Indian Overseas Bank funds upto 80 percent of the cost of the house with a maximum limit of Rs 50 lakh under NRI Home Loan. The actual amount of loan is determined by the income of an applicant, which can be upto 20 times the monthly salary. The upper limit of IOB home loan for NRIs sought for the purpose of renovation can go upto Rs 5 lakh. The applicant must be in possession of a valid Indian passport and drawing a monthly salary equivalent to Rs 10,000 in Indian currency.
A maximum period of 180 months (15 years) can be given for repayment of IOB housing loan under floating rate scheme. On the other hand, if the loan is taken under fixed rate scheme, the maximum repayment period cannot be more than 10 years. A holiday period for three to twelve months after the commencement of loan is also provided. | 
