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7th April 2016, 04:05 PM
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Join Date: May 2012
Re: Indian Overseas Bank Loan Details

Indian Overseas Bank (IOB) is a major public sector bank based in Chennai. The bank was established on 10 February 1937. Indian Overseas Bank has an ISO certified in-house Information Technology department.

Housing Loans - Subha Gruha

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 for new as well as old houses/flats, depending upon the loan quantum.

Repayment

Repayable in equated monthly instalments for a maximum period of 30 years

No Pre payment charges.

Documents required-

An application form

Proof of income (for professionals, business people etc)

Salary certificate as a proof of income (for employed individuals)

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

Contact details-

Central Office Address :
763 Anna Salai,
Chennai - 600002
Phone : +91-44- 2852 4212


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