Indian Overseas Bank Home Loan - http://www.loansandcredits.in/apply-indian-overseas-bank-home-loan/
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Apply Indian Overseas Bank Home Loan

Apply Indian Overseas Bank Home Loan :- accompany a double favorable position - tax cuts and lease sparing. Both these components contribute towards the EMI outpouring.Gratefulness in the property estimation is an extra reward. We guarantee that our clients get most extreme advantages through their home loan.[/vc_column_text][/vc_column][/vc_row][vc_row 0=""][vc_column width="1/2"][contact-form-7 id="3150"][/vc_column][vc_column width="1/2"][vc_column_text]

 

Indian Overseas Bank Home Loan

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

 

Purpose

To buy, build or renovate flat/house.

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 

1 Year MCLR - 8.40%

Repayment

Repayable in equated monthly installments for a maximum period of 30 years.

Security

First mortgage on the property to be bought, constructed or renovated
The land should be in the applicant's name or jointly with spouse who should be a co-obligant
Should have a clear and marketable title over the property
should have comprehensive insurance on the property for adequate value
Additional security in the form of NSC, LIC, Units of UTI will also be accepted

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.
Download the application form.Save it on your computer, print it out and send it to the nearest/convenient IOB branch for Processing
While all efforts have been made to update the information, constituents are requested to contact the branches for latest details.[/vc_column_text][/vc_column][/vc_row][/vc_section][vc_section 0=""][vc_row 0=""][vc_column 0=""][vc_empty_space][/vc_column][/vc_row][/vc_section][vc_section 0=""][vc_row 0=""][vc_column 0=""][vc_column_text]

Loan EMI Calculator

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