Indian Overseas Bank has loans that range to periods of up to 30 years and loan amounts of up to 90% of the property's value; Indian Overseas Bank offers 'Subha Gruha' house loans starting at 8.75% p.a.
For under-construction property, the bank grants repayment holidays of up to 18 months starting from the time of first loan disbursement or completion of construction, whichever comes first. In the case of a house loan used to purchase a home, the maximum repayment holiday time is three months.
Here is the IOB home loan interest rate for 2023:
Amounts |
Interest Rates |
Up to Rs 30 lakh |
8.45% |
Rs 30 lakh- Rs 75 lakh |
8.55% |
Above Rs 75 lakh |
8.70% |
Amounts |
Interest Rates |
Up to Rs 1 crore |
10.65% |
Above Rs 1 crore |
11.15% |
Amounts |
Interest Rates |
Up to Rs 2 lakh |
8.65% |
Above Rs 2 lakh |
8.80% |
There are different types of Indian Overseas Bank home loans that serve different purposes-
The purpose of this scheme is for the Repair/renovation/modification/upgrade of existing house/flat, including painting, tiling, routine repair, marble repair, rewiring, creating additions (cabinets, woodwork), and so on.
The loan amount ranges between Rs.25,000 to Rs.15 lakh and is disbursed based on the applicant's need and repayment capabilities. The borrower could also repay the loan in up to 144 (12-year) Equated Monthly Installments (EMIs), according to the choices selected at the time of loan application. The appropriate interest rate is the same as shown in the table in the interest rate section of this item.
The repayment period begins three months after the loan is issued (holiday period). The security is in the form of a mortgage, with the house/flat rehabilitated serving as collateral until the loan is fully repaid.
The aim of this scheme is to buy, renovate, or construct a flat or a house.
The purpose of the scheme is to buy, construct, or renovate homes. The maximum loan amount available for building or purchasing a new home is up to 80% of the costs involved. For home upgrades, a limit of Rs.15 lakh is offered.
The borrower's margin ranges from 10% to 25% of the project costs. The payback period is up to 15 years and is variable based on the borrower's needs. EMIs are used for repayment. The processing cost is 0.50% of the loan amount, with a maximum of Rs.25,000 levied.
Following is the eligibility criteria for the Indian Overseas Bank home loans-
Here are the steps to apply for a home loan from IOB online:
Step 1: You will first have to visit the official portal of IOB.
Step 2: Go to the loan section or loan page.
Step 3: You will have to check for the eligibility and the document criteria.
Step 4: Fill in all of the details needed with the application form.
Step 5: Once the form is submitted, you will be contacted by the bank.
Here are the charges that would be associated with the application of a home loan from IOB:
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