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Step 1: Submit your loan application along with required set of documents.
Step 2: Your application would be assessed on the basis of various eligibility and funding norms.
Step 3: A property valuation and title check may be carried out by the company representative to determine the property value and legal clearance of the property to arrive at the loan amount.
Step 4: Based on the internal and regulatory guidelines, IHLL may approve or reject the loan application.
Step 5: Submission of the original property documents are required along with signing of agreements, handing over of registered property papers and submission of post-dated cheques/ECS/NACH.
Step 6: Upon finding all the documents in order, IHLL will disburse the loan amount to the developer/contractor based on the progress of construction. The EMI/Pre-EMI will commence after the disbursement.
You are eligible for a loan if you are an Indian citizen or a person of Indian Origin and are a salaried/ self- employed professional/ a businessman. Your loan eligibility will be determined by IHLL on the basis of professional income, age, qualifications, number of dependents, co-applicant’s income, assets, liabilities, stability and continuity of occupation, savings and prior credit history. Further, the loan eligibility will also be dependent on the value of property selected by you.
We can fund up to 80% of the property value in case of Home Loan and up to 70% in case of Loan Against Property. However, IHLL funding norms may change from time to time and from property to property or based on the loan amount.
Your loan is repaid through Equated Monthly Instalments (EMI), which includes principal and interest component. EMI repayment starts from the month subsequent to the month of final disbursement. Pre-EMI Interest is the simple interest, payable every month till the time loan amount is not fully disbursed.
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