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IOB Home Loan Interest Rates 2021

Indian Overseas Bank Housing Loan Interest Rate -Today

Last Updated 15th Jun 2021

Current Indian Overseas Bank Home Loan interest rates Jul 2021 starts at 7.05% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.53%, Minimum ₹ 8,900 Maximum ₹ 13,350.

Loan AmountIndian Overseas Bank Repo Rate Home Loan Rate
Upto ₹ 30 Lakh7.05%
₹ 30 Lakh - ₹ 75 Lakh7.15%
₹ 75 Lakh - ₹ 2 Cr7.30%
Above ₹ 2 Cr7.30%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current Indian Overseas Bank Home Loan Rate

Today Indian Overseas Bank home loan interest rates are in the range of 7.05% to 7.30%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.05%.

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

Indian Overseas Bank Home Loan Scheme Interest Rates
Indian Overseas Bank Repo Rate Home Loan7.05% - 7.30%

IOB Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in IOB for salaried & non-salaried employee 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%

Home 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%

Indian Overseas Bank Home 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 on home loan which is typically non-refundable and has to be paid at the time of loan application. 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
Foreclosure Charges Nil for floating rate home loans

IOB Home Loan Balance Transfer Interest Rates

Indian Overseas Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Indian Overseas Bank at a lower rate of interest, without closing the account. However, you do 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 lowest home loan balance transfer rate of 7.05%.

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

FAQs

What is IOB Home Loan Interest Rate?

IOB Home Loan interest rate ranges between 7.05% to 7.30%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has IOB reduced home loan rates?

Presently, IOB offers personal loans at an interest rate starting at 7.05%. There has been no change in personal loan rates of IOB for a long time and continue to stand at 7.05%.

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

Indian Overseas Bank offers lowest Home Loan EMI of ₹ 669 per lakh availed at the lowest interest rate 7.05% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 669 per lakh, you should consider the option for a loan transfer to Indian Overseas Bank from your existing bank.

  • Indian Overseas Bank offers RBI Repo Rate linked Home Loan which starts at 7.05%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Indian Overseas Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.05% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the IOB Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Indian Overseas Bank Repo Rate linked Home Loan rate will cut from 7.05% to 6.9%.

What is the current Indian Overseas Bank Home Loan rate?

The current IOB Home Loan rate starts from 7.05% with a processing fee of Upto 0.53%, Minimum ₹ 8,900 and Maximum ₹ 13,350.IOB housing loan rate varies across the applicant’s eligibility and the scheme they opt for. IOB offers different home loan rates for different home loan products.

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 home loan rates.

What are the interest rates of home improvement loans in IOB?

You can avail of IOB home loans for home improvement at regular home loan rates starting at 6.65%.

Can IOB revise the home loan interest rates for their existing customers?

IOB home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

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 %.

What is the IOB home loan rate of ₹ 25 Lakh for 15 years?

IOB home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, IOB provides home loan interest rate starting at 6.65%.

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.

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

IOB home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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Indian Overseas Bank Home Loan News - Jul 2021
  • 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.
  • 2019-10-01 : Indian Overseas Bank offers repo-linked loans from today
    After RBI directed banks to link their lending rates with external benchmarks, Indian Overseas Bank is set to offer loans linked with repo rate. As per the update, the Bank will provide retail and MSME loans at repo rate+2.85% as the spread. Further, the Bank will also offer the benefit of 0.25% to small borrowers by charging Mudra Loans up to Rs 50,000 at 8.25%. This will be in effect from October 1, 2019.
*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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