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Indian Overseas Bank Home Loan

Apply Indian Overseas Bank Home Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

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About Indian Overseas Bank(IOB)

Established in 1937 before World War 2 by Thiru.M.Ct.M. Chidambaram Chettyar to encourage overseas banking and foreign exchange operations. It is now managed by "The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve Bank of India, in exercise of the powers conferred by section 9 of "The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970".

The bank is operating with about 3700 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas as of 2014. It also has 3300 ATMs across India.

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What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Indian Overseas Bank(IOB) Home Loans

Being one of the largest bank in India, Indian Overseas Bank(IOB) offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Indian Overseas Bank(IOB) Home Loans are tailor made catering to the needs of various customers.

Advantages of Indian Overseas Bank(IOB) Home Loans

  • Low interest rate
  • No hidden costs and administrative charges
  • Low processing fees
  • No security needed
  • Less paperwork
  • No prepayment penalties

Features of Indian Overseas Bank(IOB) Home Loans

Key Highlights

Interest Rate8.55% to 9.05%
Loan Tenure30 years
Processing Fees0.53% of the loan amount- maximum of Rs. 13350
Pre- Closure ChargesNil

Objective

Loans for the purpose of buying, building or renovating flat/house

Eligibility Criteria

To avail the personal loan from Indian Overseas Bank(IOB), you need to have the following eligibility criteria.

  • Groups of individuals
  • Members of Co-operative Societies
  • Individuals not more than 55 years of age. However, Individuals may be considered at the age of 60 provided their legal heirs join along with them.
  • Loan must be liquidated before attaining 70 Years of age.
  • For salaried individual:
  • A permanent job with a minimum of 2 or 3 years’ service
  • For self-employed professional:

A minimum period of three years of activity in the related field

Loan Amount

75% to 90% of the cost of the house/flat excluding Registration and Documentation charges. The amount depends on your age and repayment capacity. Up to 30% of the loan amount given for purchase of plot

Margin  

Margin ranges from 10% to 25% of the estimated cost (including the cost of the land) for new as well as old houses/flats, depending upon the loan quantum. 

Loan Tenure

Repayable in equated monthly instalments for a maximum period of 30 years.

Prepayment Charges: Nil

Processing Fees: 0.53% of the loan amount- maximum of Rs. 13350

Interest Rates: 8.55% to 9.05%

Security

  • First mortgage on the property to be bought, constructed or renovated
  • The land should be in the applicant's name or jointly with spouse who should be a co-obligant
  • Should have a clear and marketable title over the property
  • should have comprehensive insurance on the property for adequate value
  • Additional security in the form of NSC, LIC, Units of UTI will also be accepted
  • Documents Required to Apply for Indian Overseas Bank(IOB) Home Loans

Indian Overseas Bank Home Loan
Apply for Indian Overseas Bank Home Loan

Documents Required

Important documents to be submitted while applying for personal loans with Indian Overseas Bank(IOB)

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals
  • Estimates for Construction/Valuation Report for Acquisition/Legal opinion on the Property from Bank approved Engineer/Lawyer

EMI Payment Methods

Your Indian Overseas Bank(IOB) personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Indian Overseas Bank(IOB), Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Indian Overseas Bank(IOB) account you specify.

lectronic Clearing Service (ECS):

This mode can be used if you have a non-Indian Overseas Bank(IOB) account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Indian Overseas Bank(IOB) account at your nearest Indian Overseas Bank(IOB) Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Indian Overseas Bank(IOB) Home Loan?

You can either apply online or visit a nearby Indian Overseas Bank(IOB) branch for the application. You can also download the home loan application form from the Indian Overseas Bank(IOB) official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Indian Overseas Bank(IOB) Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

Indian Overseas Bank(IOB) Home Loan FAQs

1. What are processing fees on Indian Overseas Bank(IOB) Home Loans?

0.53% of the loan amount- maximum of Rs. 13350

2. Is there penalty for prepaying the Indian Overseas Bank(IOB) Home Loan?

No penalty is levied for prepaying the Indian Overseas Bank(IOB) Home Loan?

3. Can I get Indian Overseas Bank(IOB) Home Loan without a Guarantor?

No need of a guarantor

4. What is the maximum loan repayment period for Indian Overseas Bank(IOB) home loans?

The maximum repayment period is 30 years

5. How Can I apply for an Indian Overseas Bank(IOB) home loan?

You can either apply online or visit a nearest Indian Overseas Bank(IOB) branch and take the help of the bank’s representative.

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