Indian Overseas Bank Home Loan

Indian Overseas Bank Home Loan interest rates for fresh home loan borrowers start from 7.10% p.a. onwards based on the bank’s internal rating for the home loan applicants. The differential interest rates would also depend on the loan applicant’s occupation profile, i.e., salaried or self-employed, irrespective of the loan amount.

IOB Home Loan interest rates are applicable to IOB Shubha Gruha Housing Loan and Special housing loan schemes , wherever interest rates are linked to IOB Shubha Gruha Housing Loans, IOB NRI Housing Loan and IOB Gen-Next Housing Loans only.

IOB Shubha Gruha Housing Loan/IOB NRI Housing Loan/Subhagruha Gen Next Interest Rates

For Salaried Individuals

For Non-Salaried Individuals

Note: The above interest rates are applicable to state-specific home loans like Moghara, TNBLN/AHP and AHPAP.

IOB Home Improvement Loan Interest Rates

IOB Home Advantage Interest Rates

IOB Shubha Gruha CC Loans Interest Rates

IOB Home Loan Top-up Interest Rates - Shubha Gruha, Home Advantage & NRI Top-up Loan

Applicants can apply for an IOB Home Loan either through the official website of Indian Overseas Bank or by visiting Indian Overseas Bank branches. Note that home loan features like interest rate, tenure, processing charges, loan amount, etc. vary widely across the lenders depending on their cost of funds and credit risk assessment of their applicants.

Hence, before making any home loan application, applicants should also visit online financial marketplaces like Paisabazaar.com to compare the home loan offers provided by other lenders based on their credit profile.

IOB Subha Gruha

Purpose: Indian Overseas Bank offers the IOB Subha Gruha Home Loan scheme for the purchase, construction, or renovation of property.

Loan Amount (LTV Ratio):

Tenures: Up to 30 years

IOB Home Improvement Scheme

Purpose: Consumers can avail Home Improvement Scheme for repair/renovation/modification/upgradation including painting, tiling, routine repair, fixing marbles, rewiring, making additions (cupboards, woodwork), etc. to the existing house/flat.

Loan Amount: Rs 25,000-Rs 25 lakh

Tenure: Up to 15 years

LTV Ratio: Up to 75%

IOB Home Advantage Scheme

Purpose: Indian Overseas Bank offers Home Advantage Scheme for purchase of old/new house/flat or home construction to applicants already having 2 housing loans from IOB Bank or any other bank

Maximum Loan Amount: No ceiling

LTV Ratio: Up to 75%

Tenure: Up to 30 years

IOB NRI Home Loan

Purpose: NRI applicants can avail IOB NRI Home Loans for purchasing, constructing or renovating houses in India.

LTV Ratio:

Tenure: For purchase/construction of house- Up to 20 years; For repair & renovation: Up to 15 years.

Loan Amount: For repair and renovation - Up to Rs 25 lakh, For others: no ceiling.

IOB Subhagruha Top-up Home Loan

Purpose: Existing home loan borrowers of Indian Overseas Bank can avail IOB Subhagruha Top-up Loans over and above their existing home loans to meet their personal requirements other than speculative purposes.

Loan Amount: Rs 50,000-Rs 2 crore.

Tenure: In line with the underlying Home Loan tenure or up to 15 years, whichever is higher or before the borrower attains 70 years of age.

IOB Subhagruha Gen-Next

Purpose: Indian Overseas Bank offers the Subhagruha Gen-Next scheme to salaried employees of government, private, MNC, and PSU.

Loan Amount: 20% higher than the normal Housing Loan.

Tenure: Up to 30 years.

Below-mentioned are the eligibility criteria for different schemes of IOB Home Loan:-

For IOB Subha Gruha

For IOB Home Improvement Scheme

For IOB Subhagruha Top-up Home Loan

For IOB Home Advantage Scheme

For IOB Subhagruha Gen-Next

For IOB NRI Home Loan

Indian Overseas Bank has not mentioned the documents required for availing home loan . However, the applicants may consider the following documents while applying for a home loan application:-

Note: There are a few banks and HFCs that cater to the home financing requirements of applicants who get their salaries paid in cash or do not have adequate proof of income. Some of these lenders are IDFC First Bank, HDFC, Piramal Housing Finance, PNB Housing Finance and LIC Housing Finance.