A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 Indian Overseas Bank Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.55% - 9.05% Floating
    0.53% (max. ₹13,350) One time fee
    30 Years
    Response Time : Within 30 minutes
    What you'll love
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    Indian Overseas Bank Home Loan is Rated as "Excellent!" by 19 Users

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    Indian Overseas Bank Home Loan

    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.


    You’re probably eligible for an IOB Home Loan if you are

    IOB Home Loan Minimum Age

    At least 21 years old

    IOB Home Loan Maximum Age

    Less than 55 years old

    IOB Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    IOB Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your IOB Home Loan amount eligibility is based on these factors

    IOB Home Loan Minimum Salary

    Earn more than the minimum
    income required

    IOB Home Loan Maximum Loan to property value

    Loan capped @ 75% to 90% of property value

    IOB Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible IOB Home Loan amount by these steps

    IOB Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    IOB Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    IOB Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an IOB Home Loan

    • 1. Signed application form with photograph
    • 2. Latest bank statements
    • 3. Processing fee Cheque
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income


    IOB Home Loan Interest RatesUpdated on 13 Nov 2018

    IOB Home Loan Details
    Interest Rate 8.55% to 9.05%
    Processing Fees 0.53% of the loan amount- maximum of Rs. 13350
    Loan Tenure 30 years
    Pre-closure Charges Nil


    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.

    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 interest rate:

    The interest rates offered by IOB are affordable and transparent. It follows the MCLR concept mandated by the RBI to arrive at applicable rates for home loans. The table below provides a breakup of rates applicable for a combination of loan amount and repayment term. The benchmark 1-year MCLR effective from May 10, 2017 is 8.55%.

    Home Loan amount up to Rs. 30 lakhs:

    Repayment Tenure Floating Interest Rate p.a.
    1-5 years 8.55%
    5-10 years 8.55%
    10+ years 8.55%

    Home Loan amount above RS. 30 lakhs to Rs. 75 lakhs:

    Repayment Tenure Floating Interest Rate p.a.
    1-5 years 8.80%
    5-10 years 8.80%
    10+ years 8.80%

    Home Loan amount above Rs. 75 lakhs:

    Repayment Tenure Floating Interest Rate p.a.
    1-5 years 9.05%
    5-10 years 9.05%
    10+ years 9.05%

    Since the MCLR is subject to revision at frequent intervals, make sure to check with the bank for latest rates before applying for a home loan.

    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.

    IOB Home Improvement Scheme:

    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.


    • 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.

    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.


    • 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.

