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IOB Loan Against Property EMI Calculator

Indian Overseas Bank Mortgage Loan EMI

Last Updated 20th Nov 2020

Get monthly EMI as low as ₹ 1,647 per lakh on Indian Overseas Bank loan against property. Mortgage loan EMI in Indian Overseas Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan7 Year loan
₹ 20 Lakh₹ 42,248₹ 32,945₹ 32,945
₹ 30 Lakh₹ 63,373₹ 49,417₹ 49,417
₹ 50 Lakh₹ 1,05,621₹ 82,361₹ 82,361
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    Loan Against Property EMI Calculator Indian Overseas Bank

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Indian Overseas Bank Loan Against Property.

    IOB Loan Against Property Amortization Calculator

    The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

    Illustration: How to read an amortization schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from IOB for 15 years at an interest rate of 9.75%, the EMI calculated for this loan amount would be ₹ 15,890 and the total annual EMIs to be paid annually is ₹ 1,90,685. The IOB Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 15 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 1,08,584 ₹ 34,430 ₹ 1,43,014 ₹ 14,65,570
    2022 ₹ 1,40,698 ₹ 49,987 ₹ 1,90,685 ₹ 14,15,583
    2023 ₹ 1,35,601 ₹ 55,084 ₹ 1,90,685 ₹ 13,60,498
    2024 ₹ 1,29,984 ₹ 60,702 ₹ 1,90,685 ₹ 12,99,797
    2025 ₹ 1,23,793 ₹ 66,892 ₹ 1,90,685 ₹ 12,32,905
    2026 ₹ 1,16,972 ₹ 73,713 ₹ 1,90,685 ₹ 11,59,191
    2027 ₹ 1,09,455 ₹ 81,230 ₹ 1,90,685 ₹ 10,77,961
    2028 ₹ 1,01,171 ₹ 89,514 ₹ 1,90,685 ₹ 9,88,447
    2029 ₹ 92,043 ₹ 98,643 ₹ 1,90,685 ₹ 8,89,804
    2030 ₹ 81,983 ₹ 1,08,702 ₹ 1,90,685 ₹ 7,81,102
    2031 ₹ 70,898 ₹ 1,19,787 ₹ 1,90,685 ₹ 6,61,315
    2032 ₹ 58,683 ₹ 1,32,002 ₹ 1,90,685 ₹ 5,29,313
    2033 ₹ 45,222 ₹ 1,45,464 ₹ 1,90,685 ₹ 3,83,849
    2034 ₹ 30,388 ₹ 1,60,298 ₹ 1,90,685 ₹ 2,23,551
    2035 ₹ 14,041 ₹ 1,76,644 ₹ 1,90,685 ₹ 46,907
    2036 ₹ 764 ₹ 46,907 ₹ 47,671 -₹ 0

    Each IOB Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

    As you assess the amortization table, you will find that by the end of 1st year 24.37% of your EMI has been used to repay the principal amount. This means that the remaining 75.63% of the EMI went into interest payment. Thus, you end up paying only 3.1% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to IOB.

    In year 15, the interest component of IOB EMI is around 5.09%, while the principal component is around 94.91%. Upto 15 years, you have cumulatively repaid 100% of your total IOB Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Indian Overseas Bank?

    After the announcement of RBI on 22nd May 2020, Indian Overseas Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Indian Overseas Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Indian Overseas Bank customer care or its nearest branch.


    Will the IOB Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    IOB Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Indian Overseas Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, Indian Overseas Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Indian Overseas Bank, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that Indian Overseas Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Indian Overseas Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Indian Overseas Bank?

    You can avail of a maximum loan of ₹ 1 Cr, depending on the value of the property. However, the loan amount cannot be more than 50% of the property value. Indian Overseas Bank assesses the property before approving your mortgage loan application.

    IOB Loan Against Property News - Apr 2021
    • 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.
    • 2019-07-10 : Indian Overseas Bank to raise Rs. 500 crore via Tier-II bonds
      Public sector lender, Indian Overseas Bank is planning to raise Rs. 500 crore through sale of bonds, to fund business growth. Also, the lender has plans to achieve significant growth across its retail loan segment, including home loans and mortgage loans during FY19-20.
    • 2019-06-26 : Indian Overseas Bank to focus on a robust policy framework to reduce NPAs
      In a bid to reduce non-performing assets, private sector lender, Indian Overseas Bank would now focus on maintaining a robust policy framework. The lender also has plans to rebuild its brand image by further improving its customer service and enhanced digital-based assistance while lending retail loans, including home loans and mortgage loans to customers.
    • 2019-05-07 : Indian Overseas Bank plans to raise Rs. 850 crore through sale of non-core assets
      Indian Overseas Bank (IOB) is planning to raise about Rs. 850 crore this fiscal from the sale of non-core assets including properties and investments in order to augment its capital. Moreover, the bank is further exploring for all the other options to raise capital. Currently, the bank has identified 32 properties for sale, including prime properties in Singapore and Hong Kong aggregating to Rs. 900 crore, previously it had sold six properties for raising capital to accelerate strong loan and deposits growth.
    • 2019-04-11 : RBI rate cut leads to cheaper loans
      Following the repo rate cut by RBI, commercial banks including SBI and Indian Overseas Bank, have reduced their MCLR and home loan rates, effective from April 10. SBI has reduced its MCLR by 5 basis points across all tenors with the one-year MCLR coming down from 8.55% to 8.50% which will reduce the interest rate on home loans and other loans. While Indian Overseas Bank also reduced its interest rate on loans by 5 basis points for tenures of 1 year and above effective from April 10.
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