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IOB Home Loan Interest Rate - Sep 2017

Last Updated 06th Sep 2017

Indian Overseas Bank Home Loan Interest Rates

Interest Rate 8.65% - 9.15%
Check Best Offers
Lowest EMI Rs. 780 per lakh
Max Tenure 30 years
Processing Fee Upto 0.53%
Minimum Rs. 8,900 Maximum Rs. 13,350
Prepayment, Foreclosure Charges Allowed with Nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 60 years for Self Employed
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Indian Overseas Bank Home Loan

Indian Overseas Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Indian Overseas Bank has the following benefits:

    Indian Overseas Bank Home Loan Interest Rates

    In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

    Indian Overseas Bank Floating Rate Home Loans

    Indian Overseas Bank Home Loan Interest Rates
    Indian Overseas Bank Home Loan Floating 8.65% - 9.15%
    Details+

    Indian Overseas Bank home loan interest rate depends upon

    • Loan amount: Housing loan rate in Indian Overseas Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: Indian Overseas Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

    Interest Rate and its impact on Indian Overseas Bank Home Loan Eligibility

    Indian Overseas Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offered by Indian Overseas Bank also impacts the amount of loan you can avail from Indian Overseas Bank.
    Some of the key eligibility criteria are summarized in the table below:

    Indian Overseas Bank Home Loan Eligibility Criteria
    Interest Rate 8.65% - 9.15%
    Age 21 - 60 years
    Job Stability in case of Salaried (in years) 2 years
    Minimum Credit Score 650 and above
    Loan Amount Rs. 1,500,000 to Rs. 50,000,000
    Loan to Value Ratio Upto 80%
    FOIR (Fixed Obligations to Income Ratio) Up to 0.65

    Home Loan Charges Applicable (Other than Interest)

    In addition to interest rates, home loan also carry some other charges which include:

    • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Indian Overseas Bank allows prepayment of house loan with Nil prepayment charges
    • Processing Fee - Indian Overseas Bank charges a processing fee of 0.53% of loan amount Minimum Rs. 8,900 Maximum Rs. 13,350 with applicable tax
    • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

    Home Loan Products and Rates

    Indian Overseas Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Indian Overseas Bank Home Loan Eligibility Calculator

    Indian Overseas Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Indian Overseas Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    SBI Home Loan EMI and Interest Calculator

    Further, you can also use the Indian Overseas Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

    • EMI calculator of Indian Overseas Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
    • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
    • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates
    • Loan tenure matters equally as higher tenure reduces your EMI

    What are the benefits of calculating Indian Overseas Bank Housing Loan EMI?

    • EMI calculator helps you to calculate your monthly EMI at different rate of interest
    • Indian Overseas Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
    • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

    Housing Loan IOB documents required

    For Salaried employee

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions

    Why to take home loan from Indian Overseas Bank?

    Indian Overseas Bank offers housing loan at 8.65% rate with the lowest EMI of Rs. 780 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Indian Overseas Bank.

    What is the maximum loan tenure I can opt under Indian Overseas Bank house loan?

    Indian Overseas Bank offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

    Do I get tax benefit on home loan from Indian Overseas Bank?

    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

    Can I foreclosure my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

    Can I transfer my house loan from another bank to Indian Overseas Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Indian Overseas Bank offers you to pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in Indian Overseas Bank is 1 Year MCLR.

    What is the effect of part payments on Indian Overseas Bank housing loan EMI ?

    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

    How to increase my eligibility on Indian Overseas Bank housing loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

    How will interest rate on Indian Overseas Bank housing loan change in future?
    • Floating rate on Indian Overseas Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.55%. When Bank offers a home loan at 8.65%, it applies a premium of 0.1% to its MCLR Rate to arrive at this home loan rate.
    • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

    IOB Home Loan in India

    Indian Overseas Bank Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
    Agra 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Ahmedabad 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Ambala 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Anand 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Aurangabad 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Bangalore 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Bhilai 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Bhilwara 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Bhiwadi 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Bhopal 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Bhubaneswar Cuttack 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Bikaner 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Chandigarh 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Chennai 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Cochin 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Coimbatore 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Dehradun 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Delhi 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Durg 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Faridabad 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Gandhinagar 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Ghaziabad 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Goa 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Greater Noida 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Gurgaon 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Guwahati 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Gwalior 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Hyderabad 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Indore 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Jabalpur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Jaipur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Jalandhar 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Jodhpur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Kanpur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Karnal 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Kolhapur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Kolkata 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Kota 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Kozhikode 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Lucknow 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Ludhiana 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Madurai 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Meerut 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Mehsana 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Mohali Sas Nagar 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Mumbai 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Mussoorie 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Nagpur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Nashik 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Noida 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Noida Extn 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Panipat 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Patna 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Pondicherry 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Pune 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Raipur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Rajkot 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Ranchi 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Rohtak 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Roorkee 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Salem 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Shimla 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Sonepat 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Surat 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Trichy 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Udaipur 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Vadodara 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Varanasi 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Vijaywada 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Vizag 1800-425-4445, 044-2851-9490, mdd [at] iobnet [dot] co [dot] in
    Indian Overseas Bank Home Loan Interest Rate
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    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.