Indian Overseas Bank

Indian Overseas Bank is a public sector bank that was founded in Madras on 10 February in the year 1937headquartereduartered in Chennai, Tamil Nadu, India. This bank mainly provides loans, credit cards, savings, investment vehicles etc. It mainly offers banking products and services as well as capital markets. This bank has an operating strength of total 3700 domestic branches and about 3300 operating ATMs that is spread all over India.

Features

• To buy a piece of land for the purpose of constructing a house. The blueprint of the land must be authorized by a Competent Authority
• the applicant needs to be of age 18 and above and must not be above age 60 at the time of maturity.
• You can apply for a sum 30 times of Gross Monthly Income. Indian bank has fixed the cap on Land Loan based on several factors: To buy a property in Rural Locations: INR 50.00 lacs To buy a plot in Semi-urban Places: INR 1 Cr To buy land in Urban/ metro cities: INR 2 Cr to INR 3 Cr
• 25 percent of plot cost
• The customer should start constructing the house in two years from the day he/ she availed the loan. They can also start the construction from the day possession is handed over by the Government Housing Development Agency. In case of non-compliance with the above, a higher interest rate could be levied for the late period.
• Maximum EMIs allowed is 180, without any Holiday Period
• Equitable Mortgage of Property bought out of loan money. This has to be registered (Applicant should bear the expenses) if there is a provision for the same in the State where the plot is.

List of the Services Offered by Indian Overseas Bank