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Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai, it has created many milestones in the Indian banking sector in specializing in foreign exchange trading and banking, Indian Overseas Bank is one of the leading public sector banks in the country, with the second highest percentage of digital payment transactions among public sector banks achieved
IOB Home Loan
Indian Overseas Bank has designed housing loan plans to cater to all sections of the country, the cost of buying a house or flat is very expensive, Indian Overseas Bank has designed various home loan plans to cater to the employee or self-employed categories.
Before going for a home loan you should have a clear understanding of the total capital cost, you should know about all the home loan schemes offered by the bank, first know the interest rates offered by the bank and other underlying charges that affect the total capital cost, now check all their home loan schemes and Also know the interest rate applicable on each of them
Types of IOB Housing Loan
Indian Overseas Bank’s home loan portfolio is so diverse that if you have to single out any one home loan as the main one, it’s best to take a brief look at all of them, IOB Housing Loan is different, if you want to buy a new house you need to apply one type of loan and if you want to buy an old house you need to apply another type of loan if you want to buy a plot, let’s know how many types of IOB Home Loan there are.
Shubha Griha Housing Loan – This loan is designed for eligible borrowers who want to build a new home, purchase a new or previously owned house, or renovate their current residence.
Subha Griha Next Gen Housing Loan – Here borrowers can increase their eligible loan amount by 20% as a bonus, limited to employees of reputed private companies or state government or central government employees.
Shubha Griha Pre Approved Home Loan – A facility exists for borrowers who have not yet finalized a deal with the builder, They can receive provisional approval that is valid for three months.
Shubha Griha Housing Loan CC – This facility enables funds to be parked passively, resulting in a lower outflow of interest compared to a typical term loan.
Shubha Garha Home Improvement Loan – This type of loan enables borrowers to make additions, modifications, repairs, renovations, and beautifications to their homes according to their preferences.
Shubha Griha Top Up Loan – If you are an existing home loan borrower and have completed one-third of your repayment period, this loan can offer you additional funds.
IOB Home Loan Eligibility Criteria
Home loans are a long-term investment on the individual with the assurance that the borrower will repay the home loan with interest The bank is heavily invested, The central government also understands that the cost of housing and borrowing is a long-term liability, providing tax benefits and subsidies through schemes like PMAY to make housing affordable.
Indian Overseas Bank verifies the eligibility criteria of the home loan applicants, the bank sees that the right home loan applicant is being funded and that person has the financial ability to pay the loan EMI, so it is important for any of you to know your eligibility before applying for a home loan.
IOB Subha Gruha Housing Loan Eligibility
| Eligibility | Salaried and Non-Salaried Individuals and Co-ops |
| Service Term | Salaried – A minimum of 2 to 3 years of experience in a permanent job is required. Self-Employed Professional – The minimum requirement is three years of experience. |
| Age | The maximum entry age for obtaining a loan is 55 years, but in certain special cases, it may be extended to 60 years, However, it is required that the loan must be repaid by the age of 70. |
| Quantum | 75% to 90% of the cost of the property |
| Margin | 10% to 25% of the loan quantum |
| Repayment | Maximum 30 years |
| Moratorium | Maximum 18 months |
IOB Subha Gruha Next Gen Housing Loan Eligibility
| Eligibility | Employees of MNCs, Government Offices and PSUs |
| Income | Minimum Rs.30000 pm |
| Age | Minimum Age 21 and Maximum Age 45 years |
| Quantum | 20% higher than normal home loan |
| Margin | 10% to 25% of the loan quantum |
| Repayment | Maximum 30 years |
| Moratorium | Maximum 36 months |
IOB Subha Gruha Pre Approved Home Loan Eligibility
| Eligibility | Salaried and Non-Salaried Individuals and Co-ops |
| Income | Salaried – The job requires at least 2 to 3 years of permanent experience. Self-Employed Professional – A minimum of three years is required. |
| Age | The maximum age for loan entry is 55 years, with some exceptions allowing up to 60 years, However, the loan must be paid off before the borrower reaches 70 years of age. |
| Quantum | The home loan is 20% higher than the standard rate. |
| Margin | The loan amount will range from 10% to 25% of the total quantum. |
| Repayment | Maximum 30 years |
| Moratorium | Maximum 18 months |
| Validity | 3 months |
IOB Subha Gruha Housing Loan CC Eligibility
| Eligibility | Existing SB/CD account holders |
| Minimum balance | Rs.5000 |
| Age | Same as Subha Gruha |
| Quantum | We offer a cash credit facility that features a reducing balance, which is equal to the EMI paid every month. |
| Margin | 10% to 25% of the loan quantum |
| Repayment | Maximum 30 years |
| Moratorium | Maximum 36 months |
IOB Subha Gruha Home Improvement Loan Eligibility
| Eligibility | Salaried and Non-Salaried Individuals and Co-ops |
| Service Term | Salaried – Minimum 2 to 3 years of permanent job, min 50% take home pay Self-Employed Professional – Minimum 3 years. |
| Quantum | Minimum – Rs.0.25LMaximum: Rs.15L |
| Repayment | Maximum – 12 years |
IOB Subha Gruha Top Up Loan Eligibility
| Eligibility | If you have been repaying your home loan for one year or more, then you are considered an existing borrower. |
| Quantum | Minimum – Rs.050L Maximum – Rs.2C |
| Margin | 50% of the project |
| Repayment | Same as the existing loan |
Documents Required for Indian Overseas Bank Home Loan
When applying for a home loan at Indian Overseas Bank, certain documents are required, These Home Loan Required Documents serve as evidence of your financial stability and creditworthiness, which lenders take into account when reviewing your loan application.
