Home Improvement Scheme

Home Improvement Scheme

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


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.15.00 lakhs.

Rate of interest: Please click Retail credit interest rate

Repayment the loan

The loan is repaid in a maximum of 144 Equated Monthly Installments. The repayment period also depends on the number of years service left in the case of persons in service. 
No Prepayment charges

nitial holiday period

Repayment of loan starts only after 3 months from the date of loan.


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

Please click here for Processing Charges

Save it on your computer, print it out and send it to the nearest/convenient IOB branch for Processing
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