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Indian Overseas Bank provides home loans with no pre-closure charges. Provides tax benefits to the borrowers. No hidden costs and administrative charges. Repayment period depends on the capacity of the borrower. Apply now!
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Established in 1937 before World War 2 by Thiru.M.Ct.M. Chidambaram Chettyar to encourage overseas banking and foreign exchange operations. It is now managed by "The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve Bank of India, in exercise of the powers conferred by section 9 of "The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970".
The bank is operating with about 3700 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas as of 2014. It also has 3300 ATMs across India.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.
Being one of the largest bank in India, Indian Overseas Bank(IOB) offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Indian Overseas Bank(IOB) Home Loans are tailor made catering to the needs of various customers.
Loans for the purpose of buying, building or renovating flat/house
To avail the personal loan from Indian Overseas Bank(IOB), you need to have the following eligibility criteria.
A minimum period of three years of activity in the related field
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 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.
Repayable in equated monthly instalments for a maximum period of 30 years.
Prepayment Charges: Nil
Processing Fees: 0.53% of the loan amount- maximum of Rs. 13350
Interest Rates: 8.55% to 9.05%
Important documents to be submitted while applying for personal loans with Indian Overseas Bank(IOB)
Your Indian Overseas Bank(IOB) personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Indian Overseas Bank(IOB), Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Indian Overseas Bank(IOB) account you specify.
lectronic Clearing Service (ECS):
This mode can be used if you have a non-Indian Overseas Bank(IOB) account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Indian Overseas Bank(IOB) account at your nearest Indian Overseas Bank(IOB) Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Indian Overseas Bank(IOB) branch for the application. You can also download the home loan application form from the Indian Overseas Bank(IOB) official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.
1. What are processing fees on Indian Overseas Bank(IOB) Home Loans?
0.53% of the loan amount- maximum of Rs. 13350
2. Is there penalty for prepaying the Indian Overseas Bank(IOB) Home Loan?
No penalty is levied for prepaying the Indian Overseas Bank(IOB) Home Loan?
3. Can I get Indian Overseas Bank(IOB) Home Loan without a Guarantor?
No need of a guarantor
4. What is the maximum loan repayment period for Indian Overseas Bank(IOB) home loans?
The maximum repayment period is 30 years
5. How Can I apply for an Indian Overseas Bank(IOB) home loan?
You can either apply online or visit a nearest Indian Overseas Bank(IOB) branch and take the help of the bank’s representative.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.