Personal Banking

Last Updated on: 08/05/2023

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

Retail Credit Interest Rate (Click here)

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

Initial 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 cannot 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

As applicable from time to time. For up-to-date Processing Charges, you are requested to kindly visit your nearest IOB Branch.

Home Improvement Application Form

(Download Form here)