Indian Overseas Bank offers home loans for a maximum repayment period of 10 years under fixed rate scheme. On the other hand, the upper ceiling on repayment is 20 years for home loans under floating rate option. In case of early closure, a Prepayment charge of 1.00 percent on the outstanding amount will be applied. You can obtain upto 80 percent of the cost of the house within a maximum limit of Rs 50 lakh under Indian Overseas Bank Home Loan. The amount, however, depends on the age and repayment capacity of the borrowers.
The home loan is available for salaried individuals as well as self-employed professionals. A salaried person must be in permanent job with more than 2 years of service. Self-employed people are required to be engaged in professional activities of three years old. | 
