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.
|Loan Tenure||Up to 15 years|
|Interest rates||8.50% p.a. to 8.70% 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|
|Bank statements of last six months||Bank statements of last six months|
Some of the features are listed below:
1. Do I need to provide any security for availing the loan?
Yes, you need to provide some sort of security in order to avail the loan.
2. Can close relatives of the applicant repay the loan?
Yes, repayment of the loan can be done by close relatives of the applicant.
3. Can I enjoy the holiday period if I take the loan for renovation of my house?
You can enjoy the holiday period of 3 months if you take NRI home loan for renovation of the house.
4. How can I apply for the loan?
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.
5. If the house is rented, will the rental income be adjusted towards loan instalments?
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.
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