Unlock Your Future with IOB Housing Loan
Indian Overseas Bank (IOB) offers a variety of home loan solutions tailored to meet your unique needs. Whether you're planning to buy a new home, construct your dream house, or renovate your existing property, IOB's housing loan products like Subha Gruha, Subha Gruha Top-Up, and the Home Improvement Scheme are designed to fulfill your aspirations. With competitive interest rates, a simplified application process, and quick loan approvals, IOB ensures that financing your home is an easy and stress-free experience. Our flexible repayment options are designed to accommodate your financial needs, making it convenient for you to repay your loan without burden.
At IOB, we prioritize customer satisfaction. Our dedicated customer support team provides prompt assistance, while personalized guidance is available at every step of your home loan journey. Transparency in policies and a customer-focused approach ensure that your experience is smooth and hassle-free. Our housing loans are not just financial products but the key to unlocking your dream of homeownership. Take the first step towards your dream home with IOB as your trusted financial partner.
Home & Mortgage Products
Housing Loan Subha Gruha
Subha Gruha Top Up
Subha Gruha Gen Next
Home Improvement Scheme
Housing Advantage Scheme
NRI - Home Loan
Mortgages Home Decor
Mortgages - Liquirent (Loan Against Rent Receivables)
Mortgages - Easy Trade Finance
FAQs - IOB Bank Home Loans
❱ 1. Can I get a Home Loan for Purchase of House/Flat/Construction?
Answer: Yes, IOB Offers Home Loan or Housing Loan For:
- Purchase A New or Old (Resale) Home
- Construct A New Home
- Renovate or Extend an Existing Home
Apply for Home Loan/Housing Loan Online here from IOB - (Click here)
❱ 2. What Does own Contribution (Margin) Mean?
Answer: Own Contribution or Margin Refers to the Portion of the Total Property Cost that is Financed by the Borrower's Own Funds, Excluding the Home Loan Amount.
❱ 3. What is the RLLR (Repo Linked Lending Rate)?
Answer: RLLR Stands for Repo Linked Lending Rate. IOB Bank Uses the Repo Rate as the External Benchmark to Link Its Floating Rate Home Loans.
❱ 4. What will be My Interest Rate for My Home or Housing Loan?
Answer: The Interest Rates Are as Decided by the Bank From Time to Time. We Offer Rate of Interest in Two Categories Salaried and Non-Salaried Class of Borrowers. It is Linked to Rating of the Customer and Rate of Interest Begins with 8.40% for Salaried and 8.50% for Non-Salaried. For More Details on Interest Rates Please Click here
❱ 5. How Does IOB Bank Decide the Loan Amount I Am Eligible For?
Answer: IOB Bank Determines Home Loan Eligibility Based on Factors Such as Income, Repayment Capacity, Age, Co-applicant's Income, Margin Offered, Continuity of Occupation, and Credit Score of Approved CIC (e.g CIBIL/Experian).
❱ 6. Can I get Instant Digital Approval for a Home Loan?
Answer: IOB Bank Offers Instant In-principle Approval for Home Loans. Final Sanction is Subject to Scrutiny of All Documents and Processes.
❱ 7. How do I Apply for an IOB Bank Home Loan?
Answer: You Can Visit Your Nearest IOB Branch to Collect the Application Form or Download it From the Official Website. Submit the Completed Form Along with Necessary Documents and Processing Fees at Any IOB Branch. Online Applications are also Accepted through the Bank's Website.
❱ 8. What Does Fair Market Value of the Property Mean?
Answer: Fair Market Value (FMV) is an Asset's Estimated Value if it Were Sold Today in the Current Market.
❱ 9. Is it Mandatory to Buy Insurance Policies with a Home Loan from IOB Bank?
Answer: Property Insurance Covering Structure and Contents is Mandatory to Protect the Asset. As IOB Offers Insurance Option All the Requirements Can be Met as One Stop Shop at IOB.
Liability or life insurance is optional, but it is always recommended for borrower own protection.
❱ 10. What Does Encumbrance on a Property Refer to?
Answer: Encumbrance refers to any claims or charges on the property, which can affect its ownership.
❱ 11. Can I Apply for a Loan with IOB to Takeover/Repay a Home Loan from Another Bank/Housing Finance Company?
Answer: Yes, IOB Allows you to Apply for a Loan to Repay an Existing Home Loan Taken From Another Bank or Housing Finance Company which are in the Approved List of the Bank.
❱ 12. I am an Existing Home Loan Customer of IOB and Need Additional Funds Urgently. How Can I get Additional Loans?
Answer: Existing Home Loan Customers of IOB Bank are Eligible for Additional Loans with Special Schemes eg: IOB Subhagruha Top Up Contact Your Nearest Branch or Click here for More Details.
❱ 13. For What All-Purpose You Finance under Housing Loan?
Answer: IOB Finances for Purchase of Plot and Construction, Purchase of Readymade House or Flat Not Older than 25 Years. We Even Finance for Decoration of House Under Our Home Decor scheme, making improvement such as building additional floors under our Home Improvement Scheme We have also Offer TOP up Loan to Existing Borrows Having 12 Months Satisfactory Payment.
❱ 14. What if a Person Wants to Have More Than 2 Houses?
Answer: We Finance Such Cases under Our Home Advantage Scheme Where the Borrower Can go for Additional 3 Hhouses.
❱ 15. What are the Documents Required for Availing a Home Loan or Housing Loan?
Answer: KYC Documents have to be Submitted. Further, for Salaried Person Two Years IT or 6 Months Salary Slip will be Needed. In Case of Self-Employed or Businessperson Two Years IT Returns are Required.
❱ 16. What is the Maximum Quantum of Loan?
Answer: Loan Amount is Arrived based on Income and Repayment Capacity. However RBI Norms on Loan to Value Which Ranges From 10 to 25% are to be Maintained.
❱ 17. Is the Any Moratorium or Holiday Period?
Answer: In Case of purchase of Flats under Construction Depending upon the Floor, Moratorium or Holiday Period Ranges From 2 to 4 Years. In Case of Construction of Individual House it is 18 Months
❱ 18. What is the Maximum Permitted Repayment Period?
Answer: Maximum 30 Years, Including Holiday Period
❱ 19. What are the Benefits Offered by IOB?
Answer: Among the Several Benefits of Availing a Housing Loan or Home Loan From IOB, a Few are Listed Below:
➣ Full Waiver of Processing Fees on All Home Loans Availed Till 31.07.2024
➣ Reduced Documentation Charges on All Home Loans Availed Till 31.07.2024
➣ Pre-Approved Loan with Offer Valid for 3 Months
➣ 20% Higher Amount Offerings to Salaried Individuals Having 30000 Monthly Income in Age Group of 21 to 45 with 36 Months Holiday Period
❱ 20. What is the Timeline for Sanction of the Loan?
Answer: Maximum Two Working Days After Submission of All Required Documents.
❱ 21. Whether IOB Does Project Financing?
Answer: Yes, After Entering Into Tripartite Agreement with Builder and Borrower.
❱ 22. What Documents are Required for a Housing Loan Application?
Answer: Common documents include: Proof of Identity, Proof of Address, Income Proof, Property Documents, Employment Proof
❱ 23. Can NRIs Apply for a Housing Loan in India?
Answer: Yes, NRIs (Non-Resident Indians) can apply for housing loans in India, but they need specific documents like overseas income proof, an NRI account, and power of attorney if required by the bank.