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Indian Overseas Bank Home Loan Balance Transfer

Home Loan Transfer to Indian Overseas Bank

Last Updated 15th Jun 2021

Interest Rate7.05%
Processing Fee₹ 8,900
Lowest EMI per lakh₹ 669
Loan Tenure30 years
  • Indian Overseas Bank offers home loan balance transfer facility at low interest rates starting at 7.05% for a tenure of upto 30 years.
  • Transfer home loan to Indian Overseas Bank to reduce EMIs and save more on interest.
  • Avail top up from Indian Overseas Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

IOB Home Loan Transfer

IOB, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Indian Overseas Bank at lowest interest rates. To transfer your housing loan to Indian Overseas Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of IOB.

Indian Overseas Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Indian Overseas Bank, compare and calculate all the costs of loan transfer. The table below mentions Indian Overseas Bank home loan transfer interest rate and other home loan transfer charges of Indian Overseas Bank.

Home Loan Rates 6.75%
Processing Fees Upto 0.53% Minimum ₹ 8,900 and Maximum ₹ 13,350
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Indian Overseas Bank Home Loan Transfer

To transfer your existing home loan to Indian Overseas Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Indian Overseas Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Indian Overseas Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Indian Overseas Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Indian Overseas Bank will be completed.

Eligibility for Indian Overseas Bank Home Loan Transfer

To transfer your home loan to Indian Overseas Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for IOB.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Indian Overseas Bank.
  • You must be an Indian resident and fulfil the age criteria of Indian Overseas Bank. The minimum & maximum age to avail a Indian Overseas Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Indian Overseas Bank Home Loan Transfer

Here are key features of Indian Overseas Bank Home Loan Transfer:

  • Lower Interest Rates: Indian Overseas Bank offers lower home loan rates starting at 6.75% along with ₹ 8,900 processing on home loans. Thus, you can save on your home loan by transferring your loan to Indian Overseas Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Indian Overseas Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Indian Overseas Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Indian Overseas Bank.

Document Required for IOB Home Loan Transfer

To avail of home loan balance transfer from IOB, you need to submit the following documents to IOB.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to IOB?

Yes, transferring your home loan to Indian Overseas Bank is a good idea for home loan borrowers as Indian Overseas Bank provides lower home loan rates starting at 7.05%.

How can I transfer my IOB home loan from one branch to another?

To transfer your Indian Overseas Bank home loan from one branch to another, you can place your request through net banking/mobile banking. Indian Overseas Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for IOB home loan balance transfer?

Yes, Indian Overseas Bank charges home loan transfer fees such as ₹ 8,900 for Indian Overseas Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a IOB home loan balance transfer?

If you apply for a home loan transfer to Indian Overseas Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Indian Overseas Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Indian Overseas Bank home loan balance transfer?

To know your Indian Overseas Bank home loan status, you can call Indian Overseas Bank home loan customer care number or visit IOB official website to check the status.


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IOB Home Loan News - Jun 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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