A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    IOB NRI Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.5% - 9.75% Floating
    0.53% (max. ₹13,350) One time fee
    75% to 90% of the cost
    30 Years
    Response Time Within 30 minutes
    Home Loan BYTES FROM OUR KITCHEN

    Overview:

    Headquartered in Chennai in 1937, Indian Overseas Bank (IOB) is a public sector bank with international presence. The bank has over 1150 branches as well as 3300 ATMs across the country. Outside India, the bank’s branches are located in Singapore, Colombo, Hong Kong, Seoul and Bangkok. There are also representative offices of the bank in Vietnam, Dubai and Guangzhou.

    Home Loan is only one of the many financial products that the bank offers such as savings, credit cards, investment vehicles etc.

    Home Loans for NRI from Indian Overseas Bank:

    Home loans are offered to NRI for the construction/purchase of residential building in India as well as for the renovation/repair of existing houses. IOB also considers Joint loans with close relatives of NRI.

    IOB Home Loan Eligibility for NRI:

    • To be eligible for the NRI Home Loan, applicants must have a valid Indian Passport or must be a Person of Indian Origin who holds the passport of another country (excluding Bangladesh, Afghanistan, Pakistan, Sri Lanka, Bhutan, China, Nepal and Iran.)
    • Applicant must be earning a monthly salary which is equivalent to Indian Rs.10,000/-
    • Applicants who own a house in her/his name, own a house in the name of the spouse or own a house in the name of children (minors) are also eligible.

    The total amount that can be taken as loan must be:

    • Below 20 times the monthly salary
    • Up to 80% of the purchase/ construction cost (Up to Rs. 50 lacs)
    • Up to Rs. 5 lacs for renovation or repair

    Indian Overseas Bank home finance interest rate:

    Interest rate % p.a. – irrespective of tenor

    Loan amount Others Women borrowers
    Up to Rs. 30 lakhs @Base Rate i.e. 9.70 @Base Rate i.e. 9.70
    Above Rs. 30 lakhs & up to Rs. 75 lakhs @Base Rate i.e. 9.70 @Base Rate i.e. 9.70
    Above Rs. 75 lakhs @Base Rate + 0.25 i.e. 9.95 @Base Rate i.e. 9.70

    Features of Indian Overseas Bank Housing Finance:

    Purpose: For construction/purchase of a flat or residential house and for renovation/ repair of flat/residential house that is already owned by the applicant.

    Loan amount:

    • For the purpose of buying/ building a new house, applicants can take out a loan of maximum 80% of the total cost of the house.
    • For the purpose of renovating a house, applicants can take out a loan of maximum Rs. 15 lakh.

    (Margin varies from 10% to 25%)

    Security:

    As security, the following should be done:

    • Equitable mortgage of the property to be built/purchased/renovated
    • Registered Memorandum as applicable
    • The property in question should be insured for sufficient value with Bank clause.

    Repayment:

    • The maximum period for repayment is 180 months if the loan was taken out for construction/purchase and 60 months for renovation/repair.
    • The loan amount is to be repaid in equated monthly instalments by debiting NRO/ NRE/ FCNR account in India or through fresh foreign inward remittance.
    • Close relatives of the NRI borrower who are residing in India can also make the repayment as well as pay the interest and other charges through their bank account.
    • Rental income should be adjusted towards loan instalments if the house is rented out, even if it is more than the monthly instalment prescribed.

    Holiday period :

    • If the house is purchased, repayment of the loan amount can begin six months from availing the loan.
    • If the house is built, repayment of the loan amount can begin eighteen months from availing the loan.
    • If the house is renovated, repayment of the loan amount can begin three months from availing the loan.  

    FAQs About IOB Home Loan:

    1. How much is the processing charge applicable on the NRI Home loan?

      The processing charge applicable is 0.57% of the loan amount, up to Rs 15000/-.

    2. How do I apply for the NRI Home Loan?

      To apply for the loan, you must first download the application form from the official IOB website, print it out and fill in the required information. Then the duly filled application form can be submitted at any of the IOB branches for processing.

    3. What is the holiday period for this type of loan?
      • If the house is purchased, repayment of the loan amount can begin six months from availing the loan.
      • If the house is built, repayment of the loan amount can begin eighteen months from availing the loan.
      • If the house is renovated, repayment of the loan amount can begin three months from availing the loan.  
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