Is IIFL Home Finance Ltd a Good Option For Making a New House?

IIFL is one of India’s top Non-Banking Financial Companies, which provides a host of financial services to the Indian populace. These services can be broken down into three wings: IIFL Wealth, IIFL Securities and the IIFL Finance. The IIFL Wealth wing offers wealth management, asset management company and wealth finance to HNIs. Securities service includes financial advisory and broking services, investment banking and financial product distribution. Last but not the least, the IIFL Finance wing is all about providing lending options such as home loans, vehicle loans, loan against securities and micro finance. Among these options, the IIFL Home Finance is a popular product and really stands out.

IIFL Home Finance Ltd. has tailored home loan offerings for all kinds of people (from LIGs to MIGs to HIGs to NRIs). The objective of IIFL Home Finance Ltd. is in line with the Modi government’s object to provide “housing for all by 2020”. In order to reach this mission, IIFL provides big loan amounts at very nominal interest rates with minimum documentation process. Let’s discuss some reasons that will convince you to choose IIFL home loan to finance your new house requirements.

Why to Choose IIFL Home Finance Ltd?

Multiple Options: Whether you belong to a High Income Group or to an Economically Weaker Section (EWS), the IIFL Home Finance Ltd accommodates all kinds of needs and has a loan for every need. Under the Pradhan Mantri Awas Yojana Scheme, IIFL provides loans to economically weaker sections (EWS) and lower income groups (LIGs) at really low interest rates. On the other hand, there are options like New Home Loan, Home Improvement Loan and NRI Home loans for people belonging to the HIG strata.
Attractive Rate of Interest: IIFL offers one of the best rates of interest in the market. Where other players are offering interest rates at around 10%, IIFL has calming interest rates starting from 8.85%.

Minimum Documentation Procedure: With such big amounts involved in the home loan deal, the documentation process gets tedious. And it’s a really frustrating, if the loan is rejected after going through the sweaty documentation process. But, IIFL totally gets this. That is why it has kept the documentation requirements very simple and minimal. Like, in the Swaraj Home Loan, IIFL doesn’t follow the strict income documentation policy followed by other banks and NBFCs. Even while sanctioning these loans, they do not ask for credit history or any fixed income proof. This is of major help to self employed individuals. With regards to the salaried employees, the documentation process is also very simple and not much of a hassle.

Repayment Tenure: Some banks and NBFCs give away loans for a less tenure. This can be a burden on your present life. You will have to compensate on a lot of things just to pay the loan amount. But with the IIFL home loan, there is a room for some scoops of luxury while paying off your EMIs every month. This is because it grants loan for a tenure period of upto 30 years.

Big Loan Amounts: It offers home loan amount like none other in the market. One can take IIFL home loan amount upto INR 20 crores. However, the home loan that you’ll receive depends on a couple of factors like monthly disposable income, age of the applicant, the value of the property and moreso.