IIFL Loan Against Property
IIFL Loan Against Property
IIFL Loan Against Property (LAP), also known as Shakthi Loan Against Property is a multi-purpose loan that can come in handy to meet your financial needs against your residential or commercial property. It starts with an interest rate of 11.50% per annum. Borrowers can repay the IIFL LAP loan in a repayment period of up to 10 years. The maximum loan amount a borrower can get as a LAP from IIFL is up to Rs. 10 crore or up to 65% of the property value at a processing fee of 2% of the loan amount.
IIFL Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
IIFL Loan Against Property Interest Rate
IIFL offers easy and hassle-free documentation loan servicing all over India with easy repayment by EMIs through ECS and ACH. Salaried and self-employed applicants can apply for an IIFL LAP loan interest rate beginning at 11.50% per annum.
The IIFL loan against property rate of interest 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 11.50% p.a. onwards |
| Fixed | 11.50% p.a. onwards |
IIFL Loan Against Property Eligibility Criteria
Getting a loan against property from IIFL Finance is pretty easy if you can adhere to the eligibility criteria set by the NBFC. These are general criteria based on the applicant’s age, income, credit score, and nationality.
Have a look at the table below to understand the IIFL loan against property eligibility:
For Salaried Individuals
Age Range (in years)
21 - 70 years
Nationality
Indian Residents
Minimum Income Earned
Rs. 12,000 per month
Credit Score
750 or above (preferred)
For Self-Employed Individuals
Age Range (in years)
21 - 70 years
Nationality
Indian Residents
Minimum Income Earned
Rs. 12,000 per month
Credit Score
750 or above (preferred)
IIFL Loan Against Property Fees and Charges
To recover the expenses met to process a loan against a property application, IIFL Housing Finance charges a nominal processing fee from borrowers. The table below enlists the updated IIFL loan against property processing fees and other charges:
| Processing Fee | 2% of the loan amount |
| CERSAI Charges | Loans less than or equal to Rs. 5 lakhs: Rs. 50; Loans more than Rs. 5 lakhs: Rs. 100 |
| Late Payment Charges | 18% p.a. of the outstanding EMI |
| Cheque Dishonour Charges | Rs. 500 |
| Collateral Evaluation Charges | Loans less than or equal to Rs. 2 crore: Rs. 5,000; Loans ranging between Rs. 2 crore and Rs. 5 crore: Rs. 10,000; Loans more than Rs. 5 crores: Rs. 25,000 |
| Foreclosure Charges (Individual Applicant) | Business Use (within 12 months of 1st disbursement): 5% of the prepaid amount + taxes; Business Use (post 12 months of 1st disbursement): 3% of the prepaid amount + taxes; Personal Use: Nil |
| Foreclosure Charges (Non-Individual Applicant) | Business Use (post 12 months of 1st disbursement): 3% of the prepaid amount + taxes; Personal Use (within 12 months of 1st disbursement): 5% of the prepaid amount + taxes |
| Prepayment Charges (Individual Applicant) | Within 12 months of 1st disbursement: 5% of the prepaid amount + taxes; Post 12 months of 1st disbursement: 1% of the prepaid amount + taxes; Personal Use: Nil |
| Prepayment Charges (Non-Individual Applicant) | Business Use (post 12 months of 1st disbursement): 1% of the prepaid amount + taxes; Personal Use (within 12 months of 1st disbursement):: 5% of the prepaid amount + taxes |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Take some time out to evaluate and compare interest rates and processing fees of IIFL Finance LAP and other leading banks and NBFCs to make an informed decision. For this purpose, we are now showing a comparison table for the same:
- Rate of Interest - 11.50% p.a. onwards
- Processing Fee - 2% of the loan amount
- Rate of Interest - 9.50% - 11.00% p.a.
- Processing Fee - 1% of the loan amount (minimum of Rs. 7,500)
- Rate of Interest - 9.75% - 18.00% p.a.
- Processing Fee - Up to 4% of the loan amount + GST
- Rate of Interest - 10.00% - 11.30% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.00% - 24.00% p.a.
- Processing Fee - 1% of the loan amount + GST
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
Documents Required For IIFL Loan Against Property
If you are thinking of applying for an IIFL LAP, then make sure to first gather and submit some essential documents to prove your age, income, nationality, identity, address, and property. The complete list of IIFL loan against property documents required is mentioned below:
| For Salaried Loan Applicants | Address Or Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, Etc.
Income Proof: Salary Slips For 3 Months, Bank Account Statements For 6 Months, Latest ITR/ Form 16
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, And So On
Other Documents: Processing Fee Cheque, Duly-Filled Application Form With Recent Passport Size Photograph, Appointment Letter |
| For Self-Employed Loan Applicants | Address Or Identity Proof: Aadhaar Card, PAN Card, Passport, And Voter ID Card
Income Proof: ITR/ Form 16 For 3 Years, Profit And Loss Account Statements And Balance Sheets For 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For 6 Months, Business Profile, Form 26AS
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, Etc.
Other Documents: Processing Fee Cheque, Duly Filled Application Form With A Recent Passport-Size Photograph, No Objection Certificate, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders |
How to Apply for an IIFL Loan Against Property
You can easily proceed with the IIFL loan against property apply online procedure in the following manner:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for an IIFL Home Loan Against Property
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