Loan comparison of IIFL Finance Home Loan vs Muthoot Housing Finance Ltd Home Loan

Interest Rate

8.20% - 8.70 onwards per annum
12-19% per annum

Loan Amount

Up to 2 to 5 Cr
Up to Rs. 75,000 to Rs. 25 Lakhs or Rs. 2 Lakhs to Rs. 30 Lakhs

Loan Tenure

Up to 25-30 Years
Up to 3 to 20 Years

Loan Processing fees

Up to 1.25 of the loan amount + GST
2.5% of the loan amount approved

EMI per Lakh

Rs. 748 Per Lakh
Rs.1101 Per Lakh

Part Payment Charges

5% within the first year of disbursement and 1% after the first year of the last disbursement
NIL

Minimum Income

Rs. 25,000 per month and above
Rs. 25,000 per month and above

Documents

* PAN/Passport/Driving license/Election /Voters ID card/Aadhaar Card

* Job card issued by NREGA duly signed by the officer of the State Government/ Letter issued by the National Population Register containing details of name and address

* Copy of complete chain documents of the property

* Copy of approved plan (if available) 

* Proof of Income                  

PROOF OF RESIDENCE:

* Ration Card/Passport/Driving Licence/Voter's ID Card

* Bank Account Statement

* Current Telephone / Electricity / Gas Bill / Water Bill / Property Tax

PROOF OF IDENTITY:

* Passport/Driving Licence/Aadhar Card (UIDAI)

* Letter confirming identity from a commercial bank

* Employee ID Card issued by Central / State Government undertaking

* Voter’s ID Card/Pan Card

SALARIED INDIVIDUAL

* Salary Slip of last 3 months

* Bank Statement for the last 12 months

* ITR for last 2 years if available

BUSINESS INDIVIDUAL

* Business ownership proof documents like license, rent agreement of shop etc.

* Income documents like purchase bills, sales bills, sales register etc.

* Bank statement for last 12 months

* ITR for last 2 years if available


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