Indian Overseas Bank Home Loan Interest Rate

Here is the IOB home loan interest rate for 2024:

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-

• Salaried applicants in permanent employment with take-home pay of up to 50% of gross salary are eligible.
• Self-employment requires at least three years of experience in the field.

• A group of people.
• Members of the Co-operative Society
• The maximum age is 55 years (60 years of age may also be considered if their legal heirs join them, the loan should be paid back before 70 years of age).
• Permanent work with 2-3 years of experience might qualify for a home loan for a salaried applicant.
• For self-employed applicants, a home loan would require at least three years of activity in a connected field.

• An NRI with a valid Indian passport would qualify.
• An Indian citizen with a passport from a country other than Pakistan, Bangladesh, China, Iran, Afghanistan, Sri Lanka, Nepal, or Bhutan.
• Rs 10,000 is the minimum monthly salary.

• Completed application form
• Salary certificate as proof of income for salaried applicants
• Income Proof for Self-Employed Applicants- House/flat Sale Agreement
• Proof of membership in cooperative societies.
• For self-employed applicants, an experience certificate is required.
• A lawyer or engineer must approve a construction estimate/valuation report for acquisition or a legal opinion on the property from the bank.

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:

• Processing Fee - 50% or either up to a value of Rs. 25,000.
• Prepayment or Closure Charges - Loans taken out in an individual's name/takeover loans/pre-closure of loans- NIL Others- 2% of the prepaid amount.