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IOB Home Loan

IOB Housing Loan 2021

Last Updated 17th Nov 2021

Indian Overseas Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 7.05% with quick approval and online process. Home Loan in Indian Overseas Bank is quite popular with its special features and attractive rates under various Indian Overseas Bank home loan schemes for different income and occupation groups. Some of the key features of Indian Overseas Bank housing loan are:

  • Indian Overseas Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Indian Overseas Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Indian Overseas Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Indian Overseas Bank Home Loan Details

IOB offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan IOB

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 60 years for Self Employed
Repayment Tenure 30 years
Interest Rate 7.05%
Interest Rate Linked To RLLR
Processing Fee Upto 0.53%, Minimum ₹ 8,900 and Maximum ₹ 13,350
Lowest EMI Per Lakh ₹ 669
  • Purpose of Loan: IOB house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of IOB Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 7.05% to 7.30%.
    • IOB home loan EMI per lakh starts from ₹ 669. However, you can calculate your home loan EMI using IOB home loan calculator 2021.
  • Special schemes: IOB offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Indian Overseas Bank Home Loans

Some of the features and benefits of Indian Overseas Bank Home Loans are listed as follows:-

  • Indian Overseas Bank Home Loan Interest Rate starts from 6.70%.
  • Indian Overseas Bank charges a processing fees of Upto 0.53%, Minimum ₹ 8,900 and Maximum ₹ 13,350.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Indian Overseas Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Indian Overseas Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Indian Overseas Bank has an average customer rating of 2.5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Indian Overseas Bank?

Getting a home loan from IOB is fairly easy with an online application process. 5 Steps for IOB Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of IOB and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of IOB or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a IOB’s representative will visit your home or office to collect your documents.
  • Step 4: IOB will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from IOB and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Indian Overseas Bank Home Loan Documents Required

To apply for a home loan in IOB, the bank asks you to submit the following IOB Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or IOB account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Indian Overseas Bank Home Loan EMI Calculator

IOB home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Indian Overseas Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Indian Overseas Bank Home Loan Eligibility Calculator

Indian Overseas Bank Home loan eligibility calculator is an online tool that helps the IOB home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Indian Overseas Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan IOB?

To apply for Indian Overseas Bank Home Loan, you will be required to submit IOB home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Indian Overseas Bank ?

Below-mentioned is the reason why you must avail a home loan from IOB

Can I apply for an IOB home loan online?

Yes, you can apply for a IOB home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best IOB home loan scheme?

Choosing the best IOB home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best IOB home loan scheme is based on one’s needs.

Is IOB good for a home loan?

IOB is one of the best home loan lenders in the country. Currently, IOB home loan interest rate 2021 starts at 6.50%.

How can I check my IOB home loan status?

One can check their IOB home loan status on IOB’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the IOB mobile app

What is the eligibility for a Home Loan of Indian Overseas Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Indian Overseas Bank Home Loan procedure?

There are two methods to complete the application for Indian Overseas Bank Home Loan Process online:

  • Apply online at Indian Overseas Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does Indian Overseas Bank check CIBIL for home loan?

Yes, to avail home loan from Indian Overseas Bank, you must fulfill Indian Overseas Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to Indian Overseas Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Indian Overseas Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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IOB Home Loan News - Dec 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.
*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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