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Indian Overseas Bank Housing Loan EMI Calculator

Last Updated 17th Nov 2021

  • Indian Overseas Bank home loan EMI per ₹ 1 Lakh is ₹ 669, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in Indian Overseas Bank is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for Indian Overseas Bank home loan before applying. Use an online Indian Overseas Bank loan EMI calculator to estimate your EMI.
  • Check Indian Overseas Bank home loan EMI for different tenures at the current Indian Overseas Bank home loan interest rate of 7.05%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 10 Lakh₹ 11,637₹ 9,016₹ 6,687
    ₹ 20 Lakh₹ 23,273₹ 18,033₹ 13,373
    ₹ 30 Lakh₹ 34,910₹ 27,049₹ 20,060
    ₹ 50 Lakh₹ 58,183₹ 45,081₹ 33,433

    Jump to EMI Calculator

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IOB Home Loan EMI Calculator Online

Indian Overseas Bank Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure and interest rate. You can calculate your Indian Overseas Bank housing loan EMI in advance to plan your loan payments and expenses using a Indian Overseas Bank home loan calculator. Indian Overseas Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why should you use Indian Overseas Bank Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: Indian Overseas Bank offers the lowest EMI per lakh at . To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for Indian Overseas Bank home loan.
  • Compare Indian Overseas Bank Home Loan EMI: With Indian Overseas Bank home loan EMI Calculator, you can also estimate EMI on your home loan from Indian Overseas Bank with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

Indian Overseas Bank Home Loan EMI Calculator to estimate the EMI that fits your budget

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on Indian Overseas Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of Indian Overseas Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 7.05%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Indian Overseas Bank Home loan plan for you.

Indian Overseas Bank home loan EMI is calculated for different loan amounts and tenures at 7.05% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 22,541 ₹ 19,458 ₹ 16,717
₹ 50 Lakh ₹ 45,081 ₹ 38,915 ₹ 33,433
₹ 75 Lakh ₹ 67,622 ₹ 58,373 ₹ 50,150
₹ 1 Cr ₹ 90,163 ₹ 77,830 ₹ 66,866

Benefits of using Indian Overseas Bank Home Loan EMI Calculator

Indian Overseas Bank Home Loan Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate and tenure. Thus, using Indian Overseas Bank Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Indian Overseas Bank Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting Indian Overseas Bank Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI Indian Overseas Bank gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 5,00,00,000.

Interest Rate

Higher interest rate increases your Indian Overseas Bank housing loan EMI which will increase the total cost of the loan. Indian Overseas Bank current home loan interest rate starts at 7.05%. Do a complete market research and compare rates and calculate EMI online using Indian Overseas Bank home loan calculator before you apply for a home loan.

Loan Tenure

This is the period in which you can repay your home loan in Indian Overseas Bank. Your EMI will be lower if you take a 0 years loan from Indian Overseas Bank as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

IOB Home Loan EMI Calculator Formula

IOB Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Indian Overseas Bank Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Indian Overseas Bank home loan amount can range from ₹ 15,00,000 to ₹ 5,00,00,000
  • r = Rate of interest per month. Current Indian Overseas Bank housing loan rate 7.05%.
  • n = tenure in month. For Indian Overseas Bank, maximum home loan tenure is 360 months

Comparison of Indian Overseas Bank Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Indian Overseas Bank 7.05% ₹ 6,687 ₹ 20,060 ₹ 33,433
HDFC 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
ICICI Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
SBI 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098
LIC Housing Finance 6.66% ₹ 6,426 ₹ 19,279 ₹ 32,131
Axis Bank 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098

