Swaraj Home Loan Scheme| IIFL Loans

Even a carpenter, mechanic, electrician, plumber, driver, salesperson, security guard, paanwala, phoolwala with a fixed set up can avail swaraj Home L

Swaraj Home Loan

Swaraj Home Loans is the one of its kind special Home Loan Scheme launched by IIFL to cater to the needs of home loan buyers who are unable to provide formal income proofs.

Eligibility Criteria

Any Indian National who can afford to pay home Loan but may not be having valid Income Proof is eligible for Swaraj Home Loan.

  • Indian Resident(salaried or self-employed)
  • At least one female co-applicant mandatory
  • Work Experience of Minimum 2 Years or case to case basis
  • Business Existence: Minimum 2 Years
  • Minimum 25 years of age
  • Minimum age is 21 years with at least one earning co-applicant of 25 years of age
  • The applicant has to be your immediate family member

You can avail loan under swaraj scheme Whether you are a carpenter, mechanic, technician, electrician, plumber, driver, salesperson, security guard, paanwala, phoolwala, or any street food shop owner with a fixed set up.

Valid KYC documents such as

  • Aadhaar Card
  • PAN Card

Quantum of Loan

Maximum quantum of Rs. 20 Lac under Swaraj Home Loan Scheme.

For 20 lacs, maximum funding up to 85% of the project cost

Rate of Interest

11.45% onwards

IIFL home loan rate of interest is slightly higher as compared to commercial banks rate.

Loan Repayment Period

Maximum tenor of Swaraj Loan is 20 years.

Holiday Period

  • For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of the first instalment of the loan, whichever is earlier.
  • For carrying out repairs/renovation/alterations to the house/ flat: Till completion of repairs/renovation/alterations or 6 months, from the date of disbursement of the first instalment of the loan, whichever is earlier.
  • For purchase of ready built House/ flat OR land/plot: Till the date of possession or 3 months from the date of advance, whichever is earlier.

Home Loan Security

Equitable or Registered Mortgage of property under question.

Minimum Income Requirement

Minimum household income should be Rs 7,500.

Household

  • Husband, Wife and unmarried children constitute a household.
  • Married sons and daughters should be considered as a separate household

Home Loan Subsidy

If you want to avail benefits of home loan subsidy under Pradha mantri awas yojana gramin you should fulfil all necessary conditions as given below

  • The beneficiary family should not own a pucca house (Pucca house: an all-weather dwelling unit either in his/her name or in name of any member of his family in any part of India).
  • House should be in the name of the female head of household or in the joint name of the male head of household and his wife, and only in cases when there is no adult female member in the family, the house can be in name of male member of the household
  • Interest subvention is available only to those borrowers who have not availed any other benefit from other Govt Schemes.
  • All statutory Towns as per census 2011 will eligible for coverage under this scheme.

Swaraj Home Loan Features

  • Higher Home loan quantum up to Rs 20 lacs
  • Quick & hassle-free loan with minimum documentation.
  • Simple or minimal documentation.
  • Tenure up to 20 years.

Home Loan Calculator

For calculation of your exact home eligibility visit link below:

Click Here 


Swaraj Loan Online Application

For online application of home loan visit the link below as shown in image

ONLINE APPLICATION PAGE

Swaraj Home Loan Scheme| IIFL Loans


Home Loan Charges

TypeCharges
Processing Feeupto 1.75% of loan amount
Collateral Evaluation Charges in Non-APF HL & non HLRs 3000-25000/- depending on loan amount
Transaction/Legal Handling charges in Balance TransferRs 2500/-
CERSAI FeesRs 100/-(for Loans>5Lacs)
Rs 50/-(for Loans<=5Lacs)
ACH Dishonour ChargesRs500/- for each ACH bounce - Nil on Representation of ACH
Late Payment Charges36% per Annum of Outstanding EMI
ACH Swapping chargesRs 500/- per instance
Retrieval charges for original property document in IIFL custody (before loan closure)Rs 2000
Retrieval charges for original property documents in IIFL custody at the time of loan closure OR more than 2 documents retrieved during tenor of loanRs 1000/- per instance for loans upto Rs 1 cr AND Rs 2000/- per instance for loans > Rs 1 cr
Retrieval charges for Copies of loan /copies of property document in IIFL custodyRs 500/- per instance
Charges for Statement Of Account / Amortization ScheduleNil
Collection Visit ChargesRs 500/- per instance
Issuance of FC statementRs 500/- (for 2 instances within 1 month)
Custodial Fee for property documents in closed loansRs 500/- Per month (post 60 Days from Loan Closure Date)

Prepayment Charges on Home Loan

Individual

  • For Full Prepayment Nil
  • For Part Prepayment Nil

Non-Individual

For Part Prepayment 
  • Within 1st year of First Disbursement - 5% 
  • After 1st year of First Disbursement - 1%
For Full Prepayment 
  • Within 1st year of First Disbursement - 5% 
  •   After 1st year of First Disbursement - 3%

IIFL Customer Care

1860-267-3000 

 7039-050-000

COMMENTS

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yojana sarkari: Swaraj Home Loan Scheme| IIFL Loans
Swaraj Home Loan Scheme| IIFL Loans
Even a carpenter, mechanic, electrician, plumber, driver, salesperson, security guard, paanwala, phoolwala with a fixed set up can avail swaraj Home L
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