Indian Overseas Bank provides 'Subha Gruha' home loans starting at an interest rate of 8.40% per annum for loan periods of up to 30 years, allowing borrowers to receive up to 90% of the property's value as a loan. For homes under construction, the bank offers a repayment break up to 18 months from the first loan disbursement or completion of construction, whichever comes first. In the case of home purchases, the maximum repayment break is 3 months.
Indian Overseas Bank Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.40% p.a. onwards |
| Loan Amount (LTV Ratio) | Up to 90% of cost of house/flat |
| Loan Tenure | Up to 30 years |
| Processing Charges | 100% waiver |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
Indian Overseas Bank offers home loan interest rates starting from 8.40% per annum for new borrowers, determined by the bank's internal rating system. The interest rates may vary based on the borrower's occupation, whether salaried or self-employed, regardless of the loan amount. These interest rates apply to various home loan schemes such as IOB Shubha Gruha Housing Loan, Special Housing Loan, IOB NRI Housing Loan, and IOB Gen-Next Housing Loans, where the interest rates are linked to IOB Shubha Gruha Housing Loans.
| IOB Home Loan Schemes | Interest Rates |
|---|---|
| Housing Loans | 9.55% p.a. onwards |
| Subhagruha Top-up Loan | 11.60% to 12.10% p.a. |
| Loan Against Property | 10.50% to 11.00% p.a. |
| Home Improvement Loan | 9.65% to 9.80% p.a. |
| Home decor | 12.20% p.a. |
| IOB Home Advantage Scheme | 10.95% to 11.15% p.a. |
| Subhagruha CC loans | 9.70% to 9.99% p.a. |
IOB NRI Home Loan
- Purpose: Indian Overseas Bank offers NRI Home Loans specifically designed for non-resident Indian (NRI) applicants. These loans can be used for purchasing, constructing, or renovating houses in India.
- Loan Amount (LTV Ratio):
- For home renovation: Up to Rs 15 lakh.
- For loan amounts up to Rs 20 lakh: Up to 90% of the property value.
- For loan amounts up to Rs 75 lakh: Up to 80% of the property value.
- For loan amounts above Rs 75 lakh: Up to 75% of the property value.
- For constructing or purchasing a house: Up to 80% of the cost of the house.
- Tenure: For purchase/construction of house- Up to 15 years
IOB Subha Gruha
- Purpose: Indian Overseas Bank offers the "IOB Subha Gruha Home Loan" scheme, which is designed to facilitate the purchase, construction, or renovation of property.
- Loan Amount (LTV Ratio):
- 75%-90% of cost of flat/house
- Up to 70% of loan amount for plot purchase
- Tenures: Up to 30 years
IOB Subhagruha Top-up Home Loan
- Purpose: Existing home loan borrowers of Indian Overseas Bank have the option to avail of IOB Subhagruha Top-up Loans, which are additional loans offered over and above their existing home loans. These top-up loans can be used to fulfill personal requirements, excluding speculative purposes.
- Loan Amount: Rs 50,000-Rs 2 crore
- Tenure: The repayment tenure for IOB Subhagruha Top-up Loans is aligned with the tenure of the underlying home loan or up to 15 years, whichever is higher, provided that the repayment is completed before the borrower reaches 70 years of age.
IOB Home Improvement Scheme
- Purpose: Consumers can avail of the Home Improvement Scheme offered by Indian Overseas Bank for various purposes such as repair, renovation, modification, or upgradation of their existing house or flat. This includes activities like painting, tiling, routine repairs, fixing marbles, rewiring, making additions such as cupboards or woodwork, and other similar improvements.
- Loan Amount: Rs 25,000-Rs 15 lakh
- Tenure: Up to 12 years
Also Read : Best Home Loan EMI Calculator
| Home Loan Schemes | Processing Charges |
|---|---|
| Processing Fees | 100% waiver |
| Prepayment/Closure Charges |
For individual loans, takeover loans, or loan pre-closures, Indian Overseas Bank charges no fees or penalties. Others- 2% of prepaid amount |
Also read: Best Home Loan Fees and Charges
Here are the eligibility criteria for Indian Overseas Bank's home loans:
- Applications can also be made by groups of individuals or members of cooperative societies.
- Individual applicants must be under 55 years old at the time of application.
- Salaried individuals should have a permanent job and a minimum of 2-3 years of service.
- Self-employed individuals must have been in their relevant field for at least 3 years.
Also Read : Best Home Loan Eligibility
Here's the documentation required for applying for an Indian Overseas Bank home loan:
- Duly filled application form.
- Income Proof for Salaried Applicants: Salary certificate.
- Income Proof for Self-Employed Applicants: Sale agreement for house/flat.
- Membership proof for cooperative societies (if applicable).
- 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.
Also Read : Best Home Loan Documents Required
1. What is the minimum credit score required to avail Indian Overseas Home Loan?
Indian Overseas Bank does not have a specified minimum credit score requirement for home loan applicants. However, individuals with credit scores of 750 and above typically have better prospects of securing home loans at more favorable interest rates..
2. What factors determine the loan amount eligibility for Indian Overseas Bank Home Loans?
Indian Overseas Bank determines the eligibility for home loan amounts based on various factors including the applicant's income, repayment capacity, and the estimated cost of the project or property to be undertaken.
Also read: Best Home Loan Balance Transfer
3. Can I prepay my home loan availed from Indian Overseas Bank?
Yes, you are allowed to prepay your home loan obtained from Indian Overseas Bank, and the bank does not impose any prepayment charges on home loans with floating interest rates.
4. Can I choose between fixed and floating rates?
Indian Overseas Bank exclusively provides home loans at floating interest rates.
5. What is the holiday period for Indian Overseas Bank Home Loan?
For home loans taken for under-construction properties, Indian Overseas Bank allows a maximum holiday period of 18 months from either the date of the first loan disbursement or the completion of construction, whichever comes first. However, for home loans taken for purchasing housing properties or for home improvement purposes, the maximum holiday period allowed is 3 months.