    Home Loan - Sitemap

    Indian Overseas Bank Home Loan Reviews

    • IOB Home Loan
      0.5 5.0/5 "Blown Away!"
      My home loan is with IOB. The customer services and response is good. The customer services and response is good as the document collection was on time and the disbursement was also as needed. The after loan services was smooth too. The rate of interest and charges are very much nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 14, 2018
    • IOB Home Loan
      "Housing loan with IOB"
      0.5 5.0/5 "Blown Away!"
      I have taken a housing loan from INDIAN OVERSEAS BANK. The approved loan amount was 39 lakhs and the rate of interest was 8%. the monthly EMI is 12000. The tenure which i have taken was for 25 years. I can recommend this bank for home loan as they are providing the best interest rate when comparing with other banks.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Dec 06, 2017
    • IOB Home Loan
      "More hidden charges"
      0.5 3.0/5 "Satisfactory"
      I moved my home loan from Indian overseas bank to SBI, because there is a lot of hidden charges in IOB. I was making the loan amount regularly but then the bank was charging additional charges, when I asked about the additional charges to the bank employees, they do not have any answer for that. My suggestion for IOB is they have to improve their service a lot, also the web portal has to be user friendly.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 28, 2017
    • IOB Home Loan
      "Fabulous experience"
      0.5 5.0/5 "Blown Away!"
      I got better offer from Indian Overseas bank and also they done fast process, within a week IOB have processed my loan. My loan amount was Rs. 17 lakhs for the tenure of 16 years. Indian Overseas offered me good interest for the housing loan its great.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 30, 2017
    • IOB Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had got a very good response from Indian overseas bank. They had provided the information about my home loan in detail. The way they deal with the customer is appreciable and they are very polite in handling the customers. The interest rate is nominal.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Mar 04, 2017
    • IOB Home Loan
      "Great !!!"
      0.5 4.0/5 "Great!"
      Experience with Indian overseas bank is good but if compare to private bank it is difficult . I contacted the sub branch for the home loan so it took time to complete the documentation process because all the papers has to be verified by the main branch. Interest rate was 9.25% floating.Part payment option is available with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 31, 2016
    • IOB Home Loan
      0.5 5.0/5 "Blown Away!"
      With Indian overseas bank, I do have housing loan and I really can say its good in all aspects. I would like to say that the net banking and every aspects are good with them. Interest rate is an excellent. RBI guidelines used to reflect to my EMI by very next month for the EMI of my house loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2016
    • IOB Home Loan
      0.5 4.0/5 "Great!"
      I got the home loan with the Indian Overseas Bank and the interest rate was around 10.5%. Loan amount got disbursed after 1.5 months of time from the day when I applied. There was no documentation charges and I applied through agent.
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 26, 2016
    • IOB Home Loan
      "Needs improvement "
      0.5 1.0/5 "Really Bad"
      The EMI schedule is around 17th of every month.The ECS gets deducted on 17th and when I have visited the bank for other visit I came to know that the EMI was not update.I have interest for this because of their mistake.The customer service provided was not good based on the home loan process with Indian overseas bank.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Feb 05, 2016
    • IOB Home Loan
      0.5 5.0/5 "Blown Away!"
      I have completed the housing loan with the Indian Overseas Bank and the rate of interest is 10% as fixed one with the tenure period of 25 years. Documentation process is easy because I am employee of Indian Overseas Bank. Within 10 days of time the loan amount got disbursed to my account.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 23, 2015
    • IOB Home Loan
      0.5 2.0/5 "Expected more"
      I have taken a home loan from IOB and the disbursement was done in 9 months .Documentation was very difficult and after submitting the required documents directly by visiting the branch also they took long time process. Interest rate offered was above 10% and the processing fee was also charged which were low comparing with other banks.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 17, 2015
    • IOB Home Loan
      0.5 4.0/5 "Great!"
      The home loan which I have with Indian Overseas bank is a joint loan with my father. The tenure of the loan is 20 years with an interest rate of interest was also reasonable. There was no processing fees charged as my father is a retired employee of the same bank. The response ws also prompt.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 22, 2014
    • IOB Home Loan
      "Faster disbursal"
      0.5 4.5/5 "Excellent!"
      When availing home loan from Indian overseas bank, I did face few difficulties. One thing I liked the loan amount disbursal was too faster however documentation process was too lengthy. Its a competitive interest rate offered which is 8.30% and overall services is satisfied.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Nov 17, 2014
    • IOB Home Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I am very much satisfied by the services from Indian overseas bank for my home loan which I availed from them. They offered me the rate of interest about 10.75% which was quite reasonable when compared with other banks. There was no documentation charges when I applied. Eventhough they are nationalized banks they are very good in their services
      Was this review helpful? 0
      , surat
      Reviewed on Oct 25, 2014
    • IOB Home Loan
      "On line communication can be introduced"
      0.5 3.0/5 "Satisfactory"
      As my builder had a good rapport and tie up with Indian overseas, it was quite easier for me to avail home loan. One more best point is no charges for pre closure and no processing fees. Offered interest rate is 10.15%. Documentation was quite simple. One suggestion would be there could be better on line services for a easier communication.
      Was this review helpful? 1
      , surat
      Reviewed on Sep 23, 2014
    • IOB Home Loan
      "Good no issues"
      0.5 5.0/5 "Blown Away!"
      Since my wife was working with Indian bank overseas bank I choosed them for my home loan. The documentation process was very fast. They offered me 10.25% as reducing balance by monthly. The moment she filed the application everything done very fast . Within a week they disbursed my loan
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2014
    • IOB Home Loan
      "Indian Overseas Bank is pretty good"
      0.5 5.0/5 "Blown Away!"
      Indian Overseas Bank is pretty good its really good and speed on which i got the loan is very good interest rate is very good its there is no suggestion for them and I have taken a home loan with them and the interest rate is very less when compared with other Banks
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 20, 2014
    • IOB Home Loan
      "It was a suprise"
      0.5 4.0/5 "Great!"
      It was a suprise for me as a Nationalized Bank IOB provided absolute good service they were very friendly when I got the home loan through them, and the interest rates are quite ok with me and I am allowed to make prepayments and foreclosure the loan account was very as easy as a normal savings account
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 24, 2014
    • IOB Home Loan
      0.5 5.0/5 "Blown Away!"
      IOB Home Loan is good. They provide good interest rate they provide 9% floating rate and I also allowed to make prepayment with out any charges which in turn will reduce my balance. I am getting my statements and alerts on time and their overall service is good.
      Was this review helpful? 9
      , chennai
      Reviewed on May 06, 2014
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