IOB Bank, which is known as Indian Overseas Bank, has now launched its new residential scheme. The Name of the scheme is the IOB Easy Plot Loan scheme. In which the bank enabled the persons to buy the residential plots and also construct a house over them. It means that the Bank offer financial help to buy the residential plots which are approved by the State and central Development authorities or any of the private developers of the area. The RERA-approved projects are also included in the scheme. This Scheme also add the plots which are allotted by the government Housing authorities.
Any of the individual who also plan to buy the residential plots from the above said developer authorities, they can be the part of the scheme. Kindly know about the application process, eligibility and enhancement of the loan etc.
The Indian Overseas Bank now offer individuals the opportunity to buy a residential plot by getting a loan from their bank. The process is very easy, that’s why the scheme is called the easy plot loan scheme. There are various kinds of financing options available for customers to buy the plots and also have the Flexibility to build the home. It will also help to boost the loan portfolio of the Bank. The information about this scheme has been given by the Managing Director and CEO of the IOB bank, Mr. Ajay Kumar Srivastava.
Scheme Name
Easy Plot Loan Scheme
Scheme Announced By
IOB (Indian Overseas Bank)
Type of Plots
Residential Plots
Beneficiaries
All Indian Citizens and NRIs
Benefits
Given Easy Loan
Loan amount
From Rs 10 Lakhs to 3 Crore
Age limit
21st Year to 60 years
Loan repayment period
15 Years
Motive To Launch
If you read the above information clearly, then you can automatically understand the motive behind launching the scheme. We all know about the prices of the property nowadays. We don’t have enough money to buy it, but we can take the help of the bank in the form of a loan. Sometimes it is very difficult to get a loan from the banks due to formalities. But the Indian Overseas Bank now allow the individual to get an easy loan to buy residential plots.
So the main motive is to allow the buyer to purchase the residential property with the help of the bank loan facilities. You only have to pay the 25 percent of the cost of the plots and rest of the payment can be made by the bank in shape of loan. The repayment period of the loan amount can be 15 years which is also very good time period.
Eligibility Criteria
Any individual borrower can avail of these loan facilities to purchase a residential plot.
Not only the Indians but also the NRIs can avail the benefits of the scheme.
The age of the applicant must be 21st year to 60 years. If any of the applicants having the age above 55 years, they need to include the legal heir or spouse as co co-applicant in the scheme.
The repayment of the loan period is up to 15 years.
The IOB Present Staff and Ex Staff can also apply for the scheme.
Requirement
Bank officials inspect the plot from pre and after the post loan sanction.
Plot must be easy to identify.
Having the proper boundaries.
Also very easy to access the road.
Features Of Scheme
No Prepayment Charges.
The loan repayment period is up to 15 years.
Minimal Documentation required.
The construction of the house will in 5 years.
Very low processing Charges.
Documents Required
Legal Bank report from the Bank lawyer.
Valuation report.
Equitable Mortgage with CERSAI Registration.
Aadhar Card.
PAN Card.
Bank account in the Bank.
Photograph in passport size.
Salary Slip of the employee for the Past 6 years.
Self-employed proof.
2 years ITR.
Loan Limit
The loan amount which is given under this scheme is based on the location of the property. So the minimum loan amount is given in Rs 10 Lakhs. The maximum loan amount for the semi-urban area and urban metro area is different. You only have to pay 25% of the total value of the plot price.
Minimum Loan amount
Rs 10 Lakhs
Semi Urban Area
Rs 100 Lakhs
Urban Metro Area
Rs 300 Lakhs
Interest Rates
Repo Rate
5.5%
Markup
2.85 %
RLLR
8.35%
Base Rate
10%
MCLR One Year
9.10%
Terms and Conditions
Borrowers also have to give an affidavit from a Notary in which he/she affirm that to construct the residential house over the purchase plots within 5 years from the disbursement of the loan or any specific period given by the authority.
If any of the applicants fail to construct the house within in specific period, then the loan interest rate can be converted to a commercial rate as per the terms and conditions of the scheme.
But if the borrower completes the construction of the house, then the housing loan rate can be migrated to standard housing loan rates. Need to submit proof of the completion of the house.
How Take Benefit of IOB Easy Plot Loan Scheme?
Banks allow you to apply for the IOB Easy Plot Loan scheme from their official website. So need to open the official portal.
Here on the home page, you will get the complete details about the scheme and also the apply link. Click on the link if you get it.
Then the application form opens here, and you start putting the information in the form.
Scan the documents and now attach them to the application form.
Submit the loan Application. This is the application Process.
HelpDesk Of IOB
Official website
iob.in
Toll Free Number
1800 890 4445
FAQ
Is there any processing Fee for an Employee or ex-employee of the Bank?
No, there is no processing fee for the Bank employee or ex-employee.
Is there any Last Date of the scheme?
To date, there are no details about the Last Date.
