Eligibility Salaried individual  in confirmed service with a take home pay of not less than 50% of gross salary or a business man or a professional with at least 3 years standing in the line of activity. Should own a residential house or flat etc   Purpose For repairs, renovation, up gradation, modifications of any kind such as undertaking routine repairs, painting, rewiring, changing the tiles, fixing marbles,  making additions such as cupboards, doing woodwork etc. to the existing house or flat. Loan amount The loan amount depends on the actual estimate of the work to be undertaken and the repaying capacity of the applicant. The minimum loan amount is Rs.25,000/- and the maximum is Rs.5.00 lakhs. Rate of interest: Please click Retail credit interest rate   Repayment the loan   The loan is repaid in a maximum of 120 Equated Monthly Installments. The repayment period also depends on the number of years service left in the case of persons in service. Prepayment charge of 1.00% on the outstanding or on amount remitted in excess of drawing power, will be levied. Initial holiday period Repayment of loan starts only after 3 months from the date of loan. Security  The house/flat which is being repaired/renovated should be mortgaged to the bank. If this property can not be mortgaged for any reason, any other property in the name of the borrower with a market value twice that of the loan amount is to be mortgaged. Processing charges A one time processing charge of 1.50% of the loan amount. Payable at the time of sanction of the loan. Click here to download the Application Form Save it on your computer, print it out and send it to the nearest/convenient IOB branch for Processing