When applying for a home loan, providing the necessary documents is crucial, At Indian Overseas Bank, the home loan document process is taken seriously, However some applicants may struggle with identifying the specific documents required for submission.
At Indian Overseas Bank, the process for home loan documents is streamlined and transparent from the beginning Below, you will find a detailed list of the required documents for your home loan application to be approved.
| Salaried applicants | Self-employed |
|---|---|
| 3 Passport size photographs | 3 Passport size photographs |
| Processing fee cheque or Challan | Processing fee cheques or Challan |
| Proof of Residence – Ration Card / Telephone Bill / Electricity Bill / Voters Card | Proof of Residence – Ration Card / Telephone Bill / Electricity Bill / Voters Card |
| Proof of Identity – Voter ID Card / Driving License / PAN Card / Employe ID Card | Proof of Identity – Voter ID Card / Driving License / PAN Card / Employe ID Card |
| Please provide the most recent bank statement or passbook that shows your salary or income being credited to your account for the past six months. | Please provide your most recent bank statement or passbook, which should show your income being deposited into the account for the past six months. |
| Please provide me with the salary slips for the past six months, including any deductions. | The most recent audited Income Tax Return (ITR). |
| Form 16 of the last 2 years. | Please provide the certified financial statements for the past two years. This includes the balance sheet, profit and loss accounts, and computation of income with all schedules. Thank you. |
| Agreement for sale of house/ flat. | To prove business continuity, the required documentation includes sales tax challans, shops and establishment certificates, certificate of incorporation, partnership deed, and other relevant documents. These documents should be dated no more than five years old. |
| Estimates for construction/ valuation report | For professionals such as doctors, architects, and chartered accountants, it is important to have both a professional qualification certificate and a degree certificate. |
| Agreement for sale of house/ flat. | |
| Estimates for construction/ valuation report | |
| The applicant for the loan must provide a letter certifying the intended use of the funds on official business letterhead. |
IOB Home Loan Processing Fee & Charges
When you apply for a home loan in Indian Overseas Bank, the bank charges a certain amount for the services they provide you, this amount is called Home Loan Processing Fee, this Home Loan Processing Charge is non-refundable,
IOB Home Loan Processing Charges is 0.50% of the total home loan amount you are applying for or 25000 in total, if the application is rejected the amount will not be refunded to you.
Applicants should remember that Indian Overseas Bank Home Loan Processing Fee is not the only amount you have to pay, there are other charges too, so it is better for everyone to know the details of IOB Hosing Loan Processing Fee in advance.
| Loan Type | Amount Range | Charge rate |
|---|---|---|
| Housing Loan all types | Up to Rs.75L | 0.50% maximum Rs.20000 |
| Over Rs.75L | 0.50% maximum Rs.25000 | |
| Top up irrespective of amount | 0.75% maximum Rs.25000 | |
CIBIL Score for IOB Home Loan
A person with a history of CIBIL Score can get a hassle-free home loan, credit score created by CIBIL is popularly known as CIBIL Score, CIBIL Score is a numerical number of payment history used by financial institutions to decide whether your home loan application is eligible for approval or not.
A CIBIL score between 300 to 900 is the best credit score, now, what is the minimum CIBIL score a person needs to get a home loan and a credit score between 700 to 800 is the best, know about the CIBIL credit score you need for a personal loan or home loan.
IOB Home Loan EMI Calculator
A home loan is an amount that a person borrows from a bank or any other financial institution at a specific interest rate, which has to be repaid through EMI every month for the tenure of the loan, one can calculate the monthly EMI on their home loan by using IOB Home Loan Calculator, by using this calculator you can get a clear idea about your home loan repayment plan and budget accordingly.
Are you planning to buy a home and looking for a hassle-free home loan repayment process, Indian Overseas Bank Home Loan EMI Calculator is here to help you, Home Loan EMI Calculator is a simple tool that you can use by following a few simple steps,
EMI is the amount calculated at the time of availing a home loan by the lending institution against the loan amount based on the interest rate and loan tenure, visit Indian Overseas Bank official website page and select Home Loan EMI Calculator from the Financial Calculator menu, you can find various EMI options that best suit your financial plan Parameters can be tried.
Indian Overseas Bank Home Loan Interest Rates
Indian Overseas Bank Home Loan offers home loans under various schemes at attractive home loan rates for Indian residents and NRIs, It allows salaried and self-employed individuals to avail loans instantly and with very little documentation requirements.
You can realize your dream home with few steps of easy documentation and property verification processing you can get your Housing loan from Indian Overseas Bank, Maximum repayment holiday period is 3 months if home loan is availed for home purchases, Indian Overseas Bank offers ‘Shubha Griha’ home loans at 8.85% p.a. The loan tenure ranges from 30 years and lends up to 90% of the property value, Click here to know IOB Home Loan Interest Rates.
| Scheme | Interest |
|---|---|
| Subha Gruha Housing Loan | 8.65% to 8.90% |
| Subha Gruha Next Gen Housing Loan | 8.65% to 8.90% |
| Subha Gruha Pre Approved Home Loan | 8.65% to 8.90% |
| Subha Gruha Housing Loan CC | 8.65% to 8.90% |
| Subha Gruha Home Improvement Loan | 8.65% to 8.90% |
| Subha Gruha Top Up Loan | 8.65% to 8.90% |
| NRI Home Loans | 8.65% to 8.90% |
NOTE – Indian Overseas Bank (IOB) home loan interest rates vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you should visit the https://www.iob.in/Lending_Interest_Rates bank’s official website and confirm.