Loan Details

Interest Rate


7.05% onwards

Processing Fee

Up to 0.50% of the loan amount

Prepayment

Charges

Zero prepayment charges

Tenure


Up to 30 years

  • Eligibility Factors
  • Documents Required
  • Loan Verification Process
  • Rate of Interest
Indian Overseas Bank Loan Against Property
 
  • Age - Minimum 21-70 years
  • Credit Score - 650 or more
  • Employment type - 1. Salaried class 2. Business class
  • Minimum net income (monthly) - Rs. 30,000
  • Work experience - Salaried class: Minimum of 2 years as a salaried
    employee in the same organization. / Business class: Minimum 3
    years of business stability.
Indian Overseas Bank Loan Against Property
 

1. Eligibility

  • Age - Minimum 21-70 years
  • Credit Score - 650 or more
  • Employment type - 1. Salaried class 2. Business class
  • Minimum net income (monthly) - Rs. 30,000
  • Work experience - Salaried class: Minimum of 2 years as a salaried
    employee in the same organisation. / Business class: Minimum 3
    years of business stability.

All the applicants are required to submit the below-listed documents with the Indian Overseas Bank:

  • Filled up Indian Overseas Bank loan against property application form
  • Recent Photographs
  • ITR of previous 2 years
  • Proof of Identity Proof
  • Proof of Residency
  • Proof of Signature Authenticity

For Self-Employed Individuals:

  • Proof of Business establishment
  • ITR of the last 2 years
  • Proof of Business continuity like Service tax registration or VAT, company incorporation details, business’ proof of address, the balance sheet of company verified by a CA, company’s profit and loss account, copy of the partnership deed, business profile


For Salaried Professionals:

  • Latest IT returns/ Form 16 of the last two years
  • Last 6 months’ payslip
  • Last 6 months’ bank statement showing salary credit and any EMI debit
  • Other Property Documents Required:
  • Registered sale or conveyance or lease deed of the property
  • Latest house tax return or receipt
  • Building plan approved by the municipal corporation


Identity Proof (for all borrowers)

  • Driving License
  • Aadhar Card
  • Valid Passport
  • PAN Card
  • Voter ID

Proof of Residential Address (for all borrowers)

  • Utility Bill
  • Receipt of Property Tax
  • Approved Building Plan
  • Valid Passport
  • Voter ID
  • Registered Rent Agreement

Birth Date Proof (for all borrowers)

  • Driving License
  • Valid Passport
  • Voter ID
  • Aadhar Card


Property documents (for all borrowers)

  • Registered Sale Deed
  • Lease Deed
  • Conveyance
  • Past Sale Deeds
  • Receipt of House Tax Return
  • Building Plan approved by Municipal Corporation


The loan verification process is straightforward and simple:

 

  • Fill in the application form and submit it along with the other necessary documents.
    It can be quickly done by signing up on Apnapaisa.com.
  • You will receive a call from one of our representatives within 24 hours to schedule
    a pickup of the documents in case you opt for offline submission of the
    documents.
  • The concerned department representatives at Indian Overseas Bank will verify the
    documents and the details. They may visit the property if necessary.
  • After the completion of the verification process and approval of the loan, the
    lender will call you with the loan offer and ask for your consent for disbursal.
  • Once you have accepted the loan offer, the amount gets credited to your account
    within 48 hours.
  • You will get a copy of the duly signed loan agreement containing details of loan
    interest, tenure, loan amount, charges, and penalties.

 

 

The interest rates are floating rates, with the spread from MCLR based on the sanctioned loan amount:

 

  • For a loan amount of up to Rs. 1,00,00,000
  •  
  • Interest rate = MCLR + 2.2%, averaging at 9.75%
  •  
  • For a loan amount of more than Rs. 1,00,00,000,
  •  
  • Interest rate = MCLR + 2.7%, averaging at 10.25%
  •  
  •