Eligibility Groups of individuals Members of Co-operative Societies Individuals not more than 55 years of age For salaried individual  A permanent job with a minimum of 2 or 3 years service For self-employed professional A minimum period of three years of activity in the related field

Purpose To buy, build or renovate flat/house. Quantum of loan A maximum of 80% of the cost of the house/flat or Rs. 50 lakh whichever is less. The amount depends on your age and repayment capacity. Margin  The minimum margin is 20% of the estimated cost (including the cost of the land) for new as well as old houses/flats. Rate of interest  Please click Retail credit interest rates Repayment Repayable in equated monthly installments for a maximum period of 20 years. For fixed interest rate option, the maximum repayment period is 10 years..  Prepayment charge of 1.00% on the outstanding or on amount remitted in excess of drawing power, will be levied. Holiday period A maximum holiday period of 18 months from the date of first disbursement or completion of construction - whichever is earlier. In case the house is purchased, the holiday period is  3 months. Security  First mortgage on the property to be bought, constructed or renovated The land should be in the applicant's name or jointly with spouse who should be a co-obligant Should have a clear and marketable title over the property should have comprehensive insurance on the property for adequate value Additional security in the form of NSC, LIC, Units of UTI will also be accepted     Processing charges The processing charge is 1.50% of the loan amount with a  maximum of Rs.30,000/-. This is subject to change from time to time without prior intimation. Documents required An application form Salary certificate as a proof of income (for employed individuals) Proof of income (for professionals, business people etc.) Agreement for sale of house/flat Proof of membership (for co-operative societies etc.) Proof for experience in the line of activity (for professionals, business people etc.) Estimates for Construction/Valuation Report for Acquisition/Legal opinion on the Property from Bank approved Engineer/Lawyer Download the application form in MS-Word format Save it on your computer, print it out and send it to the nearest/convenient IOB branch for Processing While all efforts have been made to update the information, constituents are requested to contact the branches for latest details. Click here to Download the Application Form