IIFL Home Loan Review: India Infoline Interest Rate, Eligibility

IIFL Home Loan Review: India Infoline Interest Rate, Eligibility

IIFL Home Loans are best for low income earners and borrowers without formal documentation.

Good for

  • Borrowers who do not have formal documentation
  • Borrowers who are low income earners

Bad for

  • Borrowers seeking lowest interest rates
  • Borrowers seeking long maximum loan tenures for EMI repayment
  • Borrowers who want Top Up loans or fixed rates

Editor's Rating

2.5/5.0

India Infoline (IIFL) charges higher interest rates than most home loan lenders. Additionally, IIFL home loans have relatively shorter loan tenures than other major banks and housing finance companies. Unless you are a low income earner or a borrower seeking minimal documentation requirements, you should consider the home loan lender alternatives below.

Other Home Lenders We Recommend

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Button\" data-eventlabel=\"LIC HFL Home Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"LIC HFL Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttp%253A%252F%252Fwww.lichousing.com%252Fhome_loan.php\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate home_loans: LIC HFL Home Loan - Image\" data-eventlabel=\"LIC HFL Home Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"LIC HFL Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttp%253A%252F%252Fwww.lichousing.com%252Fhome_loan.php\"\u003E\u003Cimg alt=\"LIC HFL Home Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/lichfl-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/lichfl-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/lichfl-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate home_loans: LIC HFL Home Loan - Button\" data-eventlabel=\"LIC HFL Home Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"LIC HFL Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttp%253A%252F%252Fwww.lichousing.com%252Fhome_loan.php\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n","\n\u003Cstrong\u003EAccepts Low Income\u003C\/strong\u003E\n\u003Cdiv class=\"AffiliateBannerMobile--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate home_loans: HDFC Home Loan - Image\" data-eventlabel=\"HDFC Home Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfc.com%252Fhome-loans\"\u003E\u003Cimg alt=\"HDFC Home Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfc-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfc-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfc-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate home_loans: HDFC Home Loan - Button\" data-eventlabel=\"HDFC Home Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfc.com%252Fhome-loans\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate home_loans: HDFC Home Loan - Image\" data-eventlabel=\"HDFC Home Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfc.com%252Fhome-loans\"\u003E\u003Cimg alt=\"HDFC Home Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfc-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfc-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfc-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate home_loans: HDFC Home Loan - Button\" data-eventlabel=\"HDFC Home Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfc.com%252Fhome-loans\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n","\n\u003Cstrong\u003ELowest Interest Rates\u003C\/strong\u003E\n\u003Cdiv class=\"AffiliateBannerMobile--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate home_loans: ICICI Bank Home Loan - Image\" data-eventlabel=\"ICICI Bank Home Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"ICICI Bank Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.icicibank.com%252FPersonal-Banking%252Floans%252Fhome-loan%252Fhome-loan-interest-rates.page%2523toptitle\"\u003E\u003Cimg alt=\"ICICI Bank Home Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/icici-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/icici-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/icici-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate home_loans: ICICI Bank Home Loan - Button\" data-eventlabel=\"ICICI Bank Home Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"ICICI Bank Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.icicibank.com%252FPersonal-Banking%252Floans%252Fhome-loan%252Fhome-loan-interest-rates.page%2523toptitle\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate home_loans: ICICI Bank Home Loan - Image\" data-eventlabel=\"ICICI Bank Home Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"ICICI Bank Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.icicibank.com%252FPersonal-Banking%252Floans%252Fhome-loan%252Fhome-loan-interest-rates.page%2523toptitle\"\u003E\u003Cimg alt=\"ICICI Bank Home Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/icici-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/icici-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/icici-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate home_loans: ICICI Bank Home Loan - Button\" data-eventlabel=\"ICICI Bank Home Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"ICICI Bank Home Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.icicibank.com%252FPersonal-Banking%252Floans%252Fhome-loan%252Fhome-loan-interest-rates.page%2523toptitle\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],"offsetPercentage":20}
Summary of IIFL Home Loans
Home loan interest rates starting at 8.70% p.a.
20 year tenures for both salaried and non-salaried borrowers
Swaraj Home Loan for low income earners, women and borrowers without formal documentation
No Top Up loans or fixed interest rates available

Table of Contents

What Makes IIFL Home Loans Stand Out to Borrowers

While India Infoline does not offer the lowest interest rates, the lender has good options for low income earners, women and borrowers without formal documentation. The Swaraj Home Loan stands out as the best home loan option for borrowers who may not be eligible for a loan from other banks and lenders due to lack of formal documentation or low monthly income.

Below, you can find the 6 IIFL Home Loans available to you, including key loan details like maximum loan tenure.

IIFL Home LoanMaximum Loan Tenure
New Home Loan20 years
Balance Transfer20 years
NRI Home Loan
  • Loans up to Rs. 75 lakhs: 20 years.
  • Loans above Rs. 75 lakhs: 15 years.
Home Improvement Loan20 years
Swaraj Loan20 years
Pradhan Mantri Awas Yojana (PMAY)20 years

If you are a non-resident Indian (NRI), you are eligible for a 20 year loan tenure if your home loan amount is above 75 lakhs. If your loan is below 75 lakhs, you must repay your equated monthly instalments (EMIs) within 15 years.

Other IIFL home loans have a maximum tenure of 20 years. While this is standard for some housing finance companies, you can find much longer tenures at most other lenders like LIC Housing Finance Ltd. and Axis Bank.

