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IOB Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Indian Overseas Bank 2021

Last Updated 17th Nov 2021

Eligibility CriteriaIndian Overseas Bank Home Loan
Eligible Age of Borrower21 - 60 years
Work Experience for Salaried2 years
Business Stability for Self Employed3 years
Home Loan Eligibility Calculator

What is IOB Home Loan Eligibility?

IOB offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. IOB home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a IOB home loan using the IOB home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by IOB?

IOB Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

IOB Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Indian Overseas Bank home loan age limit to get a Indian Overseas Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Indian Overseas Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

IOB Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Indian Overseas Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Indian Overseas Bank, the loan amount that you will be eligible for would be ₹ 27,92,904 to ₹ 48,60,439 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 55,85,808 to ₹ 97,20,878 for the same property at the same rate depending on your age at the time of loan application. However, Indian Overseas Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years48.60 Lakh72.91 Lakh97.21 Lakh
30 years48.60 Lakh72.91 Lakh97.21 Lakh
35 years45.78 Lakh68.66 Lakh91.55 Lakh
40 years41.76 Lakh62.64 Lakh83.52 Lakh
45 years36.05 Lakh54.07 Lakh72.09 Lakh
50 years27.93 Lakh41.89 Lakh55.86 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Indian Overseas Bank home loan eligibility.

  • Nature of employment: Indian Overseas Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Indian Overseas Bank requires minimum income history and job stability of more than 2 years for salaried individuals and of 3 years for self-employed individuals.

Home Loan Eligibility Indian Overseas Bank based on Value of Property

  • Value of property: Indian Overseas Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Indian Overseas Bank's legal team.

The housing loan eligibility calculator of Indian Overseas Bank can be a useful tool to assess your eligibility for the loan.

IOB Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Indian Overseas Bank to determine your home loan eligibility. Indian Overseas Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Indian Overseas Bank home loan is 0.65. Calculate your eligibility with the Indian Overseas Bank home loan calculator and apply for the eligible loan amount hassle-free.

Indian Overseas Bank Home Loan Eligibility for Women

Indian Overseas Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for IOB Home Loan

IOB considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from IOB. However, a low CIBIL score reduces your chances to get a home loan. IOB requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance IOB Home Loan Eligibility?

You can enhance the IOB home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use IOB’s Home Loan Eligibility Calculator?

To check Indian Overseas Bank home loan eligibility perform the following steps:-

  • Go to the Indian Overseas Bank website
  • Now navigate to the option Indian Overseas Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1800-890-4445/ 1800-425-4445.

FAQs

What is the criteria to get Indian Overseas Bank home loan?

The basic criteria to get a home loan from Indian Overseas Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Indian Overseas Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Indian Overseas Bank?

The minimum salary required to avail home loan from Indian Overseas Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Indian Overseas Bank.

Is Indian Overseas Bank good for home loan?

The lowest interest rate provided by Indian Overseas Bank is 7.05% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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IOB Home Loan News - Dec 2021
  • 2021-11-17 : Indian Overseas Bank Lowers Yearly Profit
    State-owned Indian Overseas Bank has reported a downward profit of Rs 646 cr for 2020-21. The profit is after reporting a divergence in asset classification and provisioning for bad loans.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2020-11-09 : IOB posts ₹148-crore net profit in Q2
    Indian Overseas Bank reported a net profit of Rs 148 crore for the second quarter. Net profit grew 22.3% from Rs 121 crore in the June quarter of this fiscal. Total income backed by retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans rose 8.1% to Rs 5,431. Interest income increased to Rs 4,363 crore from Rs 4,276 crore a year ago. Further, bank average cost of deposit which include fixed and recurring deposits reduced to 4.89% from 5.41%, while net interest margin improved to 2.18% for the quarter as against 1.86 per cent in the year-ago period.
  • 2020-08-21 : Indian Overseas Bank reported Rs. 120.69 crore net profit in Q1FY21
    Indian Overseas Bank reported a net profit of Rs.120.69 crores for the period ended June 30, 2020, as against a net profit of Rs.143.79 crores for the period ended March 31, 2020. In addition to this, the bank posted a total income of Rs.5233.63 crores backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Total deposits which include Fixed and recurring deposits increased to Rs 2.26 lakh crore as on June 30, 2020, as against Rs 2.21 lakh crore by June last year.
  • 2020-02-12 : Indian Overseas Bank posted a Q3 loss of Rs. 6,075 crores.
    Indian Overseas Bank reported a Q3 loss of Rs 6,075 crores which was Rs 346 crores in the same period a year ago. Further, driven partially by Home Loans and Personal Loans total income stood at Rs. 5,197 crores and interest income stood at 2,867 crores.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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