IOB loan against property eligibility calculator India Jul 2017
Last Updated 12th Jul 2017
Indian Overseas Bank Loan Against Property Eligibility Calculator
| Eligibility Conditions | Salaried | Self Employed | Age | 21 - 60 years | 21 - 65 years |
|---|---|---|
| Rate of Interest | 12.15% | 12.15% | Lowest EMI Per Lakh | Rs. 1,773 | Rs. 1,773 |
| Maximum Loan Amount | Rs. 2,000,000 | Rs. 2,000,000 |
| Minimum Work Experience | 2 year | 2 year |
| Maximum Tenure | 7 years | 7 years |
Loan Against Property Eligibility Calculator
Eligibility Criteria
Eligibility of Loan against Property depends upon different factors like:
- Applicant’s net monthly income should be at least Rs. 25,000 to get loan against property from SBI.
- An Employee/Self-Employed/or NRI having residential or commercial property in his/her own name in India.
- Up to 50% of the market value of property will be financed.
- CIBIL score is reviewed to know about your repayment history on credit cards or any existing loans. So generally score required for sanction of loan is 700 or above.
- In order to increase your loan amount or your eligibility you can add co-applicant in your loan ( your spouse, blood relatives, children, siblings).
Frequently Asked Questions
What factors determine the eligibility criteria of property loan from IOB?
The factors that determine the eligibility criteria of Indian Overseas Bank property loan are:-
- Age of the applicant
- Monthly income
- Existing liabilities
- CIBIL Score
- Value of the property to be mortgaged
The minimum income for salaried employee to get loan against property should be Rs. 0 per month.
What is the minimum and maximum age required for Indian Overseas Bank loan against property?The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from IOB.
What is the tenure of IOB property loan?Indian Overseas Bank offers property loan for a tenure upto 7 years. However, longer the loan tenure, higher will be the eligibility.
How much mortgage loan can be availed by the applicant?An applicant can avail mortgage loan from Indian Overseas Bank up to 50% of the market value of the property.
