Indian Overseas Bank Home Loans
Are you thinking about a home loan that will help you become a homeowner at truly affordable costs? Indian Overseas Bank may be the right place which you have been looking for. Indian Overseas Bank home loans are ideal financing solutions for purchasing and constructing homes. You can also use this loan for home renovation and other purposes.
About Indian Overseas Bank home loans
Indian Overseas Bank home loans come with excellent terms and conditions. All the home loan products offered by Indian Overseas Bank carry cheap interest rates and flexible repayment periods. The housing loan products of Indian Overseas Bank are named as Subha Gruha. These loans have been tailored to satisfy various requirements of the home loan borrowers.
Eligibility criteria for Indian Overseas Bank home loans
Members of co-operative societies, groups of individuals and individuals not over 55 years of age – all qualify for Indian Overseas Bank home loans.
For salaried individuals
If you are a salaried professional, you should have a steady job with at least 2 or 3 years of service without break.
For self-employed professionals
If you are a self-employed professional, you should be working in your area of operations for at least 3 years.
Purpose of Indian Overseas Bank home loans
You can take out a home loan from Indian Overseas Bank for any of the
- Purchasing a flat/house
- Constructing a house
- Renovation/repair of a flat/house
Amount of Loan
You can avail a maximum loan amount of up to 80% of the value of the flat or house or Rs.50 lakhs whichever amount is less. The loan amount to be sanctioned is also subject to factors like your repayment ability and age.
Margin for Indian Overseas Bank home loans
The lowest margin applicable for a home loan from Indian Overseas Bank is 20% of the projected cost (comprising the cost of the plot) for both new and old houses/flats.
For a home loan from IOB, the maximum allowable holiday period is 18 months from the finishing of construction or disbursal of the loan – whichever comes in the first place. If the home is purchased, the maximum permissible holiday period is three months.
Mode of repayment
You can repay your home loan through equated monthly installments (EMIs) and the maximum repayment period is 20 years. The maximum repayment term for a fixed interest loan option is 10 years. There will be a prepayment penalty of 1% which will be imposed on the amount due or on an amount paid over and above your borrowing ability.
Indian Overseas Bank also offers other types of housing loans such as home improvement schemes, loan against rent receivables, home decoration loans, and mortgages. Non resident Indians and their family members can also be eligible for home loans from Indian Overseas Bank.
Home Loan Calculator
Last Updated On: 2012/12/27