What is the Indian Overseas Bank Home Loan Eligibility?

The Indian Overseas Bank home loan eligibility differs according to its type. They provide nine types of home loans, each with its own set of eligibility criteria and features. I have some ideas about most of their requirements, so let me list them for you below. However, I will still suggest you visit their branch or website to be sure of them.

What is the IOB home loan eligibility?

IOB has different criteria for different types of home loans, so here is a list you can refer to:

Housing Loan Subhagruha

• Group of individuals

• Members of cooperative societies

• Individuals not more than 55 years old (60 years can be considered only if their legal heirs join along with them)

• The loan amount must be liquidated before attaining 70 years of age.

• A permanent job with a minimum of 2 or 3 years of service (for salaried applicants).

• A minimum period of three years of activity in the related field (for self-employed professionals)

Home Improvement Scheme

• The applicant must be between 21 and 60 years of age. 

• He or she must be confirmed in service: Self-Employed/Professional

• ITR must be filed in the last 2 years.

Home-Advantage-Scheme

• The applicant must be between 18 and 60 years old.

• He or she must be confirmed in service.

• Self-Employed/Professional 

• ITR must be filed in the last 2 years.

• Future rental income from the proposed property can also be considered.

If you want to avail some other type of home loan and know the IOB housing loan eligibility for them, visit the

website or any of their bank branches.

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I’ve recently availed of a IOB Subhagruha housing loan, so I can share the Indian Overseas Bank home loan eligibility criterias. The IOB Subhagruha provides around 75–90% of the total cost of the home or apartment, omitting the fees for registration and documentation. The amount is determined by your age and ability to repay.

What is the IOB Home Loan Eligibility?

• The Indian Overseas Bank housing loan eligibility criteria is that individuals can only avail a loan if they are not more than 55 years of age. However, if their legal heirs accompany them, individuals may be considered at the age of 60.

• The loan must be paid off before turning 70 years old.

• For Salaried Individuals: A permanent job for a minimum of two or three years.

• For self employed: A minimum of three years of experience in the relevant industry.

These were the basic IOB housing loan eligibility criteria. 

I hope this helps!

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