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.
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: Scheme is valid till 31st march 2014
Interest rates % p.a.
Up to Rs.75 lac
Above Rs.75 lacs
Repayment: Repayable in equated monthly installments for a maximum period of 30 years.
No Pre payment charges.
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.
- 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.
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