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 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.
The total amount that can be taken as loan must be:
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|
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.
(Margin varies from 10% to 25%)
As security, the following should be done:
Holiday period :
The processing charge applicable is 0.57% of the loan amount, up to Rs 15000/-.
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.