Indian Overseas Bank Home Loan Details
|Interest Rates||8.40% - 8.60%|
|Loan Amount||2 Lakh - 50 Crore|
|Repayment Period||Upto 30 Years|
|Processing Fees||0.50% of Loan amount|
|Pre Payment Charges||Nil|
|Minimum Income||12000 Per Month|
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)
Repayment: Repayable in equated monthly installments for a maximum period of 30 years.
No Pre payment charges.
Quantum of loan – Holiday period
- 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
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