Indian Overseas Bank (IOB) is a popular public sector bank in India that offers exciting home loan products, like the Subha Gruha home loan scheme, to various customers. IOB provides its home loan products through offline and online methods making it easier for its customers to choose from a wide array of home loan products.
The bank offers only floating-rate home loan options which are linked to the 1-year MCLR rate. IOB home loan interest rates are dependent on the type of home loan requirement plus the amount of loan required.
Benefits of IOB Home Loans
- Loan amount depended on borrower age and repayment capability
- Low rate of interest starting from 7.05% p.a.
- Maximum loan period available up to 30 years
- Minimal processing fees applicable
- No Security required for availing loans
- Less paperwork
- Foreclosure charges are not applicable for pre-payment of loans
- The processing fee is nominal at 0.50% of the loan amount with the maximum amount capped at Rs. 25,000
What is the IOB Home Loan Rate for Rs. 25 lakhs for a tenure of 15 years?
The current home loan rate for IOB is 7.05% p.a. After keying in the details in the IOB Home Loan, EMI calculator as seen below, the EMI for Rs. 25 lakhs for a period of 15 years works out to be Rs. 22,541.
Points to Remember:
- IOB offers easy EMI options at a low rate of interest for its home loan customers
- IOB Home Loan EMI calculator helps one calculate their loan EMIs instantly in a hassle-free manner