How much is a late payment charge?
The late payment charge is 18% per annum of outstanding EMI.
What does the amount of interest depend on?
The principal sum, interest rate, frequency of compounding, and length of time over which it is lent all affect how much interest accrues.
Can I get a home loan for renovation or an extension?
If you are thinking of remodelling your home, IIFL Home Loans offers a Home Improvement Loan that is tailored to match your demands for home additions or improvements.
What are the documents I require to apply for a home loan?
Our goal is to relieve our clients of unnecessary paperwork. We strive to streamline the entire home loan processing with the least amount of paperwork. Identity proof, address proof, income proof, property-related paperwork, and others are the basic documents needed for a home loan.
What is the maximum repayment period for a home loan?
At IIFL Home Loans, the maximum loan tenure can be up to 25 years.
How to calculate EMI for a home loan?
It is crucial to assess your ability to pay the EMI for a house loan before applying for one. For assistance, IIFL Home Loans provides a self-help Home Loan Calculator, a free online tool that asks for basic information such as projected loan amount, loan length, and interest rate. The precise EMI amount that you are required to pay is shown by the home loan EMI calculator.
What is an EMI?
Equated Monthly Instalment, or EMI, is the regular payment you must make each month until the whole amount of your loan has been repaid.
Is it mandatory to have a co-applicant while applying for a home loan?
Yes, having a co-applicant is required for a home loan.
What is the Eligibility Criteria for a home loan?
Any Indian citizen between the ages of 18 and 75 who is self-employed or salaried is eligible to apply for a home loan through IIFL Home Loans.
What is a floating Interest rate?
A floating interest rate is one that fluctuates on a regular basis, going up and down to reflect the state of the economy or financial markets.
What is the interest rate on a home loan?
Here at IIFL Home Loans, interest rates start from just 8.2%.
How can I apply for a home loan at IIFL Home Loans?
By clicking here, you may apply for a home loan online. We provide rapid sanctions for mortgage loans and have straightforward documentation. For support, you may also contact us at 1860-267-3000, our helpline number.