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IOB Home Loan Interest Rates 2022

Indian Overseas Bank Housing Loan Interest Rate -Today

Last Updated 19th Apr 2022

  • Current Indian Overseas Bank Home Loan interest rates May 2022 starts at 7.05% p.a. for a maximum tenure of 30 years.
  • The processing fee on Indian Overseas Bank housing loans is Upto 0.53%, Minimum ₹ 8,900 Maximum ₹ 13,350. Check Best Offers.
  • Use Indian Overseas Bank home loan interest calculator to calculate EMI on lowest rates.
Interest Rate General 7.05% - 7.30%
Interest Rates for Women 7.05%
Benchmark rate RLLR
Processing Fees NIL
Part Payment/Foreclosure Charges Nil for floating rate home loans
Balance Transfer Rates 6.50%
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Voucher

Indian Overseas Bank Home Loan Interest

Indian Overseas Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 7.05%. Apart from the interest rate, the bank also has various other charges such as Indian Overseas Bank processing fee and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

  • Current Indian Overseas Bank Bank housing loan interest rates range between 7.05% to 7.30% for male borrowers.
  • Indian Overseas Bank home loan interest for women borrowers is less than the general housing loan rates and starts at 7.05%.
  • Existing customers can get the lowest Indian Overseas Bank bank home loan rate by negotiation with the bank.

Indian Overseas Bank Housing Loan Processing Fee and Other Charges

Indian Overseas Bank home loan processing charges are upto 0.53% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Indian Overseas Bank charges a minimum processing of ₹ 8,900 In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.53% of the loan amount; minimum processing fee of ₹ 8,900 to maximum fee of ₹ 13,350
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest Rates on IOB Home Loans Schemes

Indian Overseas Bank offers a housing loan interest rate of 7.05%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Indian Overseas Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are Indian Overseas Bank home loan rates for multiple housing schemes.

Indian Overseas Bank Home Loan Scheme IR Salaried (Male) IR Salaried (Female) IR Self-employed (Male) IR Self-employed (Female)
Indian Overseas Bank Repo Rate Home Loan 7.05% 7.05% 7.05% 7.05%

IOB Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in IOB for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 30 Lakh 7.05%
₹ 30 Lakh - ₹ 75 Lakh 7.15%
₹ 75 Lakh - 2 Cr 7.30%
Above ₹ 2 Cr 7.30%

Housing Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 30 Lakh 7.05%
₹ 30 Lakh - ₹ 75 Lakh 7.15%
₹ 75 Lakh - 2 Cr 7.30%
Above ₹ 2 Cr 7.30%

IOB Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount IOB Home Loan Interest For Women IOB Home Loan Interest For Govt Employee
Upto ₹ 30 Lakh 7.05% 7.05%
₹ 30 Lakh - ₹ 75 Lakh 7.15% 7.15%
₹ 75 Lakh - 2 Cr 7.30% 7.30%
Above ₹ 2 Cr 7.30% 7.30%

IOB Home Loan Balance Transfer Interest Rates

Indian Overseas Bank home loan balance transfer facility is ideal for existing home loan customers paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Indian Overseas Bank at a lower interest rete without closing the account. However, you need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Indian Overseas Bank offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate Indian Overseas Bank
Maximum Annual Percentage Rate (APR) 7.07% to 7.32%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Indian Overseas Bank Home Loan Interest Rate: 7.05% to 7.30%
  • Processing Fee payable to: Upto ₹ 530
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 669 for 30 Years ₹ 1,00,000 loan at 7.05% (lowest rate, longest time period) to ₹ 1,994 for 5 Years ₹ 1,00,000 loan at 7.30% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 7.07% to 7.32%
  • Total cost payable over loan tenure: ₹ 1,19,479 for 5 Years loan to ₹ 2,41,248 for 30 Years loan

IOB Home Loan Rate Trends (Historical)

Indian Overseas Bank, which is one of the leading HFC in the country offers the lowest home loan rate starting at 7.05%. There has been no change in the lowest interest rate of Indian Overseas Bank home loan interest rate for a long time and the interest rate continues to be in the range of 7.05% to 7.95%.

FAQs

Is Indian Overseas Bank home loan a floating rate loan or a fixed-rate loan?

Indian Overseas Bank offers home loans at both fixed and floating rates. In the case of the fixed rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Indian Overseas Bank home loan interest rate for existing customers?

Existing customers of Indian Overseas Bank who have any other loan accounts or investment accounts in Indian Overseas Bank can get a discounted rate than the general Indian Overseas Bank bank home loan interest rate. The current Indian Overseas Bank home finance rate of interest is 7.05%.

What is the Indian Overseas Bank home loan rate today?

Indian Overseas Bank offers home loan interest rate today is in the range of 7.05% to 7.30%. The bank does not charge any processing fees on the home loan amount. You can get the lowest Indian Overseas Bank interest rate if you have a good CIBIL and existing relationship with the bank.

Why should I opt for balance transfer to Indian Overseas Bank?

Indian Overseas Bank offers the lowest balance transfer rates on housing loans. At the lowest rates, your housing loan EMI will be ₹ 669. If you are paying an EMI of more than ₹ 669, you should transfer your outstanding loan from the existing bank to Indian Overseas Bank. Apart from the discounted rates, you can also avail of flexible loan tenure, top-up loans and other benefits.

Can Indian Overseas Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with IOB to lower the IOB interest rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Does IOB offer a concessional home loan interest rate for women?

Yes, IOB offers special home loan interest rates for women. As against IOB home loan rates for male which is 7.05%, the home loan interest rate for women starts at %.

At what interest rate does an IOB employee get a home loan?

IOB offers concessional home loan rates of about 1% than the current home loan rates to IOB employees.


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IOB Home Loan News - May 2022
  • 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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