Indian Overseas Bank Home Loan

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Updated: 06-01-2020 12:59:34 PM

Indian Overseas Bank is a major Indian bank with its headquarters in Chennai. It has approximately 3700 branches within India, 3 extension counters and 6 branches outside the country. There are four different categories of home loans offered by Indian Overseas Bank that cater to the various requirements of its customers, as one type of IOB home loan scheme may not be apt for all interested loan applicants. These four different categories of home loans provide the financial coverage for the construction or purchase of a house, the refurbishment, improvement and renovation of a house, one that provides for the furnishing of the home, as well as a loan especially made for Non Resident Indians.  The interest rates on the Home Loans available at IOB Bank are highly competitive and attractive with a fixed lower interest rate under the SubhaGruha scheme that remains the same regardless of the tenure or the loan amount of the home loans sanctioned.

Types of IOB Home Loan 

Indian Overseas Bank has a set of four categories of Home Loans that aim to fulfill the different needs of its customers. We take a more in-depth look at each Indian Overseas Bank home loan category below:

  • IOB SubhaGruha Home Loan: This is a typical traditional home loan issued for the purpose of either constructing or purchasing a house. If a loan applicant wishes to buy a house, the bank would understand that house would be either a newly constructed one or one that was already previously owned or occupied. The IOB SubhaGruha Home loan may be applied for under a single name or under the name of two or more individuals.
  • IOB Home Improvement Loans: this loan is meant specifically for home improvement purposes as sought by the loan applicant. Homeowners continuously try to redecorate their homes or make improvements in their homes as per their changing tastes and trends. Redecorating or improving the home is not a matter of small proportions as large investments are needed to be made for the same. Knowing this, Indian Overseas Bank offers the specially designed Home Improvement Loans so that their customers can improve their homes as per their requirements without having to worry for the availability of necessary funds because the bank comes to rescue on that front.
  • IOB Home Décor: this loan is issued by Indian Overseas Bank specifically for furnishing a home or property with necessary gadgets, furnishings, etc. such as, kitchen equipment, air conditioners, room coolers, bathtubs, carpets, showcases, cupboards, etc. The repairs or renovations of the home or property, as well as the development of common area of the apartment are also covered.
  • IOB NRI Home Loan: Non Resident Indians who have a desire to set up a house in India need not despair for lack of financing as IOB provides a home loan that is specifically targeted at them. The NRI customer may choose to construct a new house or buy an existing one. This loan is provided to NRI individuals on a condition that he or she must occupy the property on returning to India. Non Resident Indians, holding a valid Indian Passport or even an individual who belongs to Indian origin with a passport of some other country may yet be eligible for this home loan. There are exceptions to the clause however, as persons of Indian origin who hold the passports of the following countries are not eligible for this loan – Pakistan, Bhutan, Bangladesh, China, Sri Lanka, Afghanistan, Nepal and Iran.

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More features of the IOB Home Loans
More features of the IOB Home Loans

There are more features of the Indian Overseas Bank Home Loans which are elucidated below-

IOB SubhaGruha Home Loan

    • Groups of individuals, members of co-operative societies and individuals who are not more than 55 years of age may avail this loan. Individuals up to the age of 60 may be considered by the bank for this loan, when the legal heirs of individuals join them in ownership.
    • Salaried individuals should have a permanent job with a minimum of two to three years of service. Whereas self-employed professionals, they need to show at least three years’ experience in their chosen field of activity.

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  • Women customers are given special privileges. If the woman is an owner or co-owner of the loan or an applicant or co-applicant on the loan, Indian Overseas Bank home loans are given at an interest rate of 9.55% per annum. Other loan applicants or owners are charged a higher interest rate, i.e.9.80% per annum. This feature empowers women customers to enjoy offers and privileges motivating them to take charge of financial matters by becoming a co-applicant or applicant or by becoming the owner or co-owner of the loan.
  • The IOB SubhaGruha Home Loan may be repaid within a maximum of 30 years. The longer the tenure chosen by the customer, lower is the EMI for the same, thus, making this loan an affordable prospect for customers.  On the other hand, a customer with the financial liberty may opt for shorter loan repayment tenure. This would consequently increase the EMI amount that has to be paid.
  • The quantum of loan is as follows – 75% to 90% of the cost of the house/flat, which excludes the registration and document charges. The amount is dependent on the age of the loan applicant and the loan tenure. Up to 30% of the loan amount is given for the purchase of a plot.
  • The margin of the IOB Home loan ranges from 10% to 25% of the estimated cost (including the cost of the land) for new and old houses/flats. The percentage depends on the loan quantum.
  • There is a holiday period of three months if the loan applicant is purchasing the house/flat. Otherwise, the maximum holiday period is 18 months from the date of loan disbursement or completion of construction, whichever is earlier.
  • Customers may opt to mortgage the property that they seek to construct, buy, or renovate, as security for Indian Overseas Bank. In this case, the property has to be in the name of the loan applicant jointly held with his or her spouse who will be the co-applicant. The loan applicant must have a marketable title over the property. There should also be a comprehensive insurance on the said property for an adequate value. IOB will accept additional security in the form of NSC, LIC and units of UTI.
  • Customers have to provide the following when applying for IOB housing loan –
    • a duly filled application form
    • salary certificate as proof of income (salaried individuals)
    • Proof of income (for self-employed professionals, businesspersons, etc.)
    • agreement for sale of flat/house and proof of membership (for co-operative societies)
    • proof of existence in the line of activity (for professionals and businesspersons)
    • Estimates for construction and/ or a valuation report for the acquisition/legal opinion on the property from an engineer/lawyer who has been approved by Indian Overseas Bank.

