POLICY ON VALUATION OF PROPERTIES
INDIAN OVERSEAS BANK
Ref: No. MISC/155/ 2021-22 Date: 15.04.2021
First Annual Review of the Policy Document on Valuation of Properties.
Issuing Department:
Chennai 600 002. Banking Operations Department
The policy clause modified in the first annual review of the Policy Document on Valuation of Properties is as follows and the other contents of the policy remain unchanged.
Policy Clause No.
Part I
Para3
Clause 3.5
Existing Clause
The realizable value will be 85% of the Fair Market Value of the immovable property.
Modified Clause
For the purpose of LTV in the case of a housing loan, the realizable value will be lower of the following:
i. Cost of the house/ flat mentioned in the agreement to sale. However, stamp duty, Registration charges, and other documentation charges, which are not realizable in nature will not be included in the value of the property/ agreement to the sale for arriving at the loan eligibility.
And
ii. Current Fair Market Value as per the latest Valuation Report.
For all purposes other than Housing Loans, realizable value will be 85% of the Fair Market Value of the immovable property as per the latest
Valuation Report.
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