Indian Overseas Bank Home Loan Interest Rates - 2018-2019 StudyChaCha

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  #1  
Old March 17th, 2013, 12:01 PM
ripon jaju
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Default Indian Overseas Bank Home Loan Interest Rates

Sir, Please Provide me the Detail of Interest Rates on Home Loan Of Indian Overseas Bank
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  #2  
Old March 20th, 2013, 12:06 PM
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Default Re: Indian Overseas Bank Home Loan Interest Rates

Here I am Giving the Interest Rates on Home Loan Of Indian Overseas Bank as on 14-3-2013 by online source..

Repayment Up to 5 years > 5 to 10 yrs More than 10 yrs
Loan Amount
Up to Rs.30 lakh 10.25 10.25 10.25
Above Rs.30 lakh & up to Rs.75 lacs: 10.5 10.5 10.5
Above Rs.75 lacs 10.75 11 11.25

Eligibility For Home Loan:
Groups of individuals
Members of Co-operative Societies
Individuals not more than 55 years of age
Loan must be liquidated before attaining 65 Years of age.

For salaried individual
A permanent job with a minimum of 2 or 3 years service
For self-employed professional
A minimum period of three years of activity in the related field

Quantum of loan
A maximum of 80% of the cost of the house/flat or Rs. 500 lakh whichever is less. The amount depends on your age and repayment capacity.

Margin

The minimum margin is 20% of the estimated cost (including the cost of the land) for new as well as old houses/flats.

Repayment of Home Loan:
Repayable Must be Done in equated monthly installments for a maximum period of 25 years.
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  #3  
Old October 18th, 2015, 11:23 AM
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Default Re: Indian Overseas Bank Home Loan Interest Rates

My father wants to take Home Loan from Indian Overseas Bank so would you please give me some information about Home Loan?
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  #4  
Old October 18th, 2015, 11:25 AM
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Default Re: Indian Overseas Bank Home Loan Interest Rates

Indian Overseas Bank was founded in 10 February 1937, it is a major public sector bank and it has branches in Singapore, Hong Kong, Colombo, Seoul, and Bangkok.

Purpose
To buy, build or renovate flat/house.

Eligibility

Groups of individuals
Members of Co-operative Societies
Individuals not more than 55 years of age.
However Individuals may be considered at the age of 60 provided their legal heirs join along with them.
Loan must be liquidated before attaining 70 Years of age.

For salaried individual:

A permanent job with a minimum of 2 or 3 years service
For self-employed professional:
A minimum period of three years of activity in the related field

Quantum of loan

75% to 90% of the cost of the house/flat excluding Registration and Documentation charges. The amount depends on your age and repayment capacity.
Up to 30% of the loan amount given for purchase of plot.

Margin

Margin ranges from 10% to 25% of the estimated cost (including the cost of the land) for new as well as old houses/flats, depending upon the loan quantum.

Rate of Interest:
Up to Rs 30 lakhs: Base Rate i.e.9.90

Above Rs.30 lacs & up to Rs 75 Lacs: Base Rate i.e.9.90

Above Rs 75 lakhs: Base Rate +0.25 i.e.10.15





Documents required

An application form
Salary certificate as a proof of income (for employed individuals)
Proof of income (for professionals, business people etc.)
Agreement for sale of house/flat
Proof of membership (for co-operative societies etc.)
Proof for experience in the line of activity (for professionals, business people etc.)
Estimates for Construction/Valuation Report for Acquisition/Legal opinion on the Property from Bank approved Engineer/Lawyer
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