Indian Overseas Bank Home Loan


Indian Overseas Bank provides 'Subha Gruha' home loans starting at an interest rate of 8.40% per annum for loan periods of up to 30 years, allowing borrowers to receive up to 90% of the property's value as a loan. For homes under construction, the bank offers a repayment break up to 18 months from the first loan disbursement or completion of construction, whichever comes first. In the case of home purchases, the maximum repayment break is 3 months.

Indian Overseas Bank Home Loan Highlights 
Interest Rate 8.40% p.a. onwards
Loan Amount (LTV Ratio) Up to 90% of cost of house/flat
Loan Tenure Up to 30 years
Processing Charges 100% waiver

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan offered by Indian Overseas Bank
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

Indian Overseas Bank (IOB) Home Loan Interest Rates

Indian Overseas Bank offers home loan interest rates starting from 8.40% per annum for new borrowers, determined by the bank's internal rating system. The interest rates may vary based on the borrower's occupation, whether salaried or self-employed, regardless of the loan amount. These interest rates apply to various home loan schemes such as IOB Shubha Gruha Housing Loan, Special Housing Loan, IOB NRI Housing Loan, and IOB Gen-Next Housing Loans, where the interest rates are linked to IOB Shubha Gruha Housing Loans.

IOB Home Loan Schemes Interest Rates
Housing Loans 9.55% p.a. onwards
Subhagruha Top-up Loan 11.60% to 12.10% p.a.
Loan Against Property 10.50% to 11.00% p.a.
Home Improvement Loan 9.65% to 9.80% p.a.
Home decor 12.20% p.a.
IOB Home Advantage Scheme 10.95% to 11.15% p.a.
Subhagruha CC loans 9.70% to 9.99% p.a.

 

Types of Indian Overseas Bank Home Loan

IOB NRI Home Loan

  • Purpose: Indian Overseas Bank offers NRI Home Loans specifically designed for non-resident Indian (NRI) applicants. These loans can be used for purchasing, constructing, or renovating houses in India.
  • Loan Amount (LTV Ratio):
    • For home renovation: Up to Rs 15 lakh.
    • For loan amounts up to Rs 20 lakh: Up to 90% of the property value.
    • For loan amounts up to Rs 75 lakh: Up to 80% of the property value.
    • For loan amounts above Rs 75 lakh: Up to 75% of the property value.
    • For constructing or purchasing a house: Up to 80% of the cost of the house.
  • Tenure: For purchase/construction of house- Up to 15 years

IOB Subha Gruha

  • Purpose: Indian Overseas Bank offers the "IOB Subha Gruha Home Loan" scheme, which is designed to facilitate the purchase, construction, or renovation of property.
  • Loan Amount (LTV Ratio):
    • 75%-90% of cost of flat/house
    • Up to 70% of loan amount for plot purchase
  • Tenures: Up to 30 years

IOB Subhagruha Top-up Home Loan

  • Purpose: Existing home loan borrowers of Indian Overseas Bank have the option to avail of IOB Subhagruha Top-up Loans, which are additional loans offered over and above their existing home loans. These top-up loans can be used to fulfill personal requirements, excluding speculative purposes.
  • Loan Amount: Rs 50,000-Rs 2 crore
  • Tenure: The repayment tenure for IOB Subhagruha Top-up Loans is aligned with the tenure of the underlying home loan or up to 15 years, whichever is higher, provided that the repayment is completed before the borrower reaches 70 years of age.

IOB Home Improvement Scheme

  • Purpose: Consumers can avail of the Home Improvement Scheme offered by Indian Overseas Bank for various purposes such as repair, renovation, modification, or upgradation of their existing house or flat. This includes activities like painting, tiling, routine repairs, fixing marbles, rewiring, making additions such as cupboards or woodwork, and other similar improvements.
  • Loan Amount: Rs 25,000-Rs 15 lakh
  • Tenure: Up to 12 years

Also Read : Best Home Loan EMI Calculator

Indian Overseas Bank Home Loan Fees and Charges

Home Loan Schemes Processing Charges
Processing Fees 100% waiver
Prepayment/Closure Charges

For individual loans, takeover loans, or loan pre-closures, Indian Overseas Bank charges no fees or penalties.

Others- 2% of prepaid amount

Also read: Best Home Loan Fees and Charges

Indian Overseas Bank Home Loan Eligibility Criteria

Here are the eligibility criteria for Indian Overseas Bank's home loans:

  1. Applications can also be made by groups of individuals or members of cooperative societies.
  2. Individual applicants must be under 55 years old at the time of application.
  3. Salaried individuals should have a permanent job and a minimum of 2-3 years of service.
  4. Self-employed individuals must have been in their relevant field for at least 3 years.

Also Read : Best Home Loan Eligibility

Documents Required for Indian Overseas Bank Home Loan

Here's the documentation required for applying for an Indian Overseas Bank home loan:

  1. Duly filled application form.
  2. Income Proof for Salaried Applicants: Salary certificate.
  3. Income Proof for Self-Employed Applicants: Sale agreement for house/flat.
  4. Membership proof for cooperative societies (if applicable).
  5. Experience certificate for self-employed applicants.
  6. Construction estimate/valuation report for acquisition or legal opinion on the property from the Bank approved by a lawyer or engineer.

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.