Indian Overseas Bank Home Loan

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All about Indian Overseas Bank Home Loan

Indian Overseas Bank Home Loan

Eligibility: Indian Overseas Bank Home Loan

Groups of Individuals

Members of ‘Co-operative Societies’.

Individuals who are not greater than the age of 55 yrs.

For Salaried Persons:

A permanent job with a min. of 2 or 3 years  of his service.

For Self Employed professionals:

A minimum period of 3 Years .


Company is  extending Vehicle Loan to our existing ‘Housing Loan‘ Borrowers (Min. One Year Regular Repayments) with the given concessions:

  1. 0.50%  in ‘rate of interest’
  2. 50%  of an applicable rate of ‘Processing Charges’.

Purpose: Indian Overseas Bank Home Loan

Buying, building or renovating of  flat/house.

Quantum of loan: A max. of 80% of the cost of the house/flat or Rs. 500 lakhs. This amount depends on your age and re-payment capacity.

Margin: The min. margin is 20% of the estimated cost.

Indian Overseas Bank Home Loan Interest Rates


‘Floating  Interest-Rate % p.a’.

‘Effective -date’

‘Pushpaka’ – Loan for purchase of ‘new’ and ‘used cars’ and ‘new’ 2-wheelers’.

Up to 3 Yrs – 13.25

>3 to 5 Yrs –  13.75


‘Sahayika’ – Loan to meet social financial commitments



‘Sanjeevani’ – Loan to medical practitioners for setting up nursing homes/hospitals and for purchase of equipments



‘Pensioners Loan Scheme’ – loan to pensioners for meeting immediate emergency needs



‘Home Décor’ – loan for furnishing your home.



‘Liquirent’ – loan against future rent receivables



‘Akshay’ – loan against life policies of LIC and private insurers approved by ‘IRDA’



‘Vidya jyothi’ – loan for pursuing higher education

up to Rs.4 lac

> Rs 4 lac    and up to Rs. 7.5 Lacs

Above Rs.7.5 lacs





‘Clean Loan’ – loan to employees of reputed organizations to meet  personal expenditure



‘Easy Trade Finance’ – Hassle free working capital finance and term loan to retail traders

Working Capital : 13.75

Term Loan : 14.25


Housing Loans: ‘Floating rates’ (based on Base-Rate) w.e.f. 16.08.2011


Interest-rates % p.a.

Re-payment *

Up to 5 yrs

> 5 to 10 yrs

>10 to 20 yrs


Up to Rs.30 lakh




Over 30 lakh





  1. 0.25% ‘interest-concession’ is allowed for ‘loans’ up to Rs. 30 lakhs, ( margin offered is 25% and more. **)
  2. 0.50% ‘interest-concession’ is allowed for ‘loans’ above RS. 30 lakhs  (margin offered is 25% and more **)


  1. Re-payable in equated monthly installments for a max period of 20 yrs.
  2. No Pre-payment charges to be levied when the loan is paid by the borrowers from out of their own sources. However ‘Prepayment-penalty charges’ @ 1.00% will be charged wherever the loan is taken over by another ‘Financial Institution’.

‘Holiday period’:

  1. A maxholiday period of 18 months from the date of ‘first-disbursement’ or ‘completion of construction’
  2. If ‘house’ is purchased, then the holiday period is 3 months.


  1. First-mortgage on the property for any purpose.
  2. The ‘land’ should be in the applicant’s name or jointly with ‘spouse’ .
  3. Should have a clear and marketable title .
  4. should have comprehensive ‘insurance’ on the property for adequate value.
  5. Additional security in the form of ‘NSC’, ‘LIC’, Units of ‘UTI’ will also be accepted.

‘Processing charges’:

  1. A ‘flat-rate’ of 0.57% of the loan amount- max of Rs. 10,000/- No hidden charges.

Documents required:’Indian Overseas Bank Home Loan’

  1. Application-form.
  2. Salary certificate(s) .
  3. Income-Proof.
  4. Agreement of sale of house/flat.
  5. Membership-Proof.
  6. Experience-Proof .
  7. Estimates for ‘Construction’/’Valuation Report’ for Acquisition/’Legal opinion’ on the Property from Bank approved  by ‘Engineer’/’Lawyer’

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