Indian Overseas Bank can extend a maximum loan amount of Rs 5 lakh for furnishing and buying goods for home decoration under its housing loan for home decor scheme. Employed individuals with confirmed service and businessmen with three years of standing in their respective professional domains are eligible for this kind of home loan. The applicant must also be under 55 years of age.
The maximum loan amount under the IOB home loan scheme may vary according to the monthly income of the borrowers. If third party guarantee is offered, the upper ceiling can be five times the gross monthly income or Rs two lakh, whichever is less. On the other hand, if collateral equivalent to the amount of loan is offered, the maximum limit can go upto ten times the gross monthly income or Rs five lakh, whichever is less. | 
