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.
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.
|Loan Amount||Based on age and repayment capability|
|Processing Fees||0.50% of loan amount (max. Rs.25,000)|
|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.
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.
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.
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.
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 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.
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.
Yes, you may be required to provide additional security in the form of NSC, LIC or Units of UTI.
The EMI payment can either be made through foreign inward remittance or by way of debit from NRE/NRO/FCNR account.
Yes. The loan must be liquidated before the applicant attains 70 years of age.
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