1,30,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Property Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

IOB Loan Against Property Eligibility

IOB Loan Against Property Calculator India Jun 2021

Last Updated 15th Jun 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 7 years 7 years
Eligible Monthly Income ₹ 0 ₹ 75,000
  • IOB offers Loan Against Property Rates at 9.75% p.a.
  • Indian Overseas Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your IOB mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan
Loan Against Property Eligibility Calculator

Indian Overseas Bank Loan Against Property Eligibility Based on Age

  • Age: Indian Overseas Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Indian Overseas Bank, one has to be of atleast 21 years of age. The maximum age for loan from IOB can be 60 years for salaried and 65 years for self employed. Indian Overseas Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 7 Years 7 Years
30 Years 7 Years 7 Years
40 Years 7 Years 7 Years
50 Years 7 Years 7 Years
60 Years - 5 Years

Indian Overseas Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Indian Overseas Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Indian Overseas Bank loan against property eligibility.

  • Nature of Employment: Indian Overseas Bank will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Indian Overseas Bank requires minimum income history and job stability of more than 2 years for salaried individuals and of 2 years for self employed individuals.

Indian Overseas Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Indian Overseas Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Indian Overseas Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Indian Overseas Bank.

Indian Overseas Bank Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Indian Overseas Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Indian Overseas Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Indian Overseas Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Indian Overseas Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

Indian Overseas Bank Mortgage Loan Eligibility Based on FOIR

Indian Overseas Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Indian Overseas Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Indian Overseas Bank. Always calculate your eligibility with Indian Overseas Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from IOB?

The factors that determine the eligibility criteria of Indian Overseas Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Indian Overseas Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for Indian Overseas Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from IOB.

What is the tenure of IOB property loan?

Indian Overseas Bank offers property loan for a tenure upto 7 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Indian Overseas Bank up to 50% of the market value of the property.

Compare Mortgage Loan of All Banks


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 7.05%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 9.75%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
IOB Loan Against Property 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.
  • 2020-08-21 : 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.
*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
Loader
Please wait while your information is being processed...
'