Indian Overseas Bank Home Loan

Housing Loan

• Up to 30 Lakhs: 1-Y MCLR = 7.05%
• 30 Lakhs to 75 Lakhs: 1-Y MCLR + 0.10% = 8.75%
• Above 75 Lakhs: 1-Y MCLR + 0.25% = 8.90%

Home Improvement Scheme

• Up to 2 Lakhs: 1-Y MCLR + 0.20% = 8.85%
• Above 2 Lakhs: 1-Y MCLR + 0.35% = 9%

Home Décor

1-Y MCLR + 2.75% = 11.40%

Subagruha Top up Loans

1-Y MCLR + 3.50% = 12.15%

Purpose

To purchase/build or renovate a house/flat

Loan amount

• 75% to 90% of the cost of the flat/house excluding documentation and registration charges, depending on the age and repayment capacity of the borrower.
• Up to 30% of the loan amount is given for the purchase of the plot.

Eligibility

Group of individuals and members of co-operative societies:

• Should not be aged above 55 years
• Individuals can be considered even at the age of 60 if their legal heirs join with them.
• The loan must be repaid before attaining the age of 70 years.

For salaried individuals:

• Must be in a permanent job with minimum 2-3 years in service.

For self-employed professionals:

• Minimum 3 years of activity is mandatory in the related field.

Tenure

Up to 30 years

Holiday period

• In case of construction, up to 18 months from the first disbursement date or completion of construction, whichever is earlier.
• In case of a home purchase, up to 3 months.

Security

• First mortgage on to-be-purchased/ constructed/ renovated property.
• The land must be in the name of the applicant or with spouse jointly (a co-obligant).
• Applicant must have a clear & marketable title and also comprehensive insurance for adequate value on the property.
• Additional security in the form of LIC, NSC, Units of UTI also accepted.

Maximum LTV

Up to 90%

Purpose

To purchase/build/renovate a house

Loan amount

• To purchase/build a new house: Up to 80% of the house's cost.
• To renovate a house: Up to 15 Lakhs
• For loans up to 20 Lakhs: 90%
• For loans up to 75 Lakhs: 80%
• For loans above 75 Lakhs: 75%

Eligibility

• NRI holding a valid Indian Passport
• PIO with the passport of other countries except Pakistan, Afghanistan, Bangladesh, Sri Lanka, China, Nepal, Iran, and Bhutan.
• The monthly income should be equivalent to Indian 10,000.

Tenure

For purchasing/building a house, the loan must be repaid in up to 15 years.

Holiday period

• For house purchase: Repayment can start 6 months after loan sanction.
• For building the house: Repayment can start 18 months after loan sanction.
• For renovating the house: Repayment can start 3 months after loan sanction.

Security

• Equitable mortgage of the to-be-purchased/built/renovated property.
• The property must be insured for adequate value as per bank clause.
• Registered memorandum in states, if it's applicable.

Maximum LTV

Up to 80%

Purpose

To repair/renovate/upgrade/modify an existing house/flat through painting, rewiring, fixing marbles,  changing the tiles, making additions, etc.

Loan amount

• Minimum 25,000
• Maximum 15 Lakhs
• Depends on the actual estimated cost of the work to be done and the repayment capacity of the applicant.

Eligibility

• Salaried individual who are in confirmed service. Take home pay should not be less than 50% of the applicant's gross salary.
• Businesspersons or self-employed professionals with minimum 3 years experience in the current line of activity.
• Applicant should own residential property.

Tenure

• The loan must be repaid in up to a maximum of 144 EMIs
• If the applicant is a salaried person, repayment depends on the number of service years left.

Holiday period

3 months

Security

• The house or flat to be renovated/repaired should be mortgaged to the bank.
• Any other property which is in the name of the borrower and has a market value twice than the loan amount (if the concerned property cannot be mortgaged).

Purpose

It is an instant Home Loan made for young customers. Under this scheme, the applicants can get a 20% higher loan amount than the eligible normal Home Loan.

Loan amount

75% to 90% of the estimated cost of the project (including the land's cost) for a new as well as an old house/flat, depending on the loan amount.

