To be eligible for an Indian Overseas Bank (IOB) Home Improvement Loan, you must meet the following criteria:

Individual Applicants:

• Age: Up to 60 years old at the loan maturity date.

• Employment: You must be a salaried individual in permanent service with at least 2 years of service or a self-employed professional with at least 3 years of experience in your field.

• Minimum Income: IOB does not specify a minimum income requirement, but your income needs to be sufficient to afford the loan repayments and meet the bank's debt-to-income (DTI) ratio requirements. Typically, the DTI ratio should not exceed 50%.

• Credit Score: Maintain a good credit score to improve your chances of loan approval.

Property Ownership:

• Type of Property: The property must be a residential house or flat owned by you.

• Loan Purpose: The loan can be used for repairs, renovations, upgradation, modifications, or additions to your existing home.

Additional Eligibility:

• Mortgage: The existing property will be mortgaged to the bank as security for the loan.

• Location: The property must be located in India.

• Insurance: The property must be adequately insured against fire and other risks.

Documents Required:

• Application form

• Proof of identity and address

• Proof of income (salary slips, ITRs, business income proof)

• Property documents (property tax receipts, title deed)

• Cost estimates for the planned improvements

• Bank statements

• Photographs

• Signature verification

Additional Notes:

• IOB may have additional eligibility criteria or documentation requirements depending on your specific circumstances.

• You can check the detailed eligibility criteria and documentation requirements on IOB's website: https://www.iob.in/Home-Improvement-Scheme

• It's always best to contact IOB directly to discuss your specific situation and confirm your eligibility for a Home Improvement Loan.