A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Custom Free
     

    Custom quote

  • Indian Overseas Bank Home Loan

    Loading your search...
  • Indian Overseas Bank offer housing loans to eligible customers at an interest rate that starts from 8.20%. With a maximum loan repayment tenure of 30 years and a processing fee that starts at as low as 0.50% of the loan amount along with other benefits, it is worth your consideration. 

    More
    We found 1 Indian Overseas Bank Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    8.20% - 10.95% Floating
    0.50% One time fee
    -
    30 Years
    What you'll love
    Documents
    Perks
    Think about

    Indian Overseas Bank Home Loan Details

    Indian Overseas Bank (IOB) offers customers a range of home loan options, applicable to resident Indians and non-resident Indians (NRIs). The bank also offers a home loan product specifically designed for relatives of NRIs. Choose a tenure up to 30 years with no penalty charged on prepayments.

    MCLR 8.50% p.a.
    Loan Amount Based on age and repayment capability
    Processing Fees 0.50% of loan amount (max. Rs.25,000)
    Prepayment/Foreclosure Charges Nil
    Max Tenure 30 Years
    Rate Packages Available Floating

    To know the specific processing fee charged on different home loans offered by IOB, visit our Home Loan Processing Fee webpage.

    Indian Overseas Bank Home Loan Interest Rates

    IOB offers floating-rate home loan packages pegged to their 1-year MCLR rate. The interest rates vary based on the loan type and loan amount. Here are the interest rates charged by the bank on their home loan products:

    IOB Home Loan Schemes Interest Rates
    Housing Loans 8.20% p.a. – 8.45% p.a.
    Reverse Mortgage 9.25% p.a.
    Subhagruha Top-up Loan 10.40% p.a. - 10.90% p.a.
    Loan Against Property 10.70% p.a. – 11.20% p.a.
    Home Improvement Loan 8.85% p.a. – 9% p.a.

    Indian Overseas Bank is a major bank based in Chennai (Madras), with about 3350 domestic branches, 3 extension counters and six branches overseas. Indian Overseas Bank has an ISO certified in-house Information Technology department, which has developed the software that 3257 branches use to provide online banking to customers; the bank has achieved 100% networking status as well as 100% CBS status for its 3350 branches.IOB offers home loans from 75% to 90% of the cost of the house/flat(including the cost of the land).depending upon the loan quantum. Read on to learn about the eligibility and documentation requirements for the loan you avail.

    Feature & Benefits of IOB Home Loan:

    • Available to individuals and groups:

      This loan scheme is not only open for individual applicants, but also to groups of individuals and members of co-operative societies. The age cap is frozen at 55 years, extendable to 60 years if legal heirs are available to join as co-applicants.

    • Loan purpose:IOB makes this loan available for a wide range of housing needs such as buying a house/flat/plot and for renovation of existing house/flats under its Home improvement loan scheme.
    • High quantum of loan offered: You can look forward to getting a funding of up to 90% of the costs involved in buying the home, which includes registration and documentation charges. The quantum of loan offered is dependent on age and repayment capacity. This implies a margin of 10 to 25%, ensuring little burden on the borrower.
    • Flexible payment term options:IOB offers you up to 30 years to repay the loan amount along with applicable interest charges in EMIs (Equated Monthly Installments). You’re free to choose a term of your choice as per your convenience.
    • No Prepayment charges: The most outstanding benefit of availing a home loan from IOB is that you can consider paying off the loan anytime during the term since the bank does not bill penalty for early repayment.
    • Holiday period: You can also look forward to a high quantum of holiday period depending on the property involved. A maximum of 18 months is offered as holiday period on construction loan (from date of loan disbursement or construction completion date, whichever is earlier) or 3 months in case of house purchase.

    IOB Home Loan Eligibility Criteria:

    • Individual applicants should not be older than 55 years at the time of application. This condition gets a further extension to 60 years if the applicant is a legal heir is joining as a co-applicant.
    • Group of individuals or members of co-operative societies.
    • Salaried individuals should be in a permanent job with atleast 2-3 years in service.
    • Self employed individuals should be in the relevant field for at least 3 years.

