Product Details
Bank Name
Indian Overseas Bank
Maximum Loan Tenure
Up to 30 years.
Maximum Loan Amount
No limit
Interest Rate
Floating: 9.60% to 10.35% per annum. Fixed: 12%
Type
Both
Down Payment
Down payment of 25%.
Fees and Charges
Processing fees- 0.50% of the loan amount.
Pre-payment charges: NIL for floating interest rate.
Late payment charges: 2% per annum for the default/overdue period.
Legal charges: At actuals.
Stamp Duty and registration charges: At actuals.
Minimum CIBIL Score
Not specified by the bank.
Down Payment and Fees
Home-Advantage-Scheme
Special Features
None
Eligibility Criteria
Salaried: Must be confirmed in service
Self-Employed/ Professional - ITR must be filed in the last 2 years
Future rental income from the proposed property can also be considered
Special Concession
No
Home Saver Option
No
Features, Eligibility and Concession
Pros
Loan tenure of up to 30 years.
No limit on the maximum loan amount.
Available for both Fixed and Floating interest rate.
Cons
A down payment of 25% is required to avail this loan.
Pros & Cons
Application Procedure
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