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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Principal Amount
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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 |
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 |
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| IIFL Plot Home Loans |
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| IIFL Home Construction Loans |
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| IIFL Home Renovation Loans |
|
| IIFL Top-Up Home Loans |
|
| IIFL NRI/ PIO Home Loans |
|
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:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- 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.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the IIFL Home Loan Balance Transfer option on the next page.
- 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.
Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan
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 2024
| 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 |
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.