• Groups of individuals
• Members of Co-operative Societies
• Individuals not more than 55 years of age. However Individuals may be considered at the age of 60 provided their legal heirs join along with them.
• Loan must be liquidated before attaining 70 Years of age.

1. For Salaried Individual: A permanent job with a minimum of 2 or 3 years service.

2. For Self-employed Professional: A minimum period of three years of activity in the related field.

• 75% to 90% of the cost of the house/flat excluding Registration and Documentation charges. The amount depends on your age and repayment capacity. Up to 30% of the loan amount given for purchase of plot.

• Interest Rate: Retail Credit Interest Rates (Click here)
• Repayment Period: Repayable in equated monthly installments for a maximum period of 30 years.

✔ Concessions Offered on Home Loans during the period 18.05.2023 to 31.07.2023:

✔ 100% waiver on Processing Charges

✔ 50% waiver on Documentation Charges.

Purpose:

• To buy, build or renovate flat/house.

Quantum of Loan:

• 75% to 90% of the cost of the house/flat excluding Registration and Documentation charges. The amount depends on your age and repayment capacity. Up to 30% of the loan amount given for purchase of plot.

Margin:

• Margin ranges from 10% to 25% of the estimated cost (including the cost of the land) for new as well as old houses/flats, depending upon the loan quantum.

Holiday Period:

• A maximum holiday period of 18 months from the date of first disbursement or completion of construction - whichever is earlier.
• In case the house is purchased, the holiday period is 3 months.

Security:

• First mortgage on the property to be bought, constructed or renovated
• The land should be in the applicant's name or jointly with spouse who should be a co-obligant
• Should have a clear and marketable title over the property
• Should have comprehensive insurance on the property for adequate value
• Additional security in the form of NSC, LIC, Units of UTI will also be accepted.

Processing Charges: as applicable

Documents:

• An application form Salary certificate as a proof of income (for employed individuals) Proof of income (for professionals, business people etc.) Agreement for sale of house/flat.
• Proof of membership (for co-operative societies etc.)
• Proof for experience in the line of activity (for professionals, business people etc.)
• Estimates for Construction/Valuation Report for Acquisition/Legal opinion on the Property from Bank approved Engineer/Lawyer.
• Download the application form.Save it on your computer, print it out and send it to the nearest/convenient IOB branch for Processing
• While all efforts have been made to update the information, constituents are requested to contact the branches for latest details.

Download the Subha Gruha Application Form: (Click here)

To Apply Online: (Click here)