Indian Overseas Bank extends a home loan of upto Rs 5 lakhs for repairs, renovation and modification of a house under Home Improvement Scheme. The loan amount cannot be less than Rs 25,000. The home loan scheme is open for salaried individuals as well as businessmen or self-employed professionals. The applicant must be the owner of a residential house or flat.
As far as the repayment of IOB loan is concerned, it depends on the many factors, such as the number of years left before retirement for a person in service. Normally, the loan under Indian Overseas Bank Home Improvement Scheme is repaid in not more than 120 Equated Monthly Installments. A repayment holiday of three months is also provided, which begins after three months from the date of loan. Processing charges is 1.50 percent of the loan amount, while Prepayment stands at 1.00% on the outstanding. | 
