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Indian Overseas Bank

Indian Overseas Bank (IOB) was founded on February 10^th 1937, with the twin objectives of specialising in foreign exchange business and overseas banking. IOB was one of the 14 major banks that were nationalised in 1969.

Computerisation - Towards customer delight:

270 branches have been totally computerised and 350 branches have been partially computerised as of December 1999. Automated Teller machines (ATM) 17 in-operation and 14 more planned for the current year.
IOB entered Web site during the month of February 1997.
Internet Banking scheduled to take off in August 2000.

IOB started STAR services in December 1999 for speedy realisation of outstation cheques. Now the Banks has 14 STARS centres and one Controlling Centre for providing this service.

IOB's HOME LOAN SCHEME

ELIGIBILITY

	NRIs holding Indian passports
	Three years of continued service overseas.
	Minimum monthly salary of Rs.15,000/-.
	Joint accounts with resident close relatives is also possible.

PURPOSE

	For purchase or construction of only one house/flat for self-occupation on return to India.
	For repair/renovation of existing house/flat.

QUANTUM OF LOAN

Up to 20 times of gross monthly salary with a maximum of Rs.20 lakh for construction/acquisition and Rs.3 lakh for repair/renovation.

RATE OF INTEREST

14.50% p.a. + interest tax with effect from 5.11.99 on diminishing balance with quarterly rests (subject to change as per directives of Bank issued from time to time).

MARGIN

25% to be brought in by way of fresh foreign inward remittance or out of NRE/FCNR/NRO accounts in India of the borrower.

REPAYMENT

	Equated monthly instalments with a maximum of 180 months by remittance from abroad or out of NRE/FCNR/NRO account in India of the borrower.
	If the property is rented out, the entire rental income even if it is more than the prescribed instalment, should be adjusted towards repayment of loan account. If the rental income is less than the prescribed instalment, the shortfall should be remitted by inward remittance or out of NRE/FCNR/NRO account in India of the borrower.

SECURITY

Equitable mortgage of property proposed to be acquired.

Lien on borrower's other assets in India.

TYPE OF LENDING

Term loan

HOLIDAY FOR REPAYMENT

Six months for acquisition and 12 months for construction from date of first disbursal. Three months from the date of first disbursal for repair/renovation.

INCENTIVE

One half percent of the interest received will be refunded to the borrower provided the EMI has been paid without a single default and the loan is closed as per original schedule.

PROCESSING CHARGES

0.75% subject to a maximum of Rs.5000/-.

GUARANTEE

Two resident guarantors with reasonable worth/income acceptable to the bank.

for further details : www.iob.com

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