Purpose

For Furnishing of the house / flat drawing room furniture, Kitchen equipment, air conditioners, room coolers, curtains, cots, sink, bath tubs, show case, cupboards, carpets etc.

Exception

Consumer Durables

Eligible persons

Individuals in employment, business, self-employed professionals who own a house / flat in their name or in the name of their spouse subject to: confirmed in service, minimum in business / activity for 3 years.

Joint Loan

With close relatives like father, brother etc. if house/flat is in their name

Age

55 years Max at time of loan

Quantum

Min Rs. 0.25 Lakhs, Max. Rs. 15 Lakhs

Margin

• 25% of the total cost of furnishing/ cost of repairs
• Margin to be brought up front.

Repayment

Maximum 108 EMI subject to maximum age of 70 years.

Holiday Period

No

Interest

Linked to RLLR

Security

Loan up to Rs. 2.00 lakhs:

• Hypothecation of items purchased under the loan in the case of furnishing the house
• Suitable third party guarantee from a person drawing salary at least equal to the salary/monthly income of the applicant.
• In case the house / flat is mortgaged to another Bank / Institution, no lien letter from the Bank / Institution is to be submitted for the items hypothecated to our Bank/renovations undertaken.

Loan > Rs. 2.00 lakhs and up to Rs. 15.00 lakhs

• Only to IOB Home loan borrowers
• Hypothecation of items purchased under the loan
• Mortgage of the house / flat which is being furnished. The value of the property should be at least equal to the loan amount OR
• Mortgage of any house / flat with value at least equal to the loan amount.