sold within five years of possession. 
80CPayment of Stamp Duty₹1.5 Lakh per annumThese expenses can only be claimed in the year they are incurred. 
24bInterest Payment on Home Loan₹2 Lakh per annumThe loan must be taken for purchasing or constructing a house.

If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken.

If the property is let out (rented), there is no cap on the interest deduction under Section 24(b).

This allows property owners renting out their property to claim full interest payments as a deduction.

Note: Section 80C also covers other investments like Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), and more, up to a combined total limit of ₹1.5 lakh.

Must Read: Calculate Your Home Loan Tax Savings

1. Section 24B – Deduction on Home Loan Interest

What It Is: Allows you to claim a deduction on the interest paid on your home loan.

  • Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
  • Rented Property: No upper limit on the interest amount you can claim.

Example

CategoryAmount
Loan AmountRs. 70,00,000
Interest Payable Per YearRs. 4 Lakhs
Tax Deduction Rs. 2 Lakhs/ Year
Tax Bracket30%
Tax Benefits per YearRs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is: Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

  • Reduces your taxable income by the principal amount repaid.
  • Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

CategoryAmount
Loan AmountRs. 75,00,000
Principal Payable Per YearRs. 3.5 Lakhs
Tax Deduction Rs. 1.5 Lakhs per Year
Tax Bracket30%
Tax Benefits per Year50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is: When two or more people take a joint home loan and are co-owners of the property.

  • Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
  • Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
  • Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

  • Father/ Mother
  • Unmarried Daughter
  • Siblings
  • Husband/ Wife
    (Minors cannot be considered as co-applicants for a Home Loan)

Example

CategoryCo Applicant 1Co Applicant 2
Tax Deduction under 24BRs. 2 Lakhs/ YearRs. 2 Lakhs/ Year
Tax Deduction under 80CRs. 1.5 Lakhs/ YearRs. 1.5 Lakhs/ Year
Tax Deductions/ YearRs. 3.5 Lakhs/ YearRs. 3.5 Lakhs/ Year
Tax Bracket30%30%
Tax BenefitsRs. 1.16 Lakhs/ YearRs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

  • EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
  • Money Saved through Tax Deductions: ₹2,32,000
  • Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

Why Should You Choose IIFL For Your Home Loan?

  • Flexible repayment tenure for convenience.
  • Transparent and efficient loan processing.
  • No prepayment penalty for floating rate loans.
  • Doorstep service for added convenience.
  • Competitive and attractive interest rates.
  • Hassle-free balance transfer process.

How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

  • Guaranteed up to 100% funding
  • Receive lifetime assistance and expert guidance long after your loan is approved.
  • Enjoy a fully digital process with minimal paperwork 
  • Get your loan approved within just 1-2 weeks.

Frequently Asked Questions

Is IIFL good for a home loan?

Yes, IIFL is considered a good option for home loans, offering competitive interest rates, flexible repayment options, and quick processing times. Many customers appreciate their customer service and tailored loan solutions.

Is a loan from IIFL safe?

Yes, taking a loan from IIFL is safe. IIFL is a well-established financial institution in India, regulated by the Reserve Bank of India (RBI), ensuring adherence to strict financial and operational standards.

Is IIFL trusted or not?

IIFL is a trusted name in the financial sector with a strong track record of serving millions of customers. It is known for its transparency, customer-centric approach, and a wide range of financial products.

Is IIFL approved by the RBI?

Yes, IIFL is approved and regulated by the Reserve Bank of India (RBI), which oversees its operations to ene compliance with Indian banking and financial regulations.

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HDFC

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LIC Housing Finance

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Bank of Baroda

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IDBI Bank

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ICICI Bank

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AXIS Bank

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BAJAJ Housing Finance

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Resources

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Trending Home Loan Options

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Tools

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Best Home Loan Offers

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