A "low interest" loan shouldn't mean you have very little interest in paying it back!
Indian Overseas Bank (IOB) offers you the option of availing a NRI home loan. The lender offers the loan at affordable interest rates with the repayment period going up to a maximum of 15 years.
| Parameters | |
| Loan Tenure | Up to 15 years |
| Interest rates | 7.05% p.a. to 7.30% p.a. |
| Processing fees | 0.57% of the loan amount (Subject to a maximum of Rs.15,000 |
In order to be eligible for availing a NRI home loan from Indian Overseas Bank, you need to fulfil the listed below criteria:
| For Salaried | For Self-employed |
| Identity Proof | Identity Proof |
| Address Proof | Address Proof |
| Passport size photographs | Passport size photographs |
| Salary Slips | -- |
| Bank statements of last six months | Bank statements of last six months |
Some of the features are listed below:
Yes, you need to provide some sort of security in order to avail the loan.
Yes, repayment of the loan can be done by close relatives of the applicant.
You can enjoy the holiday period of 3 months if you take NRI home loan for renovation of the house.
All you need to do is download the application form, get a printout, fill it up and submit it at the nearest branch of the bank for processing.
Yes, rental income should be adjusted towards loan instalments even though it is more than the prescribed monthly instalment if the house is rented out.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
