IOB or Indian Overseas Bank is one the most prestigious banks in India. It provides home loan to both salaried and self-employed persons with stable income and a good credit history. The person should not be more than 55 years of age to take the loan. The loan is provided to buy, build or renovate flat/house. A maximum loan amount is 80% of the value of the property you want to buy with a ceiling of 5 crores on the loan amount.
The repayment tenure for the loan that the time period in which the loan should be repaid to bank is a maximum of 20 years. A 0.57% of the loan amount sanctioned with a ceiling of Rs. 10 thousand is kept as processing fees by the bank itself. No pre-payment charge is there for the home loan from the bank. To avail the loan having the property you want to buy insured is compulsory. The bank charges 11.50% as the floating interest rate on the loan.