Indian Overseas Bank Home Loan

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Indian Overseas Bank Home Loan

Indian Overseas Bank Home Loan Key Features

Feature Value
Interest Rate 6.90% onwards
EMI / Lakh Rs. 662
Loan Tenure Up to 30 years
Loan Amount Percentage based on property value
Loan to Value Ratio Up to 90% of property value
Loan Available on the Following Types of Property
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
Special Offer for Women Interest rate concession of 0.05%
Processing Fee Up to 0.5% of loan amount excluding GST
Prepayment Charges No prepayment charges for floating rates
Part Payment Charges Nil
Guarantor Required Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.

Indian Overseas Bank Home Loan Interest Rate

Indian Overseas Bank Home Loan Schemes Interest Rate For Women Interest Rate for Others
Indian Overseas Bank Home Loan 6.90% – 7.95% 7.00% – 8.00%
Indian Overseas Bank Reach Loan 8.75% – 14.00% 8.75% – 14.00%
Plot Loan 7.05% – 8.05% 7.10% – 8.10%
Rural Housing Loan 6.90% – 8.70% 7.00% – 8.70%
Home Improvement Loan 6.90% – 7.95% 7.00% – 8.00%
Home Extension Loan 6.90% – 7.95% 7.00% – 8.00%
Home Loan Top Up As per home loan slabs As per home loan slabs
Home Loan Balance Transfer 6.90% onwards 6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.

Indian Overseas Bank Home Loan Interest Rates & Offers 

IOB Home Loan Schemes Interest Rates
Housing Loans 7.05% to 7.30% p.a.
Subhagruha Top-up Loan 9.25% to 9.75% p.a.
Loan Against Property 9.75% to 10.25% p.a.
Home Improvement Loan 7.25% to 9.80% p.a.

Indian Overseas Bank Home Loan Procedure

We all understand what a loan against property is, but when it comes to applying for one, many of us get lost and waste time. So, below are the three basic steps to applying for a loan against property at Indian Overseas Bank:

  • Fill out the paperwork for a loan.
  • KYC and other relevant documentation should be attached.
  • Send the above documents to the IOB branch closest to you.

Indian Overseas Bank Pradhan Mantri Awas Yojana Subsidy 2021

The below are the PMAYs for 2021:

This scheme is open to any household with an annual income of up to Rs. 18 lakh. A spouse’s taxable salary may also be used while applying.No member of the applicant’s family can own a pucca house in any part of the country.PMAY incentives cannot be used on a home that has already been constructed. Ground-floor accommodation is preferred by senior citizens and people with disabilities. If the borrower is married, both spouses will get a single home loan subsidy if they buy their home together in shared ownership.

Indian Overseas Bank Home Loan Eligibility Criteria 

Salaried Individual:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  3. Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Indian Overseas Bank Home Loan. This includes everybody who is a:

  • Traders
  • Commission agent
  • Contractors

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the Indian Overseas Bank Home Loan. This includes everybody who is a:

  • Doctors
  • Lawyers
  • Charted Accountant
  • Architect
  • Consultant
  • Engineer
  • Company Secretary

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Additional Criteria for Co-applicants:

  • Co-applicant must be a family member of the primary applicant.
  • All co-applicants are not required to be the co-owners of the property.

Please find more information on Eligibility by visiting Dialabank.

Common Documents for Salaried and Self-Employed

Terms Salaried Self Employed
Application Form with photo and signed by Primary Borrower and Co-borrower(s)
Identity Proof of Primary Borrower and Co-borrower(s) – PAN Card (Mandatory)
Residential Address proof of Primary Borrower and Co-borrower(s) – Any one of passport, Aadhaar card, voter I card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. Bills and statements must not be more than 3 months old
Office address – ownership/ lease / rent agreement/ utility bill

Indian Overseas Bank Home Loan Documents Required

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Latest Salary Slips from the last 3 months.
  • Latest Form-16 and IT returns
  • Employment Contract/Appointment Letter if the current employment is less than a year old.

Property Related Documents:

  • A cheque for processing fee favouring ‘Indian Overseas Bank.’
  • Copy of the Buyer Agreement/Allotment Letter
  • Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Business Profile and Previous 3 years Income Tax returns (Both self and business)
  • Previous 3 years Profit/Loss Account and Balance Sheet.

