Indian Overseas Bank - 7.35% for Home Loan - Plot + Construction Loan

Indian Overseas Bank Home Loan:

Indian Overseas Bank offers ‘Subha Gruha’ home loans starting at 7.35% p.a. onwards for loan tenures of up to 30 years and loan amounts of up to 90% of the property’s value.

It also offers affordable home loan schemes to salaried and self-employed applicants.

Interest Rates	7.35% p.a. onwards
Loan Amount (LTV Ratio)	Up to 90% of cost of house/flat
Tenure	Up to 30 years
Processing Fee	NIL

 

IOB Home Advantage Interest Rates

Loan Amount	Interest Rate (p.a.)
Up to Rs 30 lakh	10.95%
Above Rs 30 lakh to Rs 75 lakh	11.00%
Above Rs 75 lakh	11.15%

 

IOB Shubha Gruha CC Loans Interest Rates

Loan Amount	Interest Rate (p.a.)
Up to Rs 30 lakh	9.70%
Above Rs 30 lakh to Rs 75 lakh	9.75%
Above Rs 75 lakh	9.90%

 

IOB Housing Top-up Loans (Existing Loans) Interest Rates

Loan Amount	Interest Rate (p.a.)
Up to Rs 1 crore	11.75%
Above Rs 1 crore	12.25%

 

Indian Overseas Bank Home Loan interest depends upon:

1. Loan amount:

Indian Overseas Bank Home Loan depends upon the loan amount you apply for Higher the loan amount, lesser will be the rate.       

 

2. Your Salary: 

 Income helps you in identifying your rate of interest.

 Bank's rate varies with your monthly income. Higher the income, lesser will be the rate.

 

3. Type of loan opted for: 

Indian Overseas Bank Home Loan offers differential rates for women borrowers. 

Also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

4. Existing bank customers:  

Indian Overseas Bank Home Loan offers one of the lowest home loan rates to its existing bank account.

Customers in view of their past relationship with the bank.

 

Indian Overseas Bank Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loan from Indian Overseas Bank Home Loan also carry some other charges which include:

 

1. Processing Fee:

Indian Overseas Bank Home Loan applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

 2. Technical and Legal Charges:

Indian Overseas Bank Home Loan also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on Indian Overseas Bank Home Loan Bank rules.

 

 3. Prepayment Charges:

If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Indian Overseas Bank Home Loan.

As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans.

Hence, you can prepay your home loan with Indian Overseas Bank.

 

Indian Overseas Bank - Home Loan:

Apply:

Apply for an Indian Overseas Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare  Indian Overseas Bank Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

Indian Overseas Bank Home Loan Documents:

For Salaried employees:

1. Filled up the loan application form.

2. Passport Size Photo.

3. ITR of the last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5.Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA,

Copy of partnership deed and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

 

Indian Overseas Bank Home Loan Schemes:

 

1.Housing Loan Subha Gruha:

Purpose: 

To purchase/renovate/construct a flat/house

 

Loan Amount (LTV Ratio):

75%-90% of cost of flat/house

Up to 30% of loan amount for plot purchase

10%-25% of the estimated cost of new as well as old house/flat

 

Tenures: 

Up to 30 years

 

Eligibility Criteria

For Housing Loan

Group of individuals

Co-operative Society members

Maximum Age- 55 years (60 years of age may also be considered if their legal heirs join them, the loan should be paid back before 70 years of age)

For Salaried Applicant- Permanent job with 2-3 years of experience would qualify for a home loan

For Self-Employed Applicant- At least 3 years of activity in related field would qualify for a home loan

 

2. Home Improvement Scheme:

Purpose:

For repair/renovation/modification/upgradation including painting, tiling, routine repair, fixing marbles, rewiring, making additions (cupboards, woodwork), etc. to existing house/flat

 

Loan Amount: 

Rs 25,000-Rs 15 lakh

 

Tenure: 

Up to 12 years

 

Eligibility Criteria

For Salaried- Salaried applicants in permanent service with take home pay of up to 50% of gross salary

For Self-employed- At least 3 years in the line of activity

 

3. NRI Home Loan

Purpose: 

For purchase, construction or renovation of home

 

Loan Amount (LTV Ratio):

For constructing/purchasing a house- Up to 80% of cost of house

For home renovation- Up to Rs 15 lakh

Up to Rs 20 lakh- Up to 90%

Up to Rs 75 lakh- Up to 80%

Above Rs 75 lakh- Up to 75%

 

Tenure: 

For purchase/construction of house- Up to 15 years

 

Eligibility Criteria

NRI with a valid Indian passport would

A person of Indian origin having passport of other countries other than Pakistan, Bangladesh, China, Iran, Afghanistan, Sri Lanka, Nepal and Bhutan

Minimum Monthly Salary- Rs 10,000

 

Frequently Asked Questions:

1. Can I choose between fixed and floating rates?

Ans. Indian Overseas Bank offers home loans at floating rates only.

 

2. Can I prepay my home loan availed from Indian Overseas Bank?

Ans. Yes, you can prepay your home loan availed from Indian Overseas Bank.

The bank does not levy any prepayment charges on home loans at floating rates.

 

3. What is the holiday period for Indian Overseas Bank Home Loan?

Ans. In case of home loan availed for under-construction property, a maximum holiday period of 18 months is allowed from the date of first loan disbursement or the completion of construction.

For home loans availed for purchasing housing property and undertaking home improvement, the maximum holiday period is 3 months.