indian overseas bank home loan. iob home loan latest details
Indian Overseas Bank Home
Loan
IOB Home loan Purpose:
Term loan for
acquisition/construction of new flat or a house and for purchase of old
house/flat up to two houses. The age of the old flat house or flat should not
exceed 25 years.
construction of additional rooms/first floor/second floor on the already owned
houses
purchase of plot
subject to the cost of plot does not go beyond
30% of the eligible
loan amount in semi urban and rural area.
60% of FMV of the
land or
60% of purchase price
or
60% of eligible loan
amt, whichever is less (if plot is available in Metro or Urban).
IOB Home Loan Eligibility:
Individuals/group of individuals and individual members of Cooperative
society, individuals
who have independent source of income from agriculture/profession/Trade,
Business etc and through employment.
Maximum age at the time of availing the loan should not exceed 60 years.
If the applicant has crossed
55 years, his/her spouse or legal heirs should be included as obligant.
Loan is to be liquidated
before first applicant attains age of 70.
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
IOB Home Loan Rate of
Interest:
|
UPTO RS. 30.00 LACS |
RLLR |
0.20 |
7.45 |
|
> RS. 30.00 LACS
TO RS. 75.00 LACS |
RLLR |
0.30 |
7.55 |
|
ABOVE RS. 75.00
LACS |
RLLR |
0.45 |
7.70 |
Loan to Value Ratio:
|
Loan Amount |
LTV ratio |
|
Up to Rs 30.00
lakhs |
90% |
|
Above Rs 30.00
lakhs to up to Rs 75.00 lakhs |
80% |
|
Above Rs 75.00
lakhs |
75% |
Arrival of quantum of loan for new
flat/house based on LTV ratio
The value of the property to be purchased shall be arrived based on the
lower of the following values:
The value of the property to be purchased shall be arrived based on the lower
of the following values:
(i)
Cost of the house/flat, excluding stamp
duty, Registration charges and other
documentation charges, mentioned in agreement to sale.
AND
(ii)
Current Fair Market value as per the
latest valuation report.
Arrival of quantum of
loan for Old house/flat based on LTV ratio
The value of the property to be purchased shall be arrived on the lower
of the following:
(i)
Cost of the house/flat mentioned in the agreement to sale.
AND
(ii)
(Fair market value as per the latest valuation report.
Loans sanctioned for
purchase / construction of house, if the cost does not exceed Rs 10 lakh then
stamp duty, registration and other documentation charges shall be included in
the cost
of the project for purpose of LTV
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.
Repayment: Maximum 30 years including maximum holiday
period.
Holiday Period: 18 months from the date of disbursement of first
instalment of loan or
completion of construction whichever is earlier. For old houses/flat up to 3
months.
Insurance:
The property should be insured for the full value of its superstructure for the
risk of fire and other hazards including earthquakes with bank clause during
the currency of the loan and the original policy should be held with the bank.
IOB Home Loan Charges:
Processing Charges:
Loan upto ₹.75
lacs 0.50 % (max. ₹.20,000/-
Loans Above ₹.75
lacs 0.50 % (max.₹.25,000/-
Other than customer has to bear Property valuation charges,
legal opinion charges and stamp duty if any applicable in your state.
COMMENTS