FAQS


Q. WHO CAN APPLY FOR A HOME LOAN AT INDIA INFOLINE HOUSING FINANCE LIMITED?

If you are an Indian citizen between the ages of 18 to 70, and are either salaried or self-employed, you can apply for a Home Loan from India Infoline Housing Finance Limited.

Q. IS IT MANDATORY TO HAVE A CO-APPLICANT? IF YES, WHO CAN BE MY CO-APPLICANT?

It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant. A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner. Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.

Q: HOW DO I MAKE A HOME LOAN APPLICATION?

You can make an online home loan application by clicking on the link “http://www.iiflhomeloans.com/apply-now”. Our documentation is simple and we offer instant sanction for home loans. You can also call us on our toll free number 08067264687 for assistance.

Q. WHAT DOES EMI MEAN?

An EMI is the 'Equated Monthly Installment', which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full. It is calculated in the manner that in the initial years of the loan, the interest payment is much larger than the principal component whereas in the latter years of the loan duration, the principal component is much larger. We offer the cheapest home loans which means that in comparison your EMI’s on a India Infoline Housing Finance Limited home loan will be lower, thus making it easier on your pocket.

Q. WHAT IS PRE-EMI INTEREST?

When you avail of a part of your home loan, you will be charged simple interest on the amount that has been paid out till your entire sanctioned home loan amount is disbursed. This payment of simple interest on part payment is called PRE- EMI Interest.

Q. WHAT DOES MARKET VALUE OF THE PROPERTY MEAN?

Market value is the fair value of the property that you propose to mortgage with us as security against the home loan you avail of. Our specialized team calculates this value based on the prevailing market conditions and trends.

Q. DO I GET TAX BENEFITS ON MY HOME LOAN?

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits can vary each year, please do check with our Loan Counsellor about the tax benefits that you can avail on your loan.

Q. WHAT IS AN UNDER CONSTRUCTION PROPERTY?

An under construction property is one which is in the process of being built up. When you book a property in such ‘under construction’ property, you will gain possession at a future date.

Q. WHAT IS THE PROCESS OF DISBURSEMENT IN CASE OF A HOME LOAN FOR PURCHASE OF AN UNDER CONSTRUCTION PROPERTY?

When you take a home loan to buy real estate in an under construction property, we will disburse payments towards its purchase in installments, based on our assessment of the progress of construction, but not necessarily as per the developer’s agreement. We advise you in your own interest to enter into an agreement with the developer wherein your payments are linked to the construction work and not pre-defined on a time-based schedule.

Q. WHAT IS OWN CONTRIBUTION?

Your own contribution is the difference between the total value of the home less the home loan you have availed. It is in effect what you pay from your pocket to buy the house.

Q. WHAT SECURITY WILL I HAVE TO PROVIDE TO AVAIL OF A HOME LOAN?

Security of the home loan would generally be mortgage of the property that is financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Q. WHAT ARE THE ELIGIBILITY REQUIREMENTS FOR AN NRI SEEKING A HOME LOAN?

  • An Indian Citizen holding Valid Indian Passport is eligible for an NRI Home Loan.
  • The passport of the home loan applicant should not have NO ENTRY stamp, prohibiting NRI applicant from entering the country.
  • Passport with Valid Entry Visa for NRI applicant where he is appearing in person for submitting the application.
  • For PIO / OCI, in addition to foreign country passport, Valid PIO / OCI Card copy to be documented.

Q. WHICH ARE THE ELIGIBLE COUNTRIES WHERE THE NRI MUST BE EMPLOYED AND RESIDING

The NRI seeking a home loan must be employed and residing in:

  • North America - USA and Canada
  • Middle East – UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat
  • East Asian Countries – Singapore, Malaysia, Hong Kong, Japan, Thailand
  • All EU Countries (Except – Spain, Greece, Portugal, Italy)
  • Australia and New Zealand

Q. IS POWER OF ATTORNEY (POA) MANDATORY IN NRI LOANS?

  • Yes, Resident Indian POA is must in all NRI Home Loans, irrespective of whether the NRI applicant is present in India at the time of application or not.
  • The spouse cannot be a POA holder.
  • Resident co-borrower can also be the POA.
  • POA can be the co-applicant but it’s not mandatory for POA to be co-applicant when there is another co-applicant in the loan.