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Compare Indian Overseas Bank vs Union Bank of India Loan Against Property

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Bank
Interest Rate
Interest Rate
9.65% - 9.65%
10.20% - 10.30%
Processing Fees
Processing Fees
Upto 0.62%
Min ₹ 890; Max ₹ 8,900
Upto 0.50%
Maximum Loan Amount
Maximum Loan Amount
₹ 1 Cr
₹ 10 Cr
Loan to Property Value Ratio
Loan to Property Value Ratio
Upto 50%
Upto 50%
Maximum Tenure
Maximum Tenure
7 Years
12 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,642
₹ 1,207
Benchmark Rate
Benchmark Rate
RLLR
RLLR
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
65 Years
70 Years
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Loan Against Property EMI of Indian Overseas Bank and Union Bank of India

Loan Amount Indian Overseas Bank Union Bank of India
₹ 10 Lakh ₹ 16,421 ₹ 12,067
₹ 15 Lakh ₹ 24,631 ₹ 18,100
₹ 30 Lakh ₹ 49,263 ₹ 36,200
₹ 50 Lakh ₹ 82,105 ₹ 60,333

Which is a better bank for Loan Against Property – Indian Overseas Bank or Union Bank of India?

Union Bank of India offers lower Loan Against Property EMI at ₹ 1,207 on a Loan Against Property for 12 Years as compared to Indian Overseas Bank with a minimum EMI of ₹ 1,642 for 7 Years. Average customer ratings for Union Bank of India is currently at /5.0 which makes it a good choice for taking a Loan Against Property.

How does Indian Overseas Bank Loan Against Property compare with Union Bank of India Loan Against Property?

It is important to do a detailed comparison of Indian Overseas Bank and Union Bank of India on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Indian Overseas Bank Loan Against Property is 9.65%, which is lower than the lowest interest rate of Union Bank of India at 10.20% and hence, Indian Overseas Bank is offering a cheaper loan option.
  • When compared on other Loan Against Property charges such as processing fees, Union Bank of India charges a lower processing fees of 0.50% of the loan amount vs Indian Overseas Bank with a processing fees of 0.62% of loan amount.
  • Indian Overseas Bank and Union Bank of India offer mortgage loan upto 50% of the value of the property. Hence, the same loan to property value ratio makes them a comparable option to choose from.
  • Indian Overseas Bank is a with its Loan Against Property rates benchmarked to RLLR. On the other hand, Union Bank of India is a with its home loan rates benchmarked to RLLR. Hence, both banks are benchmarked to the same rate, making them a comparable option to choose from.
  • with an average customer ratings of is equally comparable to with an average customer rating of , and hence, the customer can expect the same kind of service levels from these banks.

Which bank offers a lower interest rate on Loan Against Property – Indian Overseas Bank or Union Bank of India?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 9.65% on Loan Against Property when compared to Union Bank of India which offers a Loan Against Property at 10.20%.

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Loan Against Property News - Dec 2022
  • 2022-11-02 : Karnataka Bank Registers Net Profit in the Q2 of 2022-23
    The bank has registered a net profit of ₹411.63 crores in the Q2 of 2022-23. In the corresponding quarter, it saw ₹125.61 crores, thus registering a growth of 227.70 percent.
  • 2022-10-18 : SBI Credit Card Holders ALERT! State Bank hikes charges on EMI transactions, Rent Payments
    In a move that may further make credit card usage costlier, the State Bank of India has revised certain charges for its credit card users. The new charges will come into effect from November 15. The processing fee on merchant EMI transactions has been revised to Rs 199 + applicable taxes from earlier Rs 99 + applicable taxes. Processing fee on rent payment transactions will be Rs 99 + applicable taxes," said the bank.
  • 2022-09-12 : Indian Overseas Bank raises MCLR rates by up to 0.10%
    Indian Overseas Bank has revised upwards the MCLR rates by 0.10 per cent across tenors. The benchmark 1-year tenor marginal cost of funds based lending rate (MCLR) has been revised to 7.75 per cent against the existing rate of 7.65 per cent. The two and three-year MCLRs have been hiked by a similar margin to 7.80 per cent each.
  • 2022-08-18 : HDFC bank opens its first all women branch in Kerela`s kozhikode.
    HDFC has opened its first all-women branch in Kozhikode. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers. HDFC Bank is driving diversity and inclusion within the organization with a special focus on enhancing gender diversity.
  • 2022-08-18 : CCI`s nod to the merger of HDFC Bank, HDFC Ltd.
    The Competition Commission of India (CCI) has approved the proposal of merger of HDFC Bank and HDFC Ltd. Commission`s positive response to the combination involving amalgamation of HDFC Limited, HDFc Bank, HDFC Investments and HDFC Holdings.
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