Eligibility

• Salaried employees working with private sector companies/ Government undertakings/ MNCs/ PSUs/ Government.
• Applicant's age should be between 21 to 45 years.
• Applicant should have a minimum net monthly income of 30,000.

Tenure

Up to 30 years

Holiday Period

• Up to 36 months
• The loan tenure should not go beyond 30 years (including the holiday period) and the borrower's age should not exceed 70 years on the last instalment date of the loan.

Security

• Immovable property, which is to be bought/ constructed/ renovated, has to be mortgaged.
• The land must be in the name of the applicant or jointly held with a spouse or close relative (co-obligant).
• Applicant must have a clear & marketable title on the property for the creation of a valid mortgage.

Margin

10% to 25% of the estimated cost (including the land's cost) for a new as well as an old house/flat, depending on the loan amount.

Purpose

Under this loan, bank's customers get a provisional sanction for Home Loan limit even before the finalisation of the property. This will help them to negotiate with the respective builder/seller confidently.

Loan amount

75% to 90%% of the estimated cost (including the land's cost) for a new as well as an old house/flat, depending on the loan amount.

Eligibility

Group of individuals and members of co-operative societies:

• Should not be aged above 55 years
• Individuals can be considered even at the age of 60 if their legal heirs join with them.
• The loan must be repaid before attaining the age of 70 years.

For salaried individuals:

• Must be in a permanent job with minimum 2-3 years in service.

For self-employed professionals:

• Minimum 3 years of activity is mandatory in the related field.

Tenure

Up to 30 years

Holiday period

• In case of construction, up to 18 months from the first disbursement date or completion of construction, whichever is earlier.
• In case of a home purchase, up to 3 months.

Security

• First mortgage on to-be-purchased/ constructed/ renovated property.
• The land must be in the name of the applicant or with spouse jointly (a co-obligant).
• Applicant must have a clear & marketable title and also comprehensive insurance for adequate value on the property.
• Additional security in the form of LIC, NSC, Units of UTI also accepted.

Margin

10% to 25% of the estimated cost (including the land's cost) for a new as well as an old house/flat, depending on the loan amount.

Purpose

• This loan can be availed to furnish an existing home with new furniture, kitchen equipment, room coolers, curtains, air conditioner, cots, sink, bath-tubs, cupboards, show-case, carpets, etc.
• Renovation/repair of the apartment as well as the cost of developing the apartment's of common area are also covered.

Loan amount

• The loan amount is in proportion to the applicant's monthly income: 
• 5 times of the gross monthly income of the borrower or 2 Lakhs, whichever is less (on providing the third party guarantee).
• 10 times of the gross monthly income of the borrower or 10 Lakhs, whichever is less (if the collateral is equal to the approved loan amount).

Eligibility

• Employed individual who are in confirmed service.
• Who owns a house/flat
• Who are below the age of 55 years
• For businesspersons, 3 years of experience in the related field is mandatory.
• The EMI for this loan and Home Loan should be up to a maximum of 60% of the borrower's gross pay.

Tenure

Up to 6 years

Security

Up to 2 Lakhs:

• Hypothecation of the items to be purchased.
• If the house was purchased through funds from another bank/financial institution, the borrower has to submit a no lien letter from the bank or financial.
• Third party guarantee required for the loan.

Above 2 Lakhs to 5 Lakhs:

• Mortgage of the flat or house to be furnished.
• If the house was purchased with finance from Indian Overseas Bank, the mortgage is extended for this loan too OR mortgage of any other house or flat with value at least equivalent to the loan amount.
• If the house was purchased through funds from another bank/financial institution, the borrower has to submit a no lien letter from the bank or financial.
• Hypothecation of the items to be purchased.

Maximum LTV

• Minimum 25% of the cost
• Margin money is kept as a term deposit until the loan is closed.

Purpose

To provide top on housing loans for existing Home Loan customers of the bank for funding additional financial needs.

