Indian Overseas Bank is a major public sector bank based in Chennai, with about 3700 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas.

NRI Home Loan Details:

Eligibility

NRI with a valid Indian Passport or a Person of Indian Origin and holding passport of other countries excluding Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan.


Monthly salary is equivalent to Indian Rs. 10,000/-

Purpose

For buying, building or renovating your home.

Loan amount

For building or buying a new house - Maximum of 80% of the cost of the house.
For renovating house - Maximum of Rs. 15 lakh.
90% for Loans up to Rs.20 lakhs, 80% for loans up to Rs.75 lakhs and 75% for loans above Rs.75 lakhs.

Margin varies from 10% to 25%.

Security

Equitable mortgage of the property to be purchased or built or renovated
Property should be insured for adequate value with Bank clause.
Registered Memorandum in states whereever it is applicable.

Holiday period

If the house is bought, repayment can commence 6 months after receiving the loan
If the house is built , repayment can commence 18 months after receiving the loan.
If the house is renovated, repayment can start 3 months after receiving the loan

Rate of interest

Processing charges

The processing charge is 0.57% of the loan amount subject to maximum of Rs 15000/-.

Contact:

Central Office Address :
763 Anna Salai,
Chennai - 600002
Phone : +91-44- 28524212+91-44- 28524212