A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 IOB NRI 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
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    IOB NRI Home Loan is Rated as "Excellent!" by 15 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Home Loan BYTES FROM OUR KITCHEN

    Overview:

    Headquartered in Chennai in 1937, Indian Overseas Bank (IOB) is a public sector bank with international presence. The bank has over 1150 branches as well as 3300 ATMs across the country. Outside India, the bank’s branches are located in Singapore, Colombo, Hong Kong, Seoul and Bangkok. There are also representative offices of the bank in Vietnam, Dubai and Guangzhou.

    Home Loan is only one of the many financial products that the bank offers such as savings, credit cards, investment vehicles etc.

    Home Loans for NRI from Indian Overseas Bank:

    Home loans are offered to NRI for the construction/purchase of residential building in India as well as for the renovation/repair of existing houses. IOB also considers Joint loans with close relatives of NRI.

    IOB Home Loan Eligibility for NRI:

    • To be eligible for the NRI Home Loan, applicants must have a valid Indian Passport or must be a Person of Indian Origin who holds the passport of another country (excluding Bangladesh, Afghanistan, Pakistan, Sri Lanka, Bhutan, China, Nepal and Iran.)
    • Applicant must be earning a monthly salary which is equivalent to Indian Rs.10,000/-
    • Applicants who own a house in her/his name, own a house in the name of the spouse or own a house in the name of children (minors) are also eligible.

    The total amount that can be taken as loan must be:

    • Below 20 times the monthly salary
    • Up to 80% of the purchase/ construction cost (Up to Rs. 50 lacs)
    • Up to Rs. 5 lacs for renovation or repair

    Indian Overseas Bank home finance interest rate:

    Interest rate % p.a. – irrespective of tenor

    Loan amount Others Women borrowers
    Up to Rs. 30 lakhs @Base Rate i.e. 9.70 @Base Rate i.e. 9.70
    Above Rs. 30 lakhs & up to Rs. 75 lakhs @Base Rate i.e. 9.70 @Base Rate i.e. 9.70
    Above Rs. 75 lakhs @Base Rate + 0.25 i.e. 9.95 @Base Rate i.e. 9.70

    Features of Indian Overseas Bank Housing Finance:

    Purpose: For construction/purchase of a flat or residential house and for renovation/ repair of flat/residential house that is already owned by the applicant.

    Loan amount:

    • For the purpose of buying/ building a new house, applicants can take out a loan of maximum 80% of the total cost of the house.
    • For the purpose of renovating a house, applicants can take out a loan of maximum Rs. 15 lakh.

    (Margin varies from 10% to 25%)

    Security:

    As security, the following should be done:

    • Equitable mortgage of the property to be built/purchased/renovated
    • Registered Memorandum as applicable
    • The property in question should be insured for sufficient value with Bank clause.

    Repayment:

    • The maximum period for repayment is 180 months if the loan was taken out for construction/purchase and 60 months for renovation/repair.
    • The loan amount is to be repaid in equated monthly instalments by debiting NRO/ NRE/ FCNR account in India or through fresh foreign inward remittance.
    • Close relatives of the NRI borrower who are residing in India can also make the repayment as well as pay the interest and other charges through their bank account.
    • Rental income should be adjusted towards loan instalments if the house is rented out, even if it is more than the monthly instalment prescribed.

    Holiday period :

    • If the house is purchased, repayment of the loan amount can begin six months from availing the loan.
    • If the house is built, repayment of the loan amount can begin eighteen months from availing the loan.
    • If the house is renovated, repayment of the loan amount can begin three months from availing the loan.  

    FAQs About IOB Home Loan:

    1. How much is the processing charge applicable on the NRI Home loan?

      The processing charge applicable is 0.57% of the loan amount, up to Rs 15000/-.

    2. How do I apply for the NRI Home Loan?

      To apply for the loan, you must first download the application form from the official IOB website, print it out and fill in the required information. Then the duly filled application form can be submitted at any of the IOB branches for processing.

    3. What is the holiday period for this type of loan?
      • If the house is purchased, repayment of the loan amount can begin six months from availing the loan.
      • If the house is built, repayment of the loan amount can begin eighteen months from availing the loan.
      • If the house is renovated, repayment of the loan amount can begin three months from availing the loan.  
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  • IOB NRI Home Loan Reviews

    • 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
      "Excellent"
      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
      "Good"
      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
      "Best"
      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
      "Good"
      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
      "Satisfied"
      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? 0
      , 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
      "EXCELLENT SERVICE"
      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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