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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

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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.

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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



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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.

 


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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%
  •  
  •