Indian Overseas Bank Home Loan Interest Rate at 8.60% to 9.40%

INTEREST RATE8.60% to 9.40%
PROCESSING FEE0.50% of Loan Amount subject to maximum Rs 25,000
GUARANTOR REQUIREDPlease Contact Bank Branch
Note: Updated on Feb 2023, for latest interest rates, please visit bank website.

Calculate Indian Overseas Bank Home Loan EMI Calculate EMI Now

About Indian Overseas Bank

Indian Overseas Bank is a public sector bank in india. Indian Overseas Bank was founded on Feb 10, 1937. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Indian Overseas Bank which includes Indian Overseas Bank Official Website, Indian Overseas Bank ATMs accross the India, Indian Overseas Bank Branches accross the India, Indian Overseas Bank Contact Numbers, Indian Overseas Bank official EmailID, Indian Overseas Bank Headquarter and Indian Overseas Bank Headquarter Address. Find Indian Overseas Bank Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.

Other Products of Indian Overseas Bank:

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
RD Interest RatesBank ATMs
PPF Account 

Why Indian Overseas Bank Home Loan?

  1. Indian Overseas Bank provides a range of Home Loan Schemes designed for different needs of customers
  2. Interest Rate is very competitive and affordable
  3. Minimal Documentation
  4. It provides Flexible Repayment Options to the borrowers
  5. Easy and fast approval & disbursal of home loans
  6. Has dedicated team of well-experienced employees which also offer personalised service
  7. 24/7 customer care service of Indian Overseas Bank offers timely assistance to the customers

Indian Overseas Bank Home Loan Purpose

To buy, build or renovate flat|house.

Indian Overseas Bank Home Loan Eligibility

  • The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
  • The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
  • The applicant must be salaried or self-employed with a regular income.
  • The applicant must earn more than the minimum required income.

Indian Overseas Bank Home Loan Document Required

  1. Duly filled and signed application form with photograph
  2. Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
  3. Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
  4. Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
  5. Form 16
  6. Latest 6 months salary slips for salaried persons
  7. Bank Statement of last 6 months
  8. Income Tax Returns (ITR) of last 3 years
  9. Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
  10. Processing fee Cheque
  11. Copies of the title documents of the property and the approved plan
  12. For Construction/ Renovation case, cost estimate from the Architect

Tax Benefits of availing Indian Overseas Bank Home Loan

There are two types of tax benefits associated with home loan for Resident Indians:

Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).

Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.

Indian Overseas Bank Home Loan Amount

75% to 90% of the cost of the house|flat excluding Registration and Documentation charges. The amount depends on applicant's age and repayment capacity. Up to 30% of the loan amount given for purchase of plot.


10% to 25% of the estimated cost (including the cost of the land)

Indian Overseas Bank Home Loan Repayment

Maximum of 30 Years


First mortgage on the property to be bought, constructed or renovated.
The land should be in the applicant's name or jointly with spouse who should be a co-obligant.
Should have a clear and marketable title over the property.
Should have comprehensive insurance on the property for adequate value.
Additional security in the form of NSC, LIC, Units of UTI will also be accepted.

In Case of Prepayment of Indian Overseas Bank Home Loan, will EMI change?

One can pre-pay Indian Overseas Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:

  1. He can continue with the existing and reduce the loan tenure
  2. He can reduce the EMI and keep the loan tenure the same

Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.

How to reduce your Home Loan EMI?

  • Negotiate with your banker on lower interest rate
  • Apply for longer tenure
  • Give maximum amount as down payment
  • Pre-pay loan amount
  • Switch to another bank/ FI offering lower interest rate

Contact details of Indian Overseas Bank, Indian Overseas Bank SMS balance check number SMS banking, Indian Overseas Bank mobile banking, Indian Overseas Bank toll free number,Indian Overseas Bank toll free number 24*7, Indian Overseas Bank miss call number.

  • MISSED CALL NUMBERS - 9210622122
  • CUSTOMER CARE NUMBERS - 18008904445, 18004254445, 044-28524212
  • CONTACT NUMBERS - 18008904445, 18004254445, 044-28524212

Indian Overseas Bank Contact Details

  • CONTACT NUMBERS - 18008904445, 18004254445, 044-28524212
  • EMAIL ID -
  • MISSED CALL NO. - 9210622122
  • CUSTOMER CARE NO. - 18008904445, 18004254445, 044-28524212
  • TOTAL ATMS - 3571
  • HEADQUARTER - Chennai
  • BANK ADDRESS - 763 Anna Salai, Chennai - 600002
Indian Overseas Bank EMI Calculator  Indian Overseas Bank Branches
Indian Overseas Bank Home Loan FAQs  Home Loan Document Required

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Indian Overseas Bank Home Loan Interest Rate at 8.60% to 9.40% 19 Nov 2023