IIFL Home Loan Interest Rate

Headquartered in Mumbai, IIFL Finance Limited is counted among the top independent financial service providers in India. Best known for home loan approvals within 25 minutes, IIFL has helped thousands of people buy their dream homes with affordable home loans. IIFL home loan interest rates start at 8.50% per annum. The maximum loan repayment tenure is up to 30 years, and the maximum loan amount is up to Rs. 5 crores. IIFL bank home loan interest rates are reduced for women borrowers, which allows them to save more money while buying a home of their own. 

 

IIFL Home Loan EMI Calculator

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IIFL Home Loan Key Highlights

Amount of Loan Up to Rs. 5 crore
Rate of Interest 8.50% p.a. onwards
Processing Fees

Up to 3% of the loan amount

Max Tenure for Loan Repayment 30 years

IIFL Home Loan Interest Rates in 2024

IIFL is a non-banking financial company that offers home loans at cheaper rates compared to other leading banks and NBFCs in India. The lowest interest rate for an IIFL home loan starts at 8.50% per annum. The tables given below highlight the IIFL home loan interest rate 2023 for different categories of loan applicants.

Loan Category Rate of Interest on Home Loan
Salaried 8.50% p.a. onwards 
Self-Employed 8.60% p.a. onwards 
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Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants

Repo Linked Lending Rate (RLLR) is 8.50% p.a.

Loan Category Rate of Interest on Home Loan (p.a.)
All Loan 8.50% p.a. onwards 

IIFL NRI Home Loan Interest Rates

Loan Category Rate of Interest on Home Loan (p.a.)
NRI/ PIO Home Loans 8.80% - 10.50% p.a.  

Top-Up Loans Interest Rates

Loan Category Rate of Interest on Home Loan (p.a.)
Top-Up for Existing Bank Customers (8.75% - 9.25% p.a.)  

Interest rates were last updated on 17th November 2023

IIFL Home Loan Interest Rates for All Schemes in India

IIFL is India's leading NBFC, offering affordable home loan schemes for different purposes. Whether to buy a home or plot, renovate or construct a home, or transfer the balance from another lender to IIFL, this NBFC offers it all at a lucrative interest rate. The table below will give you a clear idea of the home plan schemes provided by the bank and the standard rate of interest offered on each.

IIFL Home Loan Schemes Rates of Interest for Each Plan
Regular Home Loans
  • 8.50% per annum
 
IIFL Plot Home Loans
  • 8.50% - 9.00% per annum
 
IIFL Home Construction Loans
  • 8.50% - 9.00% per annum
 
IIFL Home Renovation Loans
  • 8.50% - 9.00% per annum
 
IIFL Top-Up Home Loans
  • 8.75% - 9.25% per annum
 
IIFL NRI/ PIO Home Loans
  • 8.80% - 10.50% per annum
 

IIFL Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft

IIFL offers three types of convenient home loan facilities to its customers who already have a home loan scheme with the bank, and these are listed below:

IIFL Home Loan Balance Transfer

Home loan borrowers can easily reduce their home loan EMIs through the IIFL home loan balance transfer scheme. It is a way, through which IIFL allows existing home loan borrowers to transfer their outstanding loan amount to IIFL at a lower rate of interest. The IIFL balance transfer home loans are easy to get approved and come with no hidden charges.

IIFL Home Loan Top-Up

IIFL allows customers to get that additional financial boost through flexible home loan top-up plans. It is an easy way to get that extra cash without applying for another loan from  IIFL. Remember, the loan amount offered for a home loan top-up is only a part of the market value of the property value or some percentage of the original home loan amount applied by the borrower. The IIFL home loan top-up interest rate starts at 8.75% per annum. 

IIFL Home Loan Overdraft Option

The IIFL home loan overdraft facility gives customers the much-required flexibility to use the funds for emergencies. Through the OD facility, the customer can deposit money in the current account and withdraw as and when required. It is the best way to meet short-term personal or professional financial needs. The IIFL overdraft home loan starts at an interest rate of 8.50% per annum. 

