A mortgage loan is a type of loan that allows you to borrow money by using your property as collateral. You can use a mortgage loan to buy a new house, flat, land, or plot, or to renovate your existing property. A mortgage loan can also help you consolidate your debts, fund your education, or meet any other financial needs.
One of the lenders that offer mortgage loans in India is IIFL Finance, formerly known as India Infoline Finance Limited. IIFL Finance is a non-banking financial company (NBFC) that provides various financial products and services, such as home loans, personal loans, gold loans, business loans, and insurance.
In this article, we will explain how to apply for an IIFL mortgage loan, what are the eligibility criteria, interest rates, fees and charges, documents required, and benefits of choosing IIFL Finance as your mortgage loan provider.
Eligibility Criteria for an IIFL Mortgage Loan
To apply for an IIFL mortgage loan, you need to meet the following eligibility criteria:
- You must be an Indian citizen and resident.
- You must be at least 21 years old at the time of applying and not more than 65 years old at the time of loan maturity.
- You must have a regular source of income, either as a salaried employee or a self-employed professional or business owner.
- You must have a good credit score and repayment history.
- You must have a clear title and ownership of the property that you want to mortgage.
- The property that you want to mortgage must be located in a city or town where IIFL Finance operates.
Interest Rates, Fees and Charges for an IIFL Mortgage Loan
The interest rates for an IIFL mortgage loan vary depending on various factors, such as your income, credit score, loan amount, loan tenure, property value, and location. The interest rates range from 9.5% to 15% per annum.
The fees and charges for an IIFL mortgage loan include:
- Processing fee: Up to 2% of the loan amount plus GST
- Prepayment penalty: Nil for floating rate loans; up to 4% for fixed rate loans
- Foreclosure charges: Nil for floating rate loans; up to 4% for fixed rate loans
- Late payment charges: 2% per month on the overdue amount
- Cheque bounce charges: Rs. 500 per instance
- Document retrieval charges: Rs. 500 per instance
- Stamp duty and registration charges: As per the applicable state laws
Documents Required for an IIFL Mortgage Loan
The documents required for an IIFL mortgage loan include:
- Identity proof: PAN card, Aadhaar card, passport, voter ID card, driving license, etc.
- Address proof: Aadhaar card, passport, voter ID card, driving license, utility bills, rent agreement, etc.
- Income proof: Salary slips, bank statements, income tax returns, Form 16, audited financial statements, etc.
- Property documents: Sale deed, title deed, Khata certificate, tax receipts, valuation report, NOC from society or builder, etc.
- Photographs: Passport size photographs of the applicant and co-applicant
How to Apply for an IIFL Mortgage Loan
You can apply for an IIFL mortgage loan online or offline. To apply online, you need to visit the official website of IIFL Finance and fill out the online application form with your personal and professional details. You also need to upload the scanned copies of the required documents and submit the form.
To apply offline, you need to visit the nearest branch of IIFL Finance and meet a loan officer who will guide you through the application process. You need to submit the hard copies of the required documents along with the application form.
After submitting your application form and documents, IIFL Finance will verify your eligibility and creditworthiness. If your application is approved, you will receive a sanction letter from IIFL Finance stating the loan amount, interest rate, tenure, EMI amount, and other terms and conditions.
You need to sign the sanction letter and submit it along with some post-dated cheques or ECS mandate as security. You also need to pay the processing fee and any other applicable charges.
Once you complete these formalities, IIFL Finance will disburse the loan amount to your bank account or directly to the seller or builder of the property that you want to buy or renovate.
Benefits of Choosing IIFL Finance as Your Mortgage Loan Provider
Some of the benefits of choosing IIFL Finance as your mortgage loan provider are:
- Competitive interest rates and flexible repayment options
- High loan amount up to 85% of the property value
- Long loan tenure up to 30 years
- Quick and hassle-free loan approval and disbursal
- Minimal documentation and paperless processing
- Online loan management and customer service
- Option to transfer your existing loan from another lender to IIFL Finance at a lower interest rate
Frequently Asked Questions (FAQs) about IIFL Mortgage Loan
Here are some of the frequently asked questions (FAQs) about IIFL mortgage loan:
Q: What is the minimum and maximum loan amount that I can get from IIFL Finance?
A: The minimum loan amount that you can get from IIFL Finance is Rs. 3 lakh and the maximum loan amount is Rs. 10 crore, subject to your eligibility and property value.
Q: What is the minimum and maximum loan tenure that I can choose from IIFL Finance?
A: The minimum loan tenure that you can choose from IIFL Finance is 12 months and the maximum loan tenure is 360 months, subject to your age and repayment capacity.
Q: Can I prepay or foreclose my IIFL mortgage loan before the end of the loan tenure?
A: Yes, you can prepay or foreclose your IIFL mortgage loan before the end of the loan tenure without any penalty if you have a floating rate loan. However, if you have a fixed rate loan, you will have to pay a prepayment or foreclosure charge of up to 4% of the outstanding loan amount.
Q: Can I avail a top-up loan on my existing IIFL mortgage loan?
A: Yes, you can avail a top-up loan on your existing IIFL mortgage loan if you have a good repayment history and sufficient equity in your property. The top-up loan amount, interest rate, and tenure will depend on your eligibility and credit profile.
Q: How can I check the status of my IIFL mortgage loan application?
A: You can check the status of your IIFL mortgage loan application online by logging into your account on the official website of IIFL Finance. You can also call the customer care number or visit the nearest branch of IIFL Finance to check the status of your application.