Taking a home loan is a big decision, and understanding your EMI is crucial. The Indian Overseas Bank Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.
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Indian Overseas Bank Home Loan Highlights
summarizing the key highlights of Indian Overseas Bank’s (IOB) home loan offerings:
| Feature | Details |
|---|---|
| Interest Rates | 8.40% p.a. onwards |
| Loan Tenure | Up to 30 years. |
| Loan Amount | Up to 90% of the property’s cost, subject to eligibility and repayment capacity. |
| EMI per Lakh | Approximately ₹762 per lakh for a 30-year tenure at an interest rate of 8.40%. |
| Processing Fees | 0.50% of the loan amount, capped at ₹25,000. |
| Prepayment Charges | Nil for individual borrowers with floating interest rates. |
| Key Features | – No pre-closure and part-payment fees. – Balance transfer and top-up loan options available. |
Indian Overseas Bank Home Loan Interest Rates
Indian Overseas Bank offers home loans at interest rates starting from 8.40% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose.
IOB Home Loan (State-Specific) – Salaried Individuals
| Risk Grade | CIBIL Score Range | Interest Rate (p.a.) |
|---|---|---|
| CIC-1 | >= 800 | 8.40% |
| CIC-2 | 775 to 799 | 8.40% |
| CIC-3 | 750 to 774 | 8.50% |
| CIC-4 & NTC | 725 to 749 & No Score | 8.60% |
| CIC-5 | 700 to 724 | 8.60% |
| CIC-6 | 680 to 699 | 8.90% |
| CIC-7 | 680 & Below | Reject |
IOB Home Loan (State-Specific) – Non-Salaried Individuals
| Risk Grade | CIBIL Score Range | Interest Rate (p.a.) |
|---|---|---|
| CIC-1 | >= 800 | 8.50% |
| CIC-2 | 775 to 799 | 8.50% |
| CIC-3 | 750 to 774 | 8.60% |
| CIC-4 & NTC | 725 to 749 & No Score | 8.70% |
| CIC-5 | 700 to 724 | 8.70% |
| CIC-6 | 680 to 699 | 9.00% |
| Note | (680 & Below) | Not specified as “Reject” here but typically not eligible |
IOB Home Improvement Loan Interest Rates
| Risk Grade | CIBIL Score Range | Interest Rate (p.a.) |
|---|---|---|
| CIC-1 | >= 800 | 10.40% |
| CIC-2 | 775 to 799 | 10.45% |
| CIC-3 | 750 to 774 | 10.50% |
| CIC-4 & NTC | 725 to 749 & No Score | 10.60% |
| CIC-5 | 700 to 724 | 10.80% |
| CIC-6 | 680 to 699 | 11.00% |
| CIC-7 | 680 & Below | Reject |
IOB Home Advantage Interest Rates
| Risk Grade | CIBIL Score Range | Interest Rate (p.a.) |
|---|---|---|
| CIC-1 | >= 800 | 10.40% |
| CIC-2 | 775 to 799 | 10.45% |
| CIC-3 | 750 to 774 | 10.50% |
| CIC-4 & NTC | 725 to 749 & No Score | 10.60% |
| CIC-5 | 700 to 724 | 10.80% |
| CIC-6 | 680 to 699 | 11.00% |
| CIC-7 | 680 & Below | Reject |
IOB Shubha Gruha CC Loans Interest Rates
| Risk Grade | CIBIL Score Range | Interest Rate (p.a.) |
|---|---|---|
| CIC-1 | >= 800 | 8.90% |
| CIC-2 | 775 to 799 | 8.90% |
| CIC-3 | 750 to 774 | 9.00% |
| CIC-4 & NTC | 725 to 749 & No Score | 9.10% |
| CIC-5 | 700 to 724 | 9.10% |
| CIC-6 | 680 to 699 | 9.40% |
| CIC-7 | 680 & Below | Reject |
IOB Home Loan Top-up Interest Rates (Shubha Gruha & NRI Top-up Loan)
| Risk Grade | CIBIL Score Range | Interest Rate (p.a.) |
|---|---|---|
| CIC-1 | >= 800 | 10.40% |
| CIC-2 | 775 to 799 | 10.45% |
| CIC-3 | 750 to 774 | 10.50% |
| CIC-4 & NTC | 725 to 749 & No Score | 10.60% |
| CIC-5 | 700 to 724 | 10.80% |
| CIC-6 | 680 to 699 | 11.00% |
| CIC-7 | 680 & Below | Reject |
Suggested Read: Lowest Home Loan Interest Rates