Proof Of Business: 

  • Educational Qualifications Certificates
  • Business achievements (Certificate or awards if any)

Property Related Documents:

  • A cheque for processing fee favouring ‘Indian Overseas Bank.’
  • Copy of the Buyer Agreement or Allotment Letter 
  • Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any Driving License/Voter ID/Passport

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

  • A cheque for processing fee favouring ‘Indian Overseas Bank.’
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across

Apply for Home Loan

Common Documents for Salaried and Self-Employed

Terms Salaried Self Employed
Application Form with photo and signed by Primary Borrower and Co-borrower(s)
Identity Proof of Primary Borrower and Co-borrower(s) – PAN Card (Mandatory)
Residential Address proof of Primary Borrower and Co-borrower(s) – Any one of passport, Aadhaar card, voter I card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. Bills and statements must not be more than 3 months old
Office address – ownership/ lease / rent agreement/ utility bill

Compare Indian Overseas Bank Home Loan with Other Banks

  • Kotak Mahindra Bank charges a processing fee of up to 2% plus GST and all other regulatory charges, as well as reporting fees up to Rs.10,000.
  • A transaction fee of 0.50 percent of the loan volume, up to Rs 15000, is charged by Union Bank of India.
  • The transaction fees charged by the Bank of Baroda range from 0.25 per cent to 0.50 per cent of the loan amount; the minimum amount is Rs.8500 and the maximum amount is Rs.25000.
  • The Central Bank of India charges a 0.50 per cent processing fee up to a maximum of Rs 20,000 per transaction.
  • Canara Bank charges 0.50 per cent of the loan amount, with a minimum of Rs 1500 and a limit of Rs 10,000.
  • Processing fees at ICICI Bank vary from 0.50 per cent and 2 per cent, with a minimum of Rs 1,500.
  • Bank of India charges 0.25 per cent of the loan amount, with a minimum of Rs. 1500 and a maximum of Rs. 20000.
  • A payment fee of up to 1% of the loan sum is charged by Axis Bank, with a minimum of Rs. 10,000/-.
  • With a maximum loan volume of Rs 20, 470/-, Indian Bank charges 0.230 per cent.
  • A processing fee of 0.50 per cent is charged by Indian Overseas Bank, with a limit of Rs 25,000.

Different Home Loan Schemes By Indian Overseas Bank

Indian Overseas Bank Home Loan – For Resident Indians

This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for Home Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Indian Overseas Bank Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

  • Purchase a flat, row house, bungalow in India from private developers in approved projects.
  • Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
  • Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
  • Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.

Indian Overseas Bank Plot Loans – For Buying a New Plot

This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for Plot Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Indian Overseas Bank Top Up Loans – For Indian Overseas Bank Home Loan Borrowers

This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.

Specific Information for Top-Up Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate New Customer – 8.30% onwards

Existing Customer – As per Home Loan Slabs

Processing Fee  Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Indian Overseas Bank Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for Home Extension Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 20 years

Indian Overseas Bank Home Loan Balance Transfer – For All Home Loan Borrowers

Indian Overseas Bank Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.

Specific Information for Home Loan Balance Transfer Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to Rs. 50 Lakhs
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Indian Overseas Bank Home Loans under Pradhan Mantri Awas Yojana

This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount No Cap
Interest Subsidy 3.00% onwards
Maximum Subsidy Up to Rs. 2.67 Lakhs
Loan Tenure 20 years

Indian Overseas Bank Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for Reach Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 8.75% onwards
Processing Fee Up to 2% of the loan amount + GST
Loan Tenure 30 years

Indian Overseas Bank Rural Housing Loans – For Indians Living in Rural Areas

This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!

Specific Information for Rural Housing Loan Scheme
Eligible Profiles Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST

Loan Tenure 30 years

Indian Overseas Bank Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for Home Improvement Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount New Customer – Up to 90% of the estimates from improvements.

Existing Customer – Up to 100% of the estimates from improvements.

Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Advantages of Indian Overseas Bank Home Loan

Indian Overseas Bank Home Loan

Indian Overseas Bank Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:

  • A huge variety of home loan schemes.
  • Provide a 0.05% concession to women to encourage them for their own homeownership.
  • Provide several repayment methods to choose from and opt for the one best suited to you.
  • Full transparency as Indian Overseas Bank promises no hidden costs and fees.
  • Easy application with minimum documentation and paperwork.
  • Provides loan approval prior to the selection of the property.
  • It is a part of Pradhan Mantri Awas Yojana.

