Everyone dreams of buying their own home but due to some financial implications, they are not allowed to buy their house property. To fulfill our dream of buying many banks can help us by providing home loans at attractive interest rates. Every Bank offers its best home loan interest Rates. In our previous post, we discussed the SBI Home loan interest rates, PNB home loan interest rates, Bank of Baroda home loan interest rates, etc. Not only SBI but also Indian Overseas Bank and many other banks provide Home loans to fulfill your dream of making your own home. Indian Overseas Bank home loan interest rates start from 9.55% p.a. with a maximum loan tenure of 30 years.
Indian Overseas Bank Home Loan Interest Rates
| Types of Home Loan | Interest Rate |
| Housing Loans | 9.55% p.a. onwards |
| IOB Surya- Individuals | 10.8% p.a. onwards |
| Housing Top-up Loans | 11.75%p.a. to 12.25%p.a. |
| Home Improvement Scheme | 9.65%p.a. to 12.2%p.a. |
| IOB Home Advantage Scheme | 10.95%p.a. to 11.15%p.a. |
| Subhagruha CC Loans | 9.7%p.a. to 9.9%p.a. |
Types of Indian Overseas Bank Home Loan
Housing Loan Subha Gruha
- Repayment Period up to 30 Years.
- Quantum of Loan:- 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 the purchase of the plot.
- Age:- Individuals not more than 55 years of age.
Home Improvement Scheme
- This scheme is used for the purpose of repairs, renovation, and upgradation of painting, rewiring, changing the tiles, fixing marbles, and making additions such as cupboards, etc. to the existing house or flat.
- Loan Amount:- The minimum loan amount is Rs. 25,000/- and the maximum is Rs. 15.00 lakhs.
- The salaried individual in confirmed service with take-home pay of not less than 50% of gross salary or a businessman or a professional with at least 3 years standing in the line of activity.
Subhagruha-Top-Up-Loan
- All Home loan borrowers with a satisfactory repayment track of at least one year.
- A borrower is entitled for top-up loan after completion of a minimum of 1/3rd of the Housing Loan tenure.
NRI Home Loan
- Purchase, Construction, Repair, or Renovation of Residential House.
- Loan Amount:- Repair & Renovation – Rs. 25 Lakhs.
Documents Required for Indian Overseas Bank Home Loan
- Passport size photograph, Age Proof
- Copy of PAN, Aadhar Card, and voter Card of both applicant and guarantor.
- Last 6 month’s bank statements
- Last 3 months’ salary slips
- All Property-related documents
- For NRIs:- Latest NRE account statements etc.
For more information Visit the official site of the Union Bank of India Click Here.
Also Read:-
Punjab & Sind Bank Home Loan Interest Rate
Indian Bank Home Loan Interest Rate
UCO Bank Home Loan Interest Rate
Nupur Tanan
"Nupur Tanan" works at Financewisdom.in. She has experience in writing a vast range of varied content. She write knowledgeable, well-researched, and engaging articles on various personal finance and banking related topics.