Indian Overseas Bank Home Loan Amortization Calculator

Indian Overseas Bank Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Indian Overseas Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 30 Lakh for 15 years from Indian Overseas Bank at an interest rate of 7.05%. EMI calculated for this loan amount is ₹ 27,049 and the total annual EMIs to be paid annually is ₹ 3,24,585. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 30 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 35,195 ₹ 18,903 ₹ 54,098 ₹ 29,81,097
2022 ₹ 2,06,397 ₹ 1,18,189 ₹ 3,24,585 ₹ 28,62,909
2023 ₹ 1,97,790 ₹ 1,26,795 ₹ 3,24,585 ₹ 27,36,113
2024 ₹ 1,88,556 ₹ 1,36,029 ₹ 3,24,585 ₹ 26,00,084
2025 ₹ 1,78,650 ₹ 1,45,935 ₹ 3,24,585 ₹ 24,54,149
2026 ₹ 1,68,023 ₹ 1,56,563 ₹ 3,24,585 ₹ 22,97,587
2027 ₹ 1,56,621 ₹ 1,67,964 ₹ 3,24,585 ₹ 21,29,623
2028 ₹ 1,44,390 ₹ 1,80,196 ₹ 3,24,585 ₹ 19,49,427
2029 ₹ 1,31,267 ₹ 1,93,318 ₹ 3,24,585 ₹ 17,56,109
2030 ₹ 1,17,189 ₹ 2,07,396 ₹ 3,24,585 ₹ 15,48,713
2031 ₹ 1,02,086 ₹ 2,22,499 ₹ 3,24,585 ₹ 13,26,213
2032 ₹ 85,883 ₹ 2,38,702 ₹ 3,24,585 ₹ 10,87,511
2033 ₹ 68,500 ₹ 2,56,086 ₹ 3,24,585 ₹ 8,31,425
2034 ₹ 49,851 ₹ 2,74,735 ₹ 3,24,585 ₹ 5,56,691
2035 ₹ 29,844 ₹ 2,94,742 ₹ 3,24,585 ₹ 2,61,949
2036 ₹ 8,539 ₹ 2,61,949 ₹ 2,70,488 ₹ 0

In the above illustration, on a Indian Overseas Bank Home Loan of₹ 30 Lakh, taken at the lowest interest rate of 7.05, EMI paid is ₹ 27,049 and an annual total of EMIs is ₹ 3,24,585, the interest component is ₹ 2,07,773 while the principal component is ₹ 1,16,812 in year 1 of loan disbursement. You repay only 3.89% of the total principal after paying 12 EMIs during the first year.

Indian Overseas Bank Home Loan EMI for ₹ 10 Lakh

The following table shows Indian Overseas Bank Housing Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 7.05% 5 Years ₹ 19,825
₹ 10,00,000 7.05% 10 Years ₹ 11,637
₹ 10,00,000 7.05% 15 Years ₹ 9,016
₹ 10,00,000 7.05% 20 Years ₹ 7,783
₹ 10,00,000 7.05% 0 Years

Indian Overseas Bank Home Loan EMI for ₹ 20 Lakh

The following table shows Indian Overseas Bank Housing Loan EMI for ₹ 20,00,000 for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 7.05% 5 Years ₹ 39,650
₹ 20,00,000 7.05% 10 Years ₹ 23,273
₹ 20,00,000 7.05% 15 Years ₹ 18,033
₹ 20,00,000 7.05% 20 Years ₹ 15,566
₹ 20,00,000 7.05% 0 Years

Indian Overseas Bank Home Loan EMI for ₹ 30 Lakh

The following table shows Indian Overseas Bank Housing Loan EMI for ₹ 30,00,000 for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 7.05% 5 Years ₹ 59,474
₹ 30,00,000 7.05% 10 Years ₹ 34,910
₹ 30,00,000 7.05% 15 Years ₹ 27,049
₹ 30,00,000 7.05% 20 Years ₹ 23,349
₹ 30,00,000 7.05% 0 Years

Indian Overseas Bank Home Loan EMI for ₹ 50 Lakh

The following table shows Indian Overseas Bank Housing Loan EMI for ₹ 50,00,000 for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 7.05% 5 Years ₹ 99,124
₹ 50,00,000 7.05% 10 Years ₹ 58,183
₹ 50,00,000 7.05% 15 Years ₹ 45,081
₹ 50,00,000 7.05% 20 Years ₹ 38,915
₹ 50,00,000 7.05% 0 Years

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FAQs

Will the Indian Overseas Bank home loan EMI remain constant or change in future?