Loan amount

• Minimum: 50,000
• Maximum: 2 Crores

Eligibility

• Existing Home Loan borrowers
• Satisfactory repayment track is mandatory for at least last 1-year.
• Valid mortgage and registration of memorandum should be created in the bank's favour.
• A borrower who has completed minimum of 1/3^rd of the Housing Loan repayment tenure is entitled for top up loan.

Tenure

• The tenure is linked to the remaining maturity of the existing Home Loan.
• Borrower's age should not be above 70 years

Margin

• For immovable properties: 50%
• For NSC/KVP/UTI, etc.: 25%
• Life Policies (depends on the surrender value): 10%

Purpose

This is a Housing Loan facility to the customers of Indian Overseas Bank in the form of Cash Credit, wherein borrowers can keep any additional lump sum amount received in an account with the bank. The customer can save interest to the extent of the surplus available in the account. The actual interest charged is lesser than the term loan.

Loan amount

The Drawing Power of the Cash Credit limit, equal to the monthly instalment will be reduced every month.

Eligibility

• Existing SB/CD customers of Indian Overseas Bank
• The borrower must maintain a minimum balance of 5,000 with regular transactions in the accounts OR maintain their salary account with the bank.

Tenure

Up to 30 years

Holiday period

Up to 36 months. However, loan tenure should not be above 30 years, including the holiday period. Also, the borrower's age should not exceed 70 years at last instalment of the loan.

Security

• Immovable property, which is to be bought/ constructed/ renovated, has to be mortgaged.
• The land must be in the name of the applicant or jointly held with a spouse or close relative (co-obligant).
• Applicant must have a clear & marketable title on the property for the creation of a valid mortgage.

Margin

10% to 25% of the estimated cost (including the land's cost) for a new as well as an old house/flat, depending on the loan amount.

Clean Loan

Consumption Loans - Sahayika

Vehicle Loans - Pushpaka

Education Loans - Vidya Jyoti

IOB Royal

IOB Surya

IOB Passion

Personal Loan

Special Personal Loan HNI VIP

IOB Scholar

Vocational Course & Skill Develo

Career Dreams

Commercial Cash Credit Against Jewellery

Loan Against Property

Reverse Mortgage Loan

Mortgages - Liquirent (Loan Against Rent Receivables)

Mortgages - Easy Trade Finance

MUDRA Loan

Stand up India Loan

Term Loan

Working Capital Loans

MSME Credit Schemes

IT & ITES BPO

Merchant Banking

IOB Expo Gold Card

IOB - Shakti

New Kisan Credit Card

Agri Clinic

Agri General Purpose Credit Card

Agricultural Term Loans

IOB Special Credit Schemes

Agricultural Marketing Infrastructure Scheme

Mobile Banking

Saving Account

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Term Deposit

Internet Banking

Depository Services

ASBA

IOB Fine Gold

Credit Cards

Insurance & Mutual Fund

Real Time Gross Settlement (RTGS)

Pension Payment Scheme

Savings Scheme

Locker Facility

IOB mPassbook

NRI Accounts

Processing fees

Housing Loan, Subhagruha Gen Next Housing Loan, Subhagruha Housing Loan CC, Home Improvement Scheme, NRI Home Loan, Home Décor

• Loan up to 75 Lakhs: 0.50% of the loan amount (maximum 20,000)
• Loans above 75 Lakhs: 0.50% of the loan amount (maximum 25,000)
• NIL for Loans to Air Force personnel

Subhagruha - Top-up

loans

Irrespective of the amount: 0.75% of the loan amount (maximum 25,000)

IOB-Gharonda (PMAY-Housing for All (Urban)) Credit Linked Subsidy Scheme

• EWS and LIG - Loans Up to 6 Lakhs: 3,000
• MIG I - Loans up to 9 Lakhs: 2,000
• MIG II - Loans up to 12 Lakhs: 2,000
• Processing fee is paid by NHB
• If the loan granted above the eligible loan amount limit for subsidy, processing charges will be 0.50% of the loan amount (maximum 20,000)

Prepayment/Foreclosure charges

For takeover/pre-closure of loans availed in individual name

Nil

For others (including proprietary firm)

2% of the prepaid amount