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Compare IIFL Home Loan Interest Rate with Top Union Banks

It is always good to draw some comparisons when applying for a home loan. So, do compare IIFL home loan interest rates with other leading banks and NBFCs of India. This comparison will make you more confident about your decision to apply for an IIFL home loan. The table below highlights the interest rates and processing fees of other prominent financial organizations in India providing home loans:

Bank/NBFC Rate of Interest on Home Loan Processing Fee
HDFC Home Loan 8.50% p.a. onwards Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes
LIC HFC 8.50% p.a. onwards Up to 0.25% (Rs. 25,000 max)
Union Bank of India 8.70% p.a. onwards 0.50% of the loan amount (Rs. 15,000 max)
Standard Chartered 8.75% p.a. onwards 0.5% - 1% of the approved loan amount
Axis Bank 9.00% - 9.40% p.a. Up to 1% of the loan amount

IIFL Home Loan Balance Transfer Interest Rates

IIFL knows how to decrease the financial burden on home loan borrowers. Therefore, it allows them to transfer their outstanding loan amount to IIFL so that they can enjoy cheaper interest rates. By enabling this switch, IIFL helps existing home loan borrowers to save money on interest rates during the entire loan tenure. 

IIFL home loan balance transfer interest rates start at 8.50% per annum. This home loan facility is open for both salaried and self-employed borrowers. Have a look at the easiest way to apply for an IIFL balance transfer home loan:

  1. Go to the Repay Right section on the BASIC Home Loan website - Repay Right
  2. Enter the required information in the provided form and fill in the key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount. 
  3. Click on Next once you have entered the required details on the form.
  4. You can see your total savings with the IIFL Home Loan Balance Transfer option on the next page.
  5. Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with IIFL Balance Transfer on home loans. 

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How to Calculate IIFL Home Loan Interest Rates?

You can easily determine the interest rate payable on an IIFL home loan plan by using the online home loan interest rate calculator available at EMI. Use this easy-to-use online EMI calculator to avoid confusion while planning your monthly expenses. The table below provides a detailed estimate of the EMI payable and the interest rate on IIFL home loans:

IDFC Bank Home Loan EMI Calculator 2023

Loan Amount Rate of Interest EMI for 10-Year Loan Tenure EMI for 20-Year Loan Tenure EMI for 30-Year Loan Tenure
Rs. 10 lakh 8.50% p.a. Rs. 12,399 Rs. 8,678 Rs. 7,689
Rs. 20 lakh 8.50% p.a. Rs. 24,797 Rs. 17,356 Rs. 15,378
Rs. 30 lakh 8.50% p.a. Rs. 37,196 Rs. 26,035 Rs. 23,067
Rs. 40 lakh 8.50% p.a. Rs. 49,594 Rs. 34,713 Rs. 30,757
Rs. 50 lakh 8.50% p.a. Rs. 61,993 Rs. 43,391 Rs. 38,446
Rs. 60 lakh 8.50% p.a. Rs. 74,391 Rs. 52,069 Rs. 46,135
Rs. 70 lakh 8.50% p.a. Rs. 86,790 Rs. 60,748 Rs. 53,824
Rs. 80 lakh 8.50% p.a. Rs. 99,189 Rs. 69,426 Rs. 61,513
Rs. 90 lakh 8.50% p.a. Rs. 1,11,587 Rs. 78,104 Rs. 69,202
Rs. 1 crore 8.50% p.a. Rs. 1,23,986 Rs. 86,782 Rs. 76,891
Disclaimer:

The figures in the table above are based on an 8.50% p.a. interest rate offered by IIFL. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.

FAQ's

Yes, IIFL offers special benefits to women home loan borrowers, such as reduced interest rates and processing fee exemptions. We recommend you check the same from the official website of IIFL.

Yes, choosing a balance transfer home loan from IIFL is a wise decision. IIFL balance transfer home loans are easy to get approval for and allow you to enjoy saving money on interest rates. 

IIFL overdraft facility is specially designed to help existing home loan borrowers get funds for unexpected personal or professional requirements. Through the overdraft facility, they can access the funds from the account without reapplying for a separate loan. 

The lowest interest rate in  IIFL for salaried applicants starts at 8.50% per annum. 

Banks and NBFCs often take into account the CIBIL score or credit score of a home loan applicant, as it allows them to check the credit history of the applicant. The minimum CIBIL score for an IIFL home loan is 700. 

To reduce the interest rate on an IIFL home loan, you must opt for a longer loan tenure. Besides, get an IIFL balance transfer home loan to enjoy cheaper interest rates. 

IIFL offers digital home loan approval to eligible borrowers within 25 minutes of applying. 

The current home loan interest rates offered by IIFL in 2023 start at 8.50% per annum. However, we suggest verifying the same through the NBFC's official website. 

IIFL home loan interest rates are primarily influenced by factors such as loan tenure, loan amount, applicant's credit score, and the current market conditions.