No, your Indian Overseas Bank Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Indian Overseas Bank Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

What happens in case of increase or decrease in Indian Overseas Bank interest rate?

Indian Overseas Bank offers floating rate home loans only. If you take a floating rate loan from Indian Overseas Bank, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Indian Overseas Bank home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

Will Indian Overseas Bank home loan EMI change in case of prepayment?

Indian Overseas Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Indian Overseas Bank home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Indian Overseas Bank home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Indian Overseas Bank home loan calculator.

Why should I calculate Indian Overseas Bank loan EMI before taking a loan?

It is advised to calculate Indian Overseas Bank home loan EMI before taking a home loan. There are several benefits of calculating your Indian Overseas Bank housing loan EMI which can be done using Indian Overseas Bank loan calculator Indian Overseas Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Indian Overseas Bank EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Indian Overseas Bank.

What is the EMI for home loan in Indian Overseas Bank?

The Indian Overseas Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Indian Overseas Bank home loan calculator. Based on the lowest rate of 7.05% and maximum tenure of 30 years, the Indian Overseas Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,687
₹ 12 Lakh ₹ 8,024
₹ 15 Lakh ₹ 10,030
₹ 30 Lakh ₹ 20,060
₹ 50 Lakh ₹ 33,433

You can compare Indian Overseas Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Indian Overseas Bank Housing Loan EMI calculator?

Online Indian Overseas Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Indian Overseas Bank home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Indian Overseas Bank Home loan EMI Online?

To pay the EMI of Indian Overseas Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Indian Overseas Bank home loan EMI calculated?

The Indian Overseas Bank Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 Lakh home loan in Indian Overseas Bank?

You can use a 10 lakh home loan emi calculator Indian Overseas Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 7.05% 10 years loan ₹ 11,637
₹ 10 Lakh 7.05% 15 years loan ₹ 9,016
₹ 10 Lakh 7.05% 20 years loan ₹ 7,783

What is the EMI for ₹ 20 Lakh home loan in Indian Overseas Bank?

You can use a 20 lakh home loanemi calculator Indian Overseas Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 7.05% 10 years loan ₹ 23,273
₹ 20 Lakh 7.05% 15 years loan ₹ 18,033
₹ 20 Lakh 7.05% 20 years loan ₹ 15,566

What is the EMI for ₹ 30 Lakh home loan in Indian Overseas Bank?

You can use a 30 lakh home loan emi calculator Indian Overseas Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 7.05% 10 years loan ₹ 34,910
₹ 30 Lakh 7.05% 15 years loan ₹ 27,049
₹ 30 Lakh 7.05% 20 years loan ₹ 23,349

What is the EMI for ₹ 50 Lakh home loan in Indian Overseas Bank?

You can use a 50 lakh home loan emi calculator Indian Overseas Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 7.05% 10 years loan ₹ 58,183
₹ 50 Lakh 7.05% 15 years loan ₹ 45,081
₹ 50 Lakh 7.05% 20 years loan ₹ 38,915

What is the EMI for a 25 lakhs home loan in Indian Overseas Bank and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Indian Overseas Bank:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 7.05% 10 years loan ₹ 29,092
₹ 25 Lakh 7.05% 15 years loan ₹ 22,541
₹ 25 Lakh 7.05% 20 years loan ₹ 19,458

What is the EMI for 12 lakhs home loan in Indian Overseas Bank?

A borrower will pay ₹ 12,373 if he/she takes a loan for 12 years at an interest rate of 7.05%. The 12 lakh home loan emi Indian Overseas Bank may vary across Indian Overseas Bank home loan interest rate.

Compare Home Loan EMI of All Banks


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IOB Home Loan News - Nov 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.
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