Indian Overseas Bank provides Housing loans for: .

• The loan is given for acquisition/construction of a new flat or a house.
• The loan is also given for purchase of old house/flat
• constructing additional Rooms/ First floor Second Floor or already owned houses.

IOB has separate Scheme for Housing loans for NRI's

Eligibility Criteria: Individuals/Groups of individuals/Members of Co-operative Society. Individuals should have Regular income from Agriculture/Profession/Trade/Business/Salary in the case of Employment.

Other Conditions : In the case of employed persons minimum 3 years of confirmed service. In the case of self-employed professionals, business persons minimum 3 years standing in their respective fields is necessary. Applicants who own a house in the name of self or spouse or minor children are also eligible. The applicant should not be more than 55 years of age

Maximum Amount and repayment period : The quantum of loan is fixed taking into account the age and repaying capacity of the applicant(s). However, the maximum loan allowed under the scheme is 80% of cost of house/flat The maximum period of repayment allowed is 25 years in equated monthly instalments including a maximum holiday period of 18 months from the date of first disbursement or completion of construction, whichever is earlier.

Processing Charges : A flat upfront of 0.75% of the loan amount with a minimum of Rs.1000/-without ceiling for the maximum. Interest rates : The Interest rates differ from 11.5 % to 13.5% depending upon repayment period and loan amount.