IOB Home Improvement Scheme

  • This loan is available to salaried individuals with a permanent job with a take home pay of not less than 50% of their gross salary, or a businessperson or professional with a minimum of 3 years in their chosen field of activity. For those who wish to undertake renovations and repairs of their homes may make use of this particular loan from Indian Overseas Bank. These include, modifications of any kind, such as, routine repair work, painting, rewiring, changing of the tiles, fixing marble, adding cupboards, doing woodwork, etc. to an existing house or flat.
  • The IOB Home Improvement scheme has repayment tenure of up to a maximum of 12 years or in other words, 144 Equated Monthly Installments (EMIs). The loan applicant may choose to pay back the loan for any amount of time, as long as it is within those 12 years. If the customer opts for a longer loan tenure such as 12 years, they will find their corresponding EMIs are much lower and therefore, the IOB Home loan repayment process if also more easier and comfortable for customers, who do not have to worry about paying a high EMI every month. The customer may also choose to pay back the loan at shorter repayment tenure; his or her EMI will be much higher. However, if the customer has the financial freedom to pay the higher EMI, then there is no problem if they pay off their loan sooner.
  • The loan amount is dependent on the estimate of work that is to be undertaken plus the repayment capacity of a loan applicant is taken into consideration. The minimum loan amount available is Rs.25000 and the maximum is Rs.15 lakhs.
  • The margin of this loan ranges from 10% to 25% of the estimated cost (including the cost of the land) for new and old houses/flats. The percentage depends on the loan quantum.
  • There is a holiday period of three months from the date of disbursal of the loan.
  • As security, the house or flat that is being renovated has to be mortgaged to the bank. If, for any reason, the house or flat cannot be mortgaged, then any other property that is owned by the loan applicant has to be mortgaged to the bank. The caveat being that, the second property has to have a market value of twice the loan amount.

IOB Home Décor Loan

    • This loan is available to Non-Resident Indians who hold a valid Indian Passport, or those individuals of Indian origin who hold passports of all other countries except Pakistan, Bangladesh, Bhutan, Sri Lanka, Afghanistan, China, Iran and Nepal. The loan will be provided only if the loan applicant plans to return and occupy that house or flat. This loan is used to build, buy or repair a house or flat. The monthly income of the loan applicant should be equivalent to Rs.10,000 in Indian currency.
    • Women customers who apply for an IOB Home loan are given special privileges. If the woman is an owner or co-owner of the loan or an applicant or co-applicant on the loan, home loans are given at an interest rate of 9.90% per annum. Other loan applicants or owners are charged a higher interest rate. This feature empowers women customers to enjoy offers and privileges motivating them to take charge of financial matters by becoming a co-applicant or applicant or by becoming the owner or co-owner of the loan.

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  • The repayment tenure is a maximum of 15 years or 180 months in EMIs (Equated Monthly Installments). Repayment is done in EMIs through fresh forward inward remittance or by debiting NRE/NRO/FCNR account in India. Close relatives of the NRI loan applicant who are residing in India can also do the repayment. In case the flat is rented out, the rental income should be adjusted towards loan installments even if it is more than the monthly installment that has been prescribed.
  • The margin of this loan ranges is a minimum 25% of the estimated cost. The margin money has to be kept in a term deposit until closure of the loan.
  • For loan of up to a maximum of Rs.2 lakhs, as security, a hypothecation of the items being bought has to be done. If the home was bought through finance from another bank, or financial institution, then a no-lien letter has to be provided from that bank or financial institution. A third party guarantor is required for this loan.

