Indian overseas bank offers home loan under various schemes such as home improvement scheme- for salaried individual having a confirmed service. Loan can be taken for repair, renovation, up gradation and making modifications, etc. Home Décor scheme – to furnish your home. You can apply for this loan if you are employed individual with 3 years of confirmed service but you must have your own home. Even NRI can take home loan to buy, build or renovate home. But there is a condition that the house/flat should be for your own occupation when you return to India.
Highlights
Interest Rate
0%
Loan Amount
Min. - Rs 100000
Max. - Rs 500000000
Tenure
Min. - 1 Yrs.
Max. - 30 Yrs.
Time to Process Loan
7 days
Interest Rates
Tenure
Interest Type
Interest Rate
Offer
1 - 30 Yrs.
Floating
10.25 %
Regular (Up to Rs.30 lakh - 10.25%
Above Rs.30 lakh & up to Rs.75 lacs - 10.25%
Above Rs.75 lacs - 10.50%)
Fees & charges
Fees & charges
Processing Fee
0.58 %
Pre-Payment Charges
1 %
Security
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