Indian Overseas Bank Home Loans: IOB is offering home loans under different schemes for the Indian residents and NRIs at attractive home loan rates, less documents Quick and Simple Process.
It can be availed by both salaried and self-employed individuals instantly and with very less documentation requirements. Thus, with the simple processing of a few steps, you can avail your home loan from Indian Overseas Bank and make your dream home come true.
Indian Overseas Bank Home Loan Eligibility Criteria:
- Groups of individuals
- Members of Co-operative Societies
- Individuals not more than 55 years of age. However Individuals may be considered at the age of 60 provided their legal heirs join along with them.
- Loan must be liquidated before attaining 70 Years of age.
- A permanent job with a minimum of 2 or 3 years service (For salaried individual)
- A minimum period of three years of activity in the related field(For self-employed professional)
IOB Housing loan Interest Rates for 2014:
Interest rates % p.a.
Up to 75 lacs
10.25%( For others) , 10.25%( For women borrowers)
Above Rs.75 lacs
10.50%( For others), 10.25%( for Women borrowers)
Repayment: Repayable in equated monthly installments for a maximum period of 30 years.
No Pre payment charges.
Quantum of loan –
- A maximum holiday period of 18 months from the date of first disbursement or completion of construction – whichever is earlier.
- In case the house is purchased, the holiday period is 3 months.
- 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
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.
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
Check Your Eligibility for Home Loan At Home Loan Eligibility Calculator.
Source: Indian Overseas Bank Official Website
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