Indian Overseas Bank Home Loan Interest Rate

Choosing Indian Overseas Bank can be a wise decision for those looking for a housing loan with no processing fee, faster disbursement, and hassle-free sanction. The bank offers Shubha Gruha Home Loans for amounts up to 90% of the property value. The lowest Indian Overseas Bank Home Loan interest rate starts at 8.40% per annum. However, the IOB housing loan interest rate may vary depending on the plan, tenure, and other eligibility criteria. The maximum loan repayment tenure offered by the IOB is up to 30 years. The  Indian Overseas Bank home loan interest is up to 0.5% lower for women borrowers.

 

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Indian Overseas Bank Home Loan Key Highlights

Amount of Loan Up to 90% of the property value
Rate of Interest 8.40% p.a. onwards
Processing Fees

100% waiver

Max Tenure for Loan Repayment 30 years

Indian Overseas Bank Home Loan Interest Rates in 2024

Indian Overseas Bank offers affordable home loans to salaried as well as self-employed applicants at an interest rate starting from 8.40% per annum. Women borrowers can fetch an additional 0.5% concession on home loan interest rates from IOB. The tables given below highlight the Indian Overseas Bank home loan interest rate 2023 for different categories of loan applicants.

Loan Category Rate of Interest on Home Loan
Salaried 8.40% p.a. onwards 
Self-Employed 8.40% p.a. onwards 
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Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants

Repo Linked Lending Rate (RLLR) is 9.35%

Loan Category Rate of Interest on Home Loan (p.a.)
All Loan 8.40% - 12.25% p.a. 

IOB Home Improvement Loan Interest Rates

Loan Slab Rate of Interest on Home Loan (p.a.)
Up to Rs. 2 lakh 9.65% p.a. onwards 
Above Rs. 2 lakh 9.80% p.a. onwards 

IOB Top-Up Loans Interest Rates

Loan Category Rate of Interest on Home Loan (p.a.)
Up to Rs. 1 Crore 11.75% per annum 
Above Rs. 1 Crore 12.25% per annum 

Interest rates were last updated on 21st November 2023

Indian Overseas Bank Home Loan Interest Rates for All Schemes in India

Indian Overseas Bank offers a wide range of affordable and hassle-free home loans to Indian residents and NRIs. Be it a home loan to buy or improve a home, transfer balance from an existing home loan, or a flexible top-up, you will get all at lower rates from IOB. The table below highlights home plan schemes offered by the bank and the standard rate of interest offered on each.

Indian Overseas Bank Home Loan Schemes Rates of Interest for Each Plan
IOB Home Improvement Loan
  • 9.65% - 9.80% per annum
 
IOB Home Advantage Loan
  • 10.95% - 11.15% per annum
 
IOB Shubha Gruha Loan
  • 9.70% - 9.90% per annum
 
IOB Housing Top-Up Loan
  • 11.75% - 12.25% per annum
 

Indian Overseas Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft

The IOB takes pride in offering three types of convenient home loan facilities to its customers who already have a home loan scheme with the bank, and these are listed below:

Indian Overseas Bank Home Loan Balance Transfer

The Indian Overseas Bank balance transfer allows you to easily transfer your existing home loan to the IOB at a lower interest rate. It helps the borrower enjoy home loans at lower interest rates with flexible EMIs and other additional benefits. The Indian Overseas Bank balance transfer home loan interest rate starts at 8.40% per annum. 

Indian Overseas Bank Home Loan Top-Up

The IOB offers additional help to existing home loan customers by providing them with easy Top-Up Home Loans, to enjoy flexible EMI payments. The Indian Overseas Bank home loan top-up interest rate ranges from 11.75% - 12.25% per annum, depending on the bank's eligibility criteria.

Indian Overseas Bank Home Loan Overdraft Option

The Indian Overseas Bank home loan overdraft facility on home loans is a smart way through which the bank allows its customers to avail some additional funds. The OD facility from IOB is an adaptable approach to managing the home loan better. Instead of paying EMIs every month, borrowers can deposit the surplus funds into the overdraft account.