For a loan of Rs.2 lakhs to 5 lakhs, the house or flat that is being furnished has to be mortgaged to the bank. If the house was bought through Indian Overseas Bank, mortgage should be extended to this loan as well. Alternatively, the loan applicant can mortgage any other house or flat with a value that should be at least equal to the loan amount. If the home was bought through finance from another bank, or financial institution, then a no-lien letter has to be provided from that bank or financial institution and hypothecation of the items that is to be bought has to be done.

  • The loan amount is dependent on the monthly income of the loan applicant. It will be five times the gross monthly income or Rs.2 lakhs, whichever is lesser, if a third party guarantee is offered.  The loan amount will be ten times the gross monthly income or Rs.10 lakhs, whichever is lesser, if collateral that is equal to the loan amount is offered.
  • IOB requests its customers for the following documents to be provided when applying for the IOB Home Décor loan –
    • a duly filled application form
    • salary certificate as proof of income (salaried individuals)
    • proof of income (from loan applicant and guarantor)
    • Copy of title of deeds of the house or flat
    • If there is an existing house loan, the loan applicant will have to produce a certificate that states the outstanding balance
    • Estimates/quotations for items that are to be bought

IOB NRI Home Loan

  • This loan is available to salaried individuals with a permanent job with a take home pay of not less than 50% of their gross salary, or a businessperson or professional with a minimum of 3 years in their chosen field of activity. The individual has to own a flat or house that he or she wishes to furnish. The interested loan applicant must be below 55 years of age. This loan is to be to furnish an existing house or flat with furniture, kitchen equipment, air-conditioner, room coolers, curtains, sinks, bathtubs, carpets, cupboards, etc. This loan may also be used to repair or renovate the apartment as well as to develop a common area of the apartment.
  • The individual availing of the NRI Home loan from IOB can be an NRI or a PIO. They should hold a valid Indian Passport or a foreign passport of any country excluding Pakistan and Bangladesh.
  • The minimum salary required in absolute terms should be equivalent to Rs.10, 000 in Indian currency on a monthly basis.
  • IOB offers special privileges to women customers. If the woman is an owner or co-owner of the loan or an applicant or co-applicant on the loan, home loans are given with 0.05% concession in interest rate. Other loan applicants or owners are charged a higher interest rate. This feature empowers women customers to enjoy offers and privileges motivating them to take charge of financial matters by becoming a co-applicant or applicant or by becoming the owner or co-owner of the loan.
  • The loan has repayment tenure of up to 6 years or 72 Equated Monthly Installments (EMIs). An individual availing the loan can choose any term until 6 years for paying off the loan. With such a long tenure paying off the home loan becomes easier for the customer. The longer tenure of repayment also ensures lower EMIs as the installments are spread over a longer period making them affordable. If the customer, however, wishes to dispose of the loan sooner, he may choose a term earlier. The corresponding EMI will be higher but if the applicant can afford the rates then there will be no problem in paying off the loan sooner.
  • The mode of repayment of the loan instalments can be either through inward remittances from abroad or by debiting the relevant NRE/NRO or FCNR account held by the NRI or the PIO in India. Any close relative of the NRI or the PIO who is a resident of India can also make the instalment payments through their bank accounts.
  • The loan amount will be 80% of the cost of the house in case the loan is being taken to build or buy a new house. The loan amount for renovating a house is a maximum of Rs.15 lakhs. The loan amount is 90% for loans up to Rs.20 lakhs, 80% for loans up to Rs.75 lakhs and 75% for loans above Rs.75 lakhs.
  • The Indian Overseas Bank offers loans at a margin which varies from 10% to 25% for the loan.
  • If the house is being bought then a holiday period of six months is given. If the house is being built, the holiday period is for 18 months after receipt of the loan. If the house is being renovated the holiday period is for three months only.
  • As security, the equitable mortgage of the property to be purchased, built or renovated will be accepted. The property has to be insured for the adequate value with Bank clause. A Registered Memorandum has to be provided in states wherever it is applicable.

IOB Rural Home Loan – the Indian Overseas Bank offers IOB rural housing finance to the backward sections of India under the IOB bank Housing Loan scheme called Credit cum Subsidy for Rural Housing. The features of the home loan schemes are hereunder:

  • Rural families who have an annual income of up to Rs.32, 000 can take this loan for constructing their homes. The area of the construction of the house should be at least 20 kms away from a metro city or a large town or at least 5 kms away from a small town.
  • The loan is available only for the construction of a house and not for buying a readymade house.
  • The maximum amount of loan which a rural family can avail is limited to Rs.40, 000 which also includes the subsidy allowed of Rs.10, 000
  • The subsidy of Rs.10, 000 would also act as a margin which would be retained by the bank
  • The property which is to be constructed using the loan would act as a security requirement of the loan. An equitable mortgage of the property financed would have to be made
  • The loan should be repaid within a maximum of 7 years
  • The bank would also allow for a repayment holiday under the IOB Home loans scheme and the period of the repayment holiday would depend on the income generating capacity of the family taking the loan
IOB Home Loans Interest Rates
IOB Home Loans Interest Rates

