Indian Overseas Bank Home Loan – Interest Rates 2020, EMI calculator
Indian Overseas Bank Home Loans: IOB is offering home loans under different schemes for the Indian residents and NRIs at attractive home loan rates of 8.50% 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 Details
| Interest Rates | 8.20% – 8.45% |
| 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 |
| Lowest EMI | 748/Lakh |
Home Loan applications received for rupees ₹ 419,027 crores till 19 October 2020
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.
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
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.
Available Loan Products of Indian Overseas Bank:
Indian Overseas Bank Personal Loan
Indian Overseas Bank Car Loan
Indian Overseas Bank NRI Home Loan
Source: Indian Overseas Bank Official Website