    IOB Home Loan Documentation:

    • Application form in the required format. The form can be downloaded from the website of IOB or be obtained from the nearest banking branch.
    • Salary certificate/payslips for salaried applicants.
    • Proof of income such as ITR & bank statements for self-employed applicants.
    • Experience proof supporting the line of business for non-salaried individuals.
    • Sale agreement of house/flat.
    • Co-operative societies must submit proof of membership.
    • Construction estimates, Valuation Report, Legal Opinion from approved lawyer/engineer.

    Compare Best IOB Home Loan Offers

    1. IOB Home Loan – Subha Gruha Home Loan:

    Owning a home is everybody’s dream since it has a dual benefit of not only ensuring shelter for self and loved ones but also acts as an investment instrument offering us attractive returns over a period of time. More often than not, meeting the costs of procuring a home or a piece of land often comes by means of financing by taking a loan from a bank since it may not be affordable outright, owing to the costs involved in procuring one.

    Being a leading public sector banking institution in the country, IOB’s Subha Gruha home loan scheme can be the ideal partner for funding your housing dream. This loan is available for a wide range of housing requirements, open for application to the likes of resident Indians as well as NRIs.

    2. IOB Home Improvement Loan

    Apart from the regular home loans, IOB also offers financing for home improvement as a separate scheme. The purpose of this loan consists of a variety of activities such as repairs & renovation, painting, rewiring, replacing tiles and marbles, carpentry work and so on.

    Highlights:
    • The loan quantum ranges from Rs.25,000 up to Rs.15 lakhs, disbursed depending in the requirement and repayment capacity of the applicant.
    • The borrower can repay the loan in up to 144 (12 years) Equated Monthly Installments (EMIs), depending on what he/she chooses at the time of signing up for the loan.
    • The rate of interest applicable is the same as the table provided in the interest rate section of this article.
    • The repayment is activated only after expiry of 3 months from the date of loan (holiday period).
    • The security is in the form of mortgage, where the house/flat renovated will act as collateral until full repayment of the loan.

    3. IOB NRI Home Loan

    The bank also offers housing loan for NRIs (Non-Resident Indians) through its NRI Home Loan scheme. It is offered to NRIs with a valid Indian passport or PIO (Person of Indian Origin) holding passport from countries except Pakistan, Afghanistan, Sri Lanka, Bangladesh, Nepal, Iran, Bhutan & China.

    Highlights:

    • The purpose of this loan is to help NRIs financially in buying, building or renovating house.
    • The maximum loan quantum offered for building or buying a new house is up to 80% of the costs involved. A cap of Rs.15 lakhs is offered for home renovations.The margin for the borrower varies between 10 to 25% of the project costs.
    • The repayment tenure offered is up to 15 years, flexible on the basis of the requirement of the borrower. Repayment is in the form of EMIs.
    • The processing fee is charged at the rate of 0.57% of the loan amount, up to a maximum of Rs.15,000.
    • The rate of interest applicable is the same as the table provided in the interest rate section in this article.

    IOB Home Loan FAQ

    1. Is there a processing fee charged by IOB on the home loan offered for resident Indians?

      Yes, there would be an upfront fee payable for processing of the loan application. It is charged at the rate of Rs.263 per lac for loans up to 5 lacs and Rs.351 per lac for loans above Rs.5 lacs.

    2. Does IOB require additional security in any other form to secure the loan amount?

      Yes, you may be required to provide additional security in the form of NSC, LIC or Units of UTI.

    3. How is the EMI payment debited for NRI home loan borrowers?

      The EMI payment can either be made through foreign inward remittance or by way of debit from NRE/NRO/FCNR account.

    4. Is there a cap on the age of the applicant before which the loan should be fully paid off?

      Yes. The loan must be liquidated before the applicant attains 70 years of age.

      

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.