The following are the home loan interest rates charged by the bank with effect from 1th September 2015

Loan Amount

Interest Rate % p.a.(Floating)

Up to Rs.75 Lakhs

Repayments over 1 Year up to 5 Years

At  1 Year MCLR - 9.55%

Over 5 Years up to 10 Years

At 1 Year MCLR - 9.55%

More than 10 Years

At 1 Year MCLR -9.55%

Above Rs.75 Lakhs

Repayments over 1 Year up to 5 Years

1 Year MCLR + 0.25 spread - 9.80%

Over 5 Years up to 10 Years

1 Year MCLR + 0.25 spread - 9.80%

More than 10 Years

1 Year MCLR + 0.25 spread - 9.80%

Particulars

1 year MCLR

Home décor

12.05%

Home improvement

9.55%

Shubhagruha top up loan

12.80%

Indian Overseas Bank Home Loan Applicable Charges (w.e.f 1st September 2015) for SubhaGruha and other home loans

Loan Amount

Processing Charges

For any amount

0.53% of Loan amount

Loan up to Rs.75 lacs

maximum Rs.8900/-

Loans Above Rs.75 lacs

maximum Rs.13350/-

Why should customers opt for an Indian Overseas Bank Home Loan?
Why should customers opt for an Indian Overseas Bank Home Loan?

Indian Overseas Bank is a reputed bank providing exemplary banking services to thousands of Indians all over the country. Among its many services and facilities, the provision of Indian Overseas Bank Housing Loans is among its most lauded services. The bank provides four different categories of home loans and ensures that the entire loan application process is a smooth and hassle-free one. IOB also ensures that their customers are not inconvenienced by hidden charges and that they have flexible repayment tenure as per the customer’s requirements and choice. IOB’s loan agents are highly qualified, their professionalism takes the loan application process to higher level of smooth efficiency.

Women applicants or co-applicants or women owners or co-owners of a loan are charged at a lower rate of interest to empower them to take up charge in financial matters. The IOB home loan offers a wide range of usage because different types of loans are issued for different needs. One can avail a IOB home loan for the purchase or construction of a new house or flat, the purchase of an already built house or flat, which is for resale, renovation or improvement to one’s home, extension of one’s house to build for extra space. There is even a special loan for Non-Resident Indians who wish to buy, build or renovate a house or flat.

EMI Calculator
EMI Calculator
  • Harish is employed by a well-reputed public sector company based in Delhi. He has a dream of buying a house for him and his family. He calculates all the savings that he has and realizes that he needs Rs.10 lakhs more if he wants to buy the flat that he has in mind.  On discussing his prospects and financial situation with an IOB loan agent, he decides to take IOB Home loans for a period of 30 years and an EMI of Rs.8, 961 only at a floating interest rate of 10.25%.
  • Jyotika, works for a famous pan India Group and is situated in Mumbai. To finance her dream of refurbishing her apartment in the city, she needs a loan of Rs.25 lakhs. As she is an old customer of Indian Overseas Bank, she decides to take IOB home loan and speaks to a loan official about the same. They conclude that for her loan of Rs.25 lakhs she need to pay an EMI of Rs.22,542 for 25 years at a floating interest rate of 9.90%.

Applicant

IOB Ltd. Home Loan amount

Tenure

Interest Rate

Indian Overseas Bank Home Loan EMI (Rs.)

Harish

10 lakhs

30 years

10.25%

8,961

Jyotika

25 lakhs

25 years

9.90%

22, 542

You can also apply Home Loan from India Overseas Bank through our online portal of Paisabazaar website. It is a very simple process that can be seamlessly done within the click of a button just in a few minutes.

[banner url="https://myaccount.paisabazaar.com/my-account/campaign-credit-report?utm_content=txtban3-indian-overseas-bank-home-loan" btntext="Get Free Credit Report"]Your Loan and Card eligibility depends on your Credit Score[/banner]

Indian Overseas Bank Home Loan
(3.5/5 ) 2 Reviews
Write a review
Jan 10 , 2017
3/5
Services are slow

The best thing about this bank is they provide loan at very low interest rates. My dream of buying a house in Koramangala got fulfilled with IOB home loan at 9.15 p.a. only. I applied for my loan and it got approved within a week but they took very long time to give me the disbursal amount.

Jan 9 , 2017
4/5
Good loan scheme

I am happy with the features and benefits of my IOB home loan scheme. My loan application got approved very easily but I received my disbursal amount after 20days. The interest rate on my home loan scheme is 9.15% p.a only.

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