IOB Home Loan Interest Rates 2022

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 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

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%

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%

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%

Indian Overseas Bank offers multiple home loan schemes at affordable interest rates. However, you must compare between Indian Overseas Bank housing loan interest and other bank’s home loan rates before applying:-

Particulars	Indian Overseas Bank	SBI	HDFC
Interest Rate	7.05% - 7.30%	6.65% - 7.05%	7.00% - 7.95%
Processing Fees	Upto 0.53% Min ₹ 8,900 Max ₹ 13,350	NIL	Min ₹ 3,000
Loan Tenure	30 Years	30 Years	30 Years
Maximum Loan Amount	₹ 5 Cr	₹ 7 Cr	₹ 5 Cr
Age	21 - 60 Years	18 - 70 Years	24 - 65 Years
Benchmark Rate	RLLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 669 per lakh	₹ 642 per lakh	₹ 665 per lakh

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%.

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

✅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.