Indian Overseas Bank (IOB) Home Loan 2020 | |
| Interest Rate | 7.05% onwards |
| Loan Tenure | Up to 30 years |
| Loan-to-Value Ratio | Up to 90% of the property value |
| Processing Charges | Up to 0.50% of the loan amount (max 25000) |
Indian Overseas Bank provides home loans at an attractive interest rate starting from 7.05%. IOB offers multiple home loan schemes which can be used for various purposes as per the need of the customer.
Features and Benefits of IOB Home Loan
- Long repayment period of up to 30 years
- High loan-to-value ratio of up to 90%
- No prepayment charges for individual borrowers
- IOB Home Loan are available at low processing charges
- Available to both salaried and self-employed individuals
Check Also: Home Loan Tax Benefits
Indian Overseas Bank Home Loan Interest Rates
The rate of interest offered by IOB is directly linked with the Repo Linked Lending Rate (RLLR), which currently stands at 7.25%. The total interest rate applicable on a home loan is the combination of RLLR and spread basis the loan amount required. The table below shows interest rates for different home loan schemes provided by IOB.
| IOB Home Loan Scheme | Interest Rate |
| Regular Home Loan | 7.05% onwards |
| Subhagruha Top Up Loan | 9.65% onwards |
| Home Improvement Loan | 7.65% onwards |
Check Also: Home Loan Rates from Top Providers
IOB Home Loan Processing Fee and Other Charges
| Particulars* | Charges/Fee |
| Processing Fee | Up to 0.50% of the loan amount |
| Prepayment Charges |
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| Documentation Charges |
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* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Indian Overseas Bank Home Loan EMI Calculator
Indian Overseas Bank Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Indian Overseas Bank home loan EMI calculator is an online tool, which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your EMI.
IOB Home Loan EMI Calculation
The table below shows Indian Overseas Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
| Loan Amount | Interest Rate | EMIs as per Different Loan Tenures | ||
| 15 years | 20 years | 30 years | ||
| Rs. 30 lakh | 7.05% | Rs. 29,017 | Rs. 25,468 | Rs. 22,433 |
| Rs. 60 lakh | 8.40% | Rs. 58,733 | Rs. 51,690 | Rs. 45,710 |
| Rs. 90 lakh | 8.55% | Rs. 88,891 | Rs.78,389 | Rs. 69,521 |
| Rs. 1 crore | 10.20% | Rs. 1,08,687 | Rs. 97,831 | Rs. 89,239 |
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Check Also: Home Loan Types
IOB Home Loan Eligibility
Mentioned below is the eligibility criteria to avail home loan from Indian Overseas Bank:
| Eligible Profiles |
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| Conditions |
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| IOB Home Loan Age Eligibility |
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Check Also: Home Loan Eligibility Calculator
IOB Home Loan Documents Required
List of common documents required to apply for Indian Overseas Bank Home Loan:
- Duly filled in and signed application form with photographs
- Identity, address and age proof
- Income Proof
| Salaried Individuals | Self Employed Individuals |
| Salary slip of last 3 months | ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA) |
| Bank statement of the past 6 months | Bank statement of the past 12 months |
| Form-16 and Income Tax Returns (ITR) details | For partnership firms: Latest partnership deed For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership) For Limited Liability Partnership: LLP Agreement |
| Title documents of the property | Title document of the property along with business address proof |
IOB Home Loan Schemes
Considering the distinct requirements of a varied customer base, IOB offers customized home loan schemes to suit the needs of every applicant.
1. Regular Home Loan
This is a regular home loan scheme that can be availed to buy, build or renovate a flat/house.
- Eligible Profiles: Salaried and Self-employed Individuals
- Loan Tenure: Up to 30 years
2. Home Improvement Loan
This scheme can be availed for all kinds of home repairs and improvements. The maximum loan amount available under this scheme is Rs. 15.00 lakh.
- Eligible Profiles: Salaried and Self-employed Individuals
- Loan Tenure: Up to 12 years
3. NRI Home Loan
This scheme is for all eligible Non-Resident Indians (NRIs) who wish to buy, build or renovate a house in India. The processing charge is 0.57% of the loan amount, subject to a maximum of Rs 15000.
- Eligible Profiles: Salaried and Self-employed Individuals
- Loan Tenure: Up to 15 years
Check Also: Home Loan For NRIs
Apply for Indian Overseas Bank Home Loan
Customers can apply online for Indian Overseas Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Check Also: Home Loan Process
Indian Overseas Bank Home Loan Customer Care
Customers can reach out to Indian Overseas Bank on the below-mentioned contact numbers to get their home loan-related queries addressed.
- 1800 425 4445 (Tollfree)
- 1800 425 7744 (Tollfree)
- 044-28519568
- 044-28591029
- 044-28525496
- 044-28587353
FAQs
Q1. How do I check my home loan application status?
You can track your home loan application status either by contacting your relationship manager or through this link. Just enter the reference number and click on ‘Submit’.
Q2. Is it mandatory to have a co-applicant to apply for a home loan?
A co-applicant is not required to apply for a home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is mandatory to include them as co-applicants. For NRI applicants, co-applicant also could be a resident Indian in which case his/her income also could be considered for calculation of quantum of loan /repayment capacity. Foreign national of non-Indian origin cannot be included as a co-owner or co-borrower.
Check Also: Joint Home Loan
Q3. What is the security required to avail a home loan?
The security required to avail a home loan is mortgage on the property to be bought, constructed or renovated. The land should be in the applicant’s name or jointly with a spouse who should be a co-applicant.
