Indian Overseas Bank Home Loans: IOB is offering home loans under different schemes for the Indian residents and NRI Indians at attractive home loan rates, less documents Quick and Simple Process.
The Indian Overseas Bank or IOB is lending the home loans for both the employed and self-employed persons instantly with very less documentation. People can get the Home loan from Indian Overseas Bank for purchasing a new house/flat or to renovate/rebuild an existing home.
Quantum of loan
A maximum of 80% of the cost of the house/flat or Rs. 50 lakh whichever is less. The amount depends on your age and repayment capacity.
Indian Overseas Bank Home Loan Eligibility Criteria:
- Age should be above 23 years and must no exceed 58 years.
- Must earn an income of at least 1.25 lakh rupees per annum
- Should be an Indian
Documents Required to Avail Indian Overseas Bank Home Loans:
- An application form
- Salary certificate as a proof of income (for employed individuals)
- Proof of income (for professionals, business people etc.)
- Agreement for sale of house/flat
- Proof of membership (for co-operative societies etc.)
- Proof for experience in the line of activity (for professionals, business people etc.)
- Estimates for Construction/Valuation Report for Acquisition/Legal opinion on the Property from Bank approved Engineer/Lawyer
Interest Rates – Click Here to know more on Interest Rates
R\epayment:
The Indian Overseas Bank home loan borrowers having the chance to repay the home loan amount in tenure of 20 years, The repayment can be done in simple monthly installments.
Security
First mortgage on the property to be bought, constructed or renovated The land should be in the applicant’s name or jointly with spouse who should be a co-obligant Should have a clear and marketable title over the property should have comprehensive insurance on the property for adequate value Additional security in the form of NSC, LIC, Units of UTI will also be accepted
Processing charges
A flat rate of 0.58% of the loan amount- maximum of Rs. 10,190/- There is no hidden charge.. This is subject to change from time to time without prior intimation.
Check Your Eligibility for Home Loan At Home Loan Eligibility Calculator and Calculate Emi with EMI Calculator
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