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Founded in 1937, the Indian Overseas Bank or IOB, is one of the most popular banks in India. The IOB branches are spread across India and in 4 international countries including Sri Lanka, Singapore, Thailand, and Hong Kong. The Indian Overseas Bank home loan rate of interest starts at 9.35% per annum at a processing fee of 0.50% of the loan amount. Salaried, self-employed, and NRIs can apply for IOB Housing Loans with minimum documentation and easy processing. IOB mortgage loans, NRI loans, home decor loans, and regular home loans are some popular schemes offered by this popular bank of India. Besides, IOB also offers flexible balance transfers, top-ups, and PMAY schemes to lower-income groups and middle-income groups.
Indian Overseas Bank Home Loan EMI Calculator
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Indian Overseas Bank Home Loan Key Highlights
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| Loan Amount | Up to Rs. 90% of the property cost |
|---|---|
| Rate of Interest | Starts at 9.35% per annum |
| RPLR | |
| Processing Fee | 0.50% of the loan amount |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Floater |
| Charges for Prepayment/Foreclosure | Individual/ Takeover Loans: Nil | Others: 2% of the prepaid amount |
Indian Overseas Bank Home Loan Interest Rates in 2024
The IOB home loan interest rates are affordable and fall within the reach of a majority of aspiring homeowners. IOB housing loans start at 9.35% per annum and may go higher depending on the plan chosen and the borrower's repayment capacity. The table below shows the current Indian Overseas Bank Home Loan Interest Rate 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| For Salaried | Starting at 9.35% per annum |
| For Self Employed | Starting at 9.35% per annum |
Interest rates were last updated on 21st September 2023
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Indian Overseas Bank Home Loan Eligibility Criteria
Interested borrowers are advised to first go through the Indian Overseas Bank Home Loan eligibility criteria, which are based on parameters such as age, nationality, minimum income, employment status, and work experience. The table below highlights all the main Indian Overseas Bank Housing Loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 60 Years | 21 - 60 Years |
| Nationality | Indian Resident/ NRIs | Indian Resident/ NRIs |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
Indian Overseas Bank Home Loan Processing Fee and Charges
Each home loan application needs to be processed with utmost attention, and for this, the bank charges a nominal processing fee. IOB Home Loan Processing Fee is 0.50% of the loan amount. IOB also has some other nominal charges for home loans that help in maintaining the smooth processing of the loans. The table below shows the Indian Overseas Bank Housing Loan processing fee and charges:
| Processing Fee | 0.50% of the loan amount |
|---|---|
| Cheque Bounce | Rs. 200 per instance |
| List of Documents | Up to Rs. 500 |
| Photocopy of Documents | Up to Rs. 500 |
| Foreclosure/ Prepayment Charges |
|
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Indian Overseas Bank Home Loan Schemes and Top Plans
IOB has a perfect housing loan scheme for all potential homeowners who dream of buying a home. Here is a list of some popular IOB housing loan plans for applicants to choose from:
1. Housing Loans Subha Gruha
- Maximum repayment period of up to 30 years
- Up to 75% - 90% of the property cost as sanctioned loan amount
- Lower processing charges and hassle-free approvals
2. Home Improvement Loans
- Ideal housing loan schemes for those who want to improve an existing home by painting, carpentry, electrical fittings, and plumbing services
- Available for self-employed with a minimum 3 years of experience in the current field
- Available for salaried applicants with a take-home pay of up to 50% of the gross salary in a permanent service
3. Mortgages Home Decor
- Ideal housing scheme for those who want to add more beauty to their existing home with curtains, furniture, bathtubs, air conditioners, carpets, and similar things
- Minimum margin is up to 25% of the cost
- Loan amount varies in proportion to the monthly income (5 times the gross monthly income/ Rs. 2 lakhs, whichever is less); (10 times the gross monthly income or Rs. 10 lakhs, whichever is less if the collateral is equal to the loan amount)
4. IOB NRI Home Loans
- Best home loans for Non-Resident Indians who wish to own a residential property in India at an affordable rate of interest
- Available to persons of Indian origin having valid passports of neighbouring countries other than Bhutan, Nepal, Pakistan, Sri Lanka, China, Afghanistan, Bangladesh, and Iran
- Available to NRIs with a minimum monthly income of Rs. 10,000
Note: All of the above home loan plans are made available to applicants solely at the discretion of Indian Overseas Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Indian Overseas Bank Home Loan
Getting an IOB Home Loan approved is relatively easy, as the bank requires only some general KYC documents as part of the application procedure. The Indian Overseas Bank home loan documents required list shared below and arrange for the same before applying for a housing loan scheme:
Documents Required for Salaried Applicants
Proof of Income
- Salary slips for the last 3 months
- Latest Form 16/ Latest Income Tax Returns
- Bank Statements for the last 6 months
Other Required Documents
- Duly filled and signed application form with 3 passport-size photograph
- A processing fee cheque in favor of Indian Overseas Bank Home Loans
Documents Required for Self-Employed Applicants
Proof of Income
- Business Address Proof
- Education Qualification Certificate
- Profit and Loss Account Statements for the last 3 years attested by a CA
- Balance sheet for the past 3 years
- ITR for the last 2 years
- Bank Statement/GST return for the last 6 months (Self and business)
Other Required Documents
- Duly filled and signed application form with 3 passport-size photograph
- A processing fee cheque in favor of Indian Overseas Bank Home Loans
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Interest rates were last updated on 15 July 2023
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How to Apply for an Indian Overseas Bank Home Loan?
Interest borrowers can proceed with the Indian Overseas Bank home loan apply online procedure in the following manner:
- Proceed to the APPLY NOW section on the website - BASIC Home Loan
- Fill in the form by entering your Name and contact details and submit the form
- The team from BASIC Home Loan will reach out to you to initiate a hassle-free Home Loan application process
Find Indian Overseas Bank Home Loan Offices Near You
If you are planning to visit one of the offices of Indian Overseas Bank Home Loans near you to understand the Indian Overseas Bank Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Disclaimer:
For the latest Home Loan Interest rates and updates in Eligibility criteria, Home Loan offers, Home Loan application Fee and Charges, Required Documents, and other FAQs related to Home Loans, please refer to the official website of Indian Overseas Bank Home Loans.
FAQs
The current IOB home loan interest rate starts at 9.35% per annum. However, we suggest you verify the same from the bank's official website.
Both Salaried and Self-Employed applicants are eligible for a home loan in IOB. The general eligibility criteria for an IOB home loan are:
- Age: 21- 60
- Nationality: Indian Resident/ NRI
- Minimum Income: Rs. 25,000 per month
- CIBIL Score: 700+
- Work Experiences: 2-3 years (Salaried); 3 years (Self-Employed)
The minimum CIBIL score required for an IOB home loan is 700 and above.
You can check the status of your Indian Overseas Bank Home loan by calling 1800 425 4445. Alternatively, a borrower can visit the nearest branch of IOB to check the status of the home loan application.
The minimum salary for an Indian Overseas Bank Home Loan is Rs. 25,000 per month.
The age limit for home loans in IOB is 21 - 60 years.
The maximum home loan in Indian Overseas Bank is up to 90% of the property cost for eligible borrowers who succeed in meeting the pre-defined criteria by the bank.
Yes, an applicant might need to provide additional security for an IOB home loan in the form of LIC, UTI, or NSC.