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Compare Indian Overseas Bank Home Loan Interest Rate with Top Banks

We advise you to make an informed decision when choosing IOB for a home loan, and for this, you should compare the bank's interest rate with other leading banks and NBFCs of India. The table below will help draw a comparison between IOB home loan interest rates with other financial organisations in India providing home loans:

Bank/NBFC Rate of Interest on Home Loan Processing Fee
Bank of India Home Loan 8.30% p.a. onwards Nil (until 31 Dec 2023)
HDFC Home Loan 8.50% p.a. onwards Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes
LIC HFC 8.50% p.a. onwards Up to 0.25% (Rs. 25,000 max)
Kotak Mahindra 8.75% - 9.60% p.a. 0.5% - 1.0% of loan amount + taxes
Tata Capital Ltd. 8.95% - 12.00% p.a. Up to 0.25% (Rs. 3,540 max)

Indian Overseas Bank Home Loan Balance Transfer Interest Rates

To ease the financial burden of home loan borrowers, the Indian Overseas Bank offers them the facility to transfer their outstanding balance on loan repayment from another bank to IOB’s lower rate of interest home loan schemes. 

Indian Overseas Bank home loan balance transfer interest rates range between 8.40% and 12.25% per annum for all loans. This home loan facility is open for both salaried and self-employed borrowers. Have a look at the easiest way to apply for an Indian Overseas Bank balance transfer home loan:

  1. Go to the Repay Right section on the BASIC Home Loan website - Repay Right
  2. Enter the required information in the provided form and fill in the key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount. 
  3. Click on Next once you have entered the required details on the form.
  4. You can see your total savings with the Indian Overseas Bank Home Loan Balance Transfer option on the next page.
  5. Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with Indian Overseas Bank Balance Transfer on home loans. 

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How to Calculate Indian Overseas Bank Home Loan Interest Rates?

We suggest you determine the interest rate payable on an Indian Overseas Bank home loan plan by using the online home loan interest rate calculator available at EMI. Use this online EMI calculator to plan your monthly finances more confidently and without any confusion. The table below provides the EMI amount payable and the interest rate on Indian Overseas Bank home loans for different loan tenures:

Indian Overseas Bank Home Loan EMI Calculator 2023

Loan Amount Rate of Interest EMI for 10-Year Loan Tenure EMI for 20-Year Loan Tenure EMI for 30-Year Loan Tenure
Rs. 10 lakh 8.40% p.a. Rs. 12,345 Rs. 8,615 Rs. 7,618
Rs. 20 lakh 8.40% p.a. Rs. 24,690 Rs. 17,230 Rs. 15,237
Rs. 30 lakh 8.40% p.a. Rs. 37,035 Rs. 25,845 Rs. 22,855
Rs. 40 lakh 8.40% p.a. Rs. 49,381 Rs. 34,460 Rs. 30,474
Rs. 50 lakh 8.40% p.a. Rs. 61,726 Rs. 43,075 Rs. 38,092
Rs. 60 lakh 8.40% p.a. Rs. 74,071 Rs. 51,690 Rs. 45,710
Rs. 70 lakh 8.40% p.a. Rs. 86,416 Rs. 60,305 Rs. 53,329
Rs. 80 lakh 8.40% p.a. Rs. 98,761 Rs. 68,920 Rs. 60,947
Rs. 90 lakh 8.40% p.a. Rs. 1,11,106 Rs. 77,535 Rs. 68,565
Rs. 1 crore 8.40% p.a. Rs. 1,23,452 Rs. 86,150 Rs. 76,184
Disclaimer:

The figures in the table above are based on an 8.40% p.a. interest rate offered by the Indian Overseas Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.

FAQ's

The current IOB home loan interest rate 2023 starts at 8.40% per annum. However, we suggest you verify the same from the bank's official website. 

The Indian Overseas Bank takes into consideration the current market conditions, the repo rate set by RBI, and other similar factors to determine the interest rate for home loans. 

Yes, the Indian Overseas Bank offers borrowers to choose between a fixed or floating interest rate for home loans. 

The minimum credit score or CIBIL score required to avail of an IOB home loan is 750. 

Yes, IOB allows immediate family members to be co-guarantors for a home loan. 

Yes, IOB may ask for additional security while sanctioning a home loan to a borrower. It can be in the form of LIC, Units of UTI, or NSC.

IOB offers home loans for a maximum tenure of up to 30 years. 

IOB offers easy home loans with minimum eligibility criteria, such as the applicant must not be older than 55 years at the time of loan application. Salaries applicants should possess a minimum work experience of 2-3 years, and self-employed applicants must have a work experience of at least 3 years in their respective fields.