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Indian Overseas Bank Home Loan Charges and Fees

Particulars Charges
Processing Fees Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges No prepayment charges for floating rates
Check dishonor charges Up to Rs. 200
List of documents Up to Rs. 500
Photocopy Of documents Up to Rs. 500
PDC Swap Up to Rs. 200
Disbursement cheque cancellation charges post disbursement Up to Rs. 200
Increase/Decrease in the loan term Up to Rs. 500
Re-appraisal of loan post 6 months from sanction Up to Rs. 2,000

How to apply for Indian Overseas Bank Home Loan

  • Visit Dialabank for a Home Loan.
  • Go to the Indian Overseas Bank Home Loan page.
  • Check out all the eligibility and documents criteria for a Home Loan.
  • Fill out all the details required in the Home Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

Indian Overseas Bank Home Loan EMI Calculator

Other Loan Products from Indian Overseas Bank

Indian Overseas Bank Personal Loan Indian Overseas Bank Gold loan Indian Overseas Bank Car Loan
Indian Overseas Bank Education Loan Indian Overseas Bank Two Wheeler Loan

Indian Overseas Bank Home Loan Customer Care

Home loans are adapted to the specific of their customers. The interest rates are fair and affordable, and the loan amount and term are such that the borrower profits from taking out a loan with this bank. Customers can contact Dialabank for more details on the toll-free number 1800 425 4445 if they have any questions about home loans.

Indian Overseas Bank Home Loan FAQ

How to repay my Indian Overseas Bank home loan?

There are different payment methods through which you can repay your Indian Overseas Bank home loan, this can be done:

  • By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
  • By opting for direct deduction of monthly instalments by your employer.
  • By issuing post-dated cheques from your salary account.

When can you apply for Indian Overseas Bank’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity the following variables are considered: age, the number of dependents, credit history, education qualification, current liabilities, etc.

What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates, the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

How Dialabank can help you get a Home Loan?

Dialabank works as a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through.

If you want to apply for Indian Overseas Bank Home Loan get in touch with Dialabank through phone by dialling 9878981166 or by visiting Dialabank.

News

Banks are increasing their bets on the home loan market

In the year ending March 26, the gross home loan portfolio of banks rose 9.1% to 14.59 lakh crore. While this was a lower rise than the 15.4 per cent seen a year before, it was a welcome improvement since the pandemic’s initial decline. According to senior bankers, the rise in home loans can be attributed to low interest rates and the shift to remote working. As work-from-home becomes more common, people can buy homes further away from high-priced office parks. Banks are increasingly focusing their attention on this area, seeing the need and demand for more secured loans on their books.

The State Bank of India has reported an increase in the interest rate on home loans

The minimum home loan interest rate has been raised by the State Bank of India. The new interest rate will begin at 6.95 per cent on April 1, 2021, which will be in place for one year. The bank had recently launched a special deal that included home loans beginning at 6.70 per cent interest which was effective until March 31, 2021. The bank, on the other hand, has updated its rates and raised them by 25 basis points, bringing the current average to 6.95 per cent. The State Bank of India will charge a servicing fee of 0.40 per cent of the loan sum plus GST in addition to the increased interest rate.

HDFC lowers interest rates on home loans by 5 percentage points

HDFC Bank has cut home loan interest rates by 5 basis points, following the State Bank of India (SBI) and Kotak Mahindra Bank. According to the lender’s legal filing, borrowers would be able to get a loan at a 6.75 per cent interest rate starting today. Both current HDFC retail home loan customers are supposed to benefit from the interest rate reduction. For a limited time, SBI and Kotak Mahindra Bank cut home loan interest rates by 10 basis points.

The home loan rates at Kotak Mahindra Bank have been reduced by ten basis points

For a limited time, Kotak Mahindra Bank has lowered home loan interest rates by ten basis points. Borrowers will be eligible to get home loans at a 6.65 per cent interest rate until March 31st as a result of the cut. The interest rate remains the same on all home loans and balance flow loans, regardless of the amount borrowed. It’s worth noting that, while banks compete in a market with poor credit demand, home loan prices are at a 15-year low.

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