Read more: LIC Housing Loan Review | Axis Bank Home Loan Review

While not many loan details are available on the IIFL website, borrowers can find a lot of detail about the Swaraj Home Loan, specifically. The Swaraj Home Loan is designed for first time home buyers who are low income earners, women or who don't have formal documentation. India Infoline also mentions that it does not matter if you are literate, as this home loan is meant to give options to many under-represented Indians.

IIFL Home Loan Interest Rates

IIFL Home Loan interest rates are relatively higher than the market rate of 7.54%. IIFL doesn't give full details of their home loan interest rates, but they do advertise that interest rates start at 8.70% for the most basic IIFL home loan.

Below, you can find the lowest IIFL interest rates offered, as compared to the average interest rate of over 30 banks we researched.

IIFL Home LoanLowest Interest Rate
New Home Loan8.70%
Swaraj Home Loan11.00%
PMAY Option6.79%
Average Interest Rate in India7.54%

The Swaraj Home Loan has interest rates starting at 11.00% p.a. Home loan lenders generally charge high interest rates like this to account for the risk of lending to low income earners.

If you are eligible for a PMAY credit linked loan, you can avail a home loan with interest rates starting at 6.79%. While this is still higher than other lender's PMAY options, it is the best interest rate you can avail at IIFL.

Read more: Home Loan Interest Rates of All Banks

IIFL Home Loan Eligibility

Consider this if you need a home loan

Maximum Loan Tenure 20 years
Processing Fee 1.25% of loan amount | 1.75% for Swaraj Loans

For the IIFL New Home Loan, borrowers must be at least 18 years old and no older than 70 years old by the date of loan maturity. Income requirement is not available online, so you will have to check with IIFL customer service to see if you are eligible.

For home loan eligibility under the Swaraj Home Loan scheme, there are a few borrower requirements. First, a female applicant, whether co-applicant or primary applicant, is mandatory. Second, you must be at least 25 years olds, or 21 with a 25 year old co-applicant.

The Swaraj Home Loan is beneficial to low income earners, as its minimum income requirement is Rs. 7,500 per month. This is one of the lowest income requirements one can find in the market. Additionally, a borrower can avail a Swaraj Home Loan up to 20 lakhs, with up to 85% coverage of your property or new home.

Read more: Home Loan Eligibility Guide

IIFL Home Loan Processing Fee and Other Charges

When evaluating a home loan option, it's important to calculate processing fees and other charges you may have to pay during your loan term. India Infoline Home Loan fees and charges are significantly higher than other banks and home loan lenders, which can rack up total costs for borrowers.

Below, you can find a list of different charges you may come across when availing an IIFL housing loan.

FeeAmount
Processing Fee for Home Loans1.25% of total loan amount + GST
Processing Fee for Swaraj Home Loan1.75% of total loan amount + GST
Prepayment Penalty
  • If before 12 months, 3.00% of outstanding loan amount + GST.
  • If after 12 months, 5.00% of outstanding loan amount + GST.
Late Payment Fee36.00% p.a. + GST
CERSAI FeesRs. 50 - 100

IIFL charges a 1.25% processing fee for its home loans, which is higher than most other banks and home loan lenders who charge anywhere from 0.50% to 1.00% of the total loan amount. If you are seeking to apply for a Swaraj home loan, you will be charged even more at 1.75% of the total loan amount.

Similarly, IIFL fees for late payments and prepayments are higher than most other banks. Lenders like HDFC and PNB Housing, for instance, only charge 24.00% p.a. for late EMI payments, while IIFL charges 36.00% p.a.

For prepayment penalties, IIFL charges 3.00% of the loan amount if you've had the loan for less than 12 months. If you are paying after 12 months, you will be charged 5.00% of the principal outstanding. Both fees are considered high, as most major banks do not charge a prepayment penalty on home loans with floating interest rates.

Read more: HDFC Home Loan | PNB Housing Review

How to Apply for IIFL Home Loan: Application Process

To apply for an IIFL Home Loan, you will have to fill in your contact details online to receive more information. Borrowers can also call IIFL customer service to start the application process.

The IIFL Home Loan Eligibility calculator can benefit borrowers who want to estimate how much loan amount they are eligible for. IIFL also offers an EMI calculator so that borrowers can calculate the loan amount they will have to repay per month.

Documents Required for IIFL Home Loan

IIFL has many documentation options for proof of identity, address, income and property. The Swaraj Home Loan is specifically designed for borrowers who do not have formal documentation, and thus would find it harder to avail home loans from major banks and lenders.

Below, you can find the full list of all options for required documents. Any one of the following documents is valid for proof of identity or proof of address.

Proof of Identity
  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Driving License
  • Photo Credit Card
  • Photo Identity card issued by Govt. body
  • Letter from recognized public authority or public servant verifying the identity of the customer with photograph (not more than 30 days old).
Proof of Address
  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Letter from a recognized public authority or public servant verifying the identity and residence of the customer
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Bank Statements reflecting address of borrowers of any commercial nationalized bank
  • Credit Card Statement not older than 3 months
  • Life Insurance Policy
  • Residence address Certificate /letter by employer on company letterhead
  • Copy of Sale Deed of the property (residence), if owned
  • Municipal or property tax receipt
  • Post office saving bank account statement
  • Pension or family pension payment orders (PPOs) issued to retired employees by Govt. departments or Public Sector Undertakings, if they contain the address
  • Letter of allotment of accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions, and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation
  • Documents issued by Govt. departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India.

For proof of income, IIFL asks for your last 2 months salary slip, 6 months bank statement, and your latest Form 16 or Income Tax Return. For self-employed eligibility, you will have to submit your last 2 years of income tax returns along with computation, your CA-certified Balance Sheet and Profit & Loss Account, and your last 6 months account statement of both your business and personal savings.


Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in home loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.