If you are looking to take up a home loan in India, then the Indian Overseas Bank is the right bank for you. The bank offers a wide range of products and services, making it an ideal choice for those who are looking for a home loan that meets their specific needs.
In this article, we will look at the features of the bank’s home loan products and discuss eligibility requirements.
Indian Overseas Bank Home Loan Highlights
|Interest Rates||8.45% p.a. onwards|
|Loan Amount (LTV Ratio)||Up to 90% of the cost of a house/flat|
|Tenure||Up to 30 years|
|Processing Fee||0.50% of the loan amount|
IOB Home Loan
Indian Overseas Bank home loans are very popular in India. They are known for their excellent customer service and low-interest rates.
Indian Overseas Bank (IOB) offers home loan interest rates starting from 8.45% p.a. You can avail of a loan amount of up to 90% of your property value for a maximum tenure of 30 years. The eligibility criteria for IOB home loan products are also fairly easy to meet. In this blog, we will discuss some of the features and Benefits of IOB home loans.
Indian Overseas Bank Home Loan Features and Benefits
Indian Overseas Bank offers a wide range of home loan products to cater to the needs of prospective borrowers. The bank has several features that make it a preferred option for home loan seekers. Some of the key benefits of opting for an Indian Overseas Bank home loan include:
- Low-interest rates: The interest rate on Indian Overseas Bank home loans is typically lower than that offered by other financial institutions, making them a more affordable option.
- Wide range of loan options: Indian Overseas Bank offers a wide range of loan products, including conventional, pre-paid and renewable loans. This makes it easy for borrowers to find the right product for their needs.
- Flexible loan terms: You can choose from a wide range of loan terms at Indian Overseas Bank. You can choose from short-term loans, long-term loans, and multiple lending options that cater to your specific needs and preferences. The loan terms offered by the bank are very flexible and allow you to decide how much money you need and when you need it.
- Easy application process: The application process for an Indian Overseas Bank home loan is straightforward and easy to follow. This makes it easier for borrowers to get approved for a loan and get started with their purchase.
- No hidden fees: There are no hidden fees associated with the Indian Overseas Bank home loans products. This means that customers can rest assured that they will not have to pay extra costs when they take out a loan.
Read Also – Axis Bank Personal Loan
Indian Overseas Bank Home Loan Interest Rates 2022
Indian Overseas Bank currently offers home loans with interest rates ranging from 8.45%% to11.15% p.a. The bank also offers home loan products with different terms and monthly instalments.
|Type of IOB Home Loan||Interest Rate (p.a.)|
|Subhagruha Top-up Loan||10.65%-11.15%|
|Home Improvement Loan||8.65%-8.80%|
Indian Overseas Bank (IOB) Home Loan EMI Calculator
If you are looking to take out a loan from Indian Overseas Bank, you may be interested in their home loan EMI calculator. This tool allows you to calculate your EMI (Equated Monthly Installments) for a variety of loan products.
You can also see what your monthly payments would be, based on your income and borrowing amount. This is an excellent way to get an idea of what kind of loan product would be best for you.
Types of Indian Overseas Bank Home Loan
Here we will discuss the different types of home loans offered by Indian overseas banks:
1. Housing Loan Subha Gruha
The Overseas Bank has come up with a home housing loan scheme for people who want to purchase, renovate or construct a flat/house in India. This loan is perfect for those who are looking for an affordable way to get their dream home.
|Loan Amount (LTV Ratio)||75%-90% of the cost of a flat/house|
Up to 30% of the loan amount for plot purchase
10%-25% of the estimated cost of new as well as old house/flat
|Tenures||Up to 30 years|
2. Home Improvement Scheme
The overseas bank home improvement scheme is a great way to renovate your house or flat and make it look brand new. With this scheme, you can get help with painting, tiling, routine repair, fixing marbles, rewiring, and even making additions like cabinets and woodwork.
|Loan Amount||Rs 25,000-Rs 15 lakh|
|Tenures||Up to 12 years|
3. NRI Home Loan
Overseas bank NRI home loan can be an economical and safe option for those looking to purchase, construct or renovate a home in India.
|Loan Amount (LTV Ratio)||For constructing/purchasing a house- Up to 80% of the cost of the house|
For home renovation- Up to Rs 15 lakh
|Tenures||Up to 15 years|
Indian Overseas Bank Home Loan Eligibility Criteria
The eligibility criteria for home loans offered by IOB are as follows:
- 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 a related field would qualify for a home loan.
Indian Overseas Bank Home Loan Documents Required
The IOB home loan documents required vary depending on the customer’s eligibility and the product chosen. The following are the IOB home loan documents required for a Housing Loan:
- Identity Proof: This could be any valid government-issued photo ID such as a driving licence, passport, or voter ID card.
- Proof of Income and Assets: This could be any recent income or assets statement, bank statement, or payslip.
- Proof of Address: This could be a recent utility bill, lease agreement, or mortgage statement.
- Membership proof for cooperative societies.
- Experience certificate for self-employed applicants.
- Construction estimate/valuation report for acquisition or legal opinion on the property from the Bank approved by a lawyer or engineer.
How To Apply For Indian Overseas Bank Home Loan
If you are looking to take out a home loan from Indian Overseas Bank (IOB), you can do so through your branch. Here are the steps to take:
- Step 1: Visit your nearest IOB branch and present your ID card and bank statement. If you have an online account, you can also provide your online banking login details.
- Step 2: The banker will verify your information and check your credit score. If everything checks out, the banker will give you a loan application form to complete.
- Step 3: You will need to provide information about your property, such as its address and dimensions. You will also need to list the amount of money you want to borrow, the interest rate, and the term of the loan.
- Step 4: Once you have completed the form, the banker will ask for supporting documents, such as proof of ownership or rental agreement for the property you are borrowing money for.
- Step 5: If everything is in order, the banker will process your application and give you a loan approval letter within a few days.
Read Also – SBI Gold Loan
Q. What is the interest rate on the IOB home loan?
Ans. The interest rate on the home loan offered by the Indian Overseas Bank ranges from 8.45% to 11.15%. However, this does vary depending on your credit score, loan amount and other factors.
Q. How much can I borrow for a IOB home loan?
Ans. You can borrow up to 90% of your property value.
Q. Will I have to pay any fees when I take out the home loan?
Ans. Yes, you have to pay a processing fee of 0.50% (Up to Rs 25,000) of the loan amount.
Q. How long will it take for me to receive my home loan?
Ans. The process of receiving your home loan typically takes around 1 weeks, but can take up to 2 weeks in some cases.
If you’re looking to secure a home loan in India, then IOB is a great option. The bank offers competitive interest rates and has a wide range of product offerings that can meet your needs.
IOB also has a strong reputation for customer service, which is something you should definitely consider when choosing a home loan provider. So if you’re interested in securing a home loan in India, be sure to check out IOB’s website!