Factors Affecting Indian Overseas Bank Home Loan EMI
| Factor | Impact on EMI |
|---|---|
| Loan Amount | Higher loan amount increases EMI. |
| Interest Rate | A higher interest rate raises EMI, while a lower rate reduces it. |
| Loan Tenure | Longer tenure lowers EMI, shorter tenure increases EMI. |
| Credit Score | A good credit score (750+) may get a lower interest rate, reducing EMI. |
| Type of Interest Rate | Fixed-rate keeps EMI constant; floating-rate varies based on market rates. |
| Down Payment | Higher down payment reduces loan amount and lowers EMI. |
| Processing Fees & Charges | Additional charges may slightly impact the total EMI cost. |
| Prepayment & Part-Payment | Prepayments reduce outstanding principal, lowering future EMIs. |
| Income & Eligibility | Higher income may qualify for better loan terms, affecting EMI affordability. |
| Lender Policies & Market Conditions | RBI policies and economic conditions can impact interest rates and EMI. |
How is Indian Overseas Bank Home Loan EMI Calculated?
The EMI for Indian Overseas Bank home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example:
If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:
- Loan Amount (P) = ₹50,00,000
- Interest Rate (R) = 8.5%/12 = 0.7083% per month
- Loan Tenure (N) = 20 years × 12 = 240 months
Using the EMI formula, the monthly EMI will be around ₹43,391.
Pro Tip: If your credit score is low, consider working on it for 3-6 months before applying for a home loan.
Sample EMI Calculations for a Rs 50 Lakh Home Loan @8.40% p.a.
| Tenure (Years) | Interest Rate | Monthly EMI | Total Interest |
|---|---|---|---|
| 20 | 8.40% | ₹43,391 | ₹54,13,840 |
| 25 | 8.40% | ₹39,133 | ₹67,39,900 |
| 30 | 8.40% | ₹36,829 | ₹82,58,440 |
Suggested Read: Home Loan EMI For ₹75 lakh
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How to Use Indian Overseas Bank Home Loan EMI Calculator?
The Indian Overseas Bank Home Loan EMI Calculator is a useful tool for estimating your monthly EMI, total interest payable, and overall repayment amount with accuracy.
Follow these steps to use the calculator effectively:
- Enter the loan amount you wish to borrow in the designated field or use the slider to adjust the value.
- Adjust the interest rate field to match the current Indian Overseas Bank home loan interest rate.
- Select the repayment period by entering the desired loan tenure or using the slider.
- The calculator will display the monthly EMI, total interest payable, and total loan amount payable.
- A visual representation, such as a pie chart, may also be provided to show the proportion of the loan amount and interest payable.
Suggested Read: Investing vs. home loan prepayment
How to Reduce Indian Overseas Bank Home Loan EMI?
Here are some strategies to reduce your EMI and save money on your home loan:
| Tip | Description |
|---|---|
| Make Prepayments | Pay a lump sum to reduce the outstanding principal, which lowers your EMI. |
| Negotiate for Lower Interest Rates | If your credit score is good, request a lower interest rate. |
| Choose a Longer Tenure | Opt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost. |
Benefits of the Indian Overseas Bank Home Loan EMI Calculator
1. User-Friendly: Easy navigation and usage.
2. No Cost: Freely accessible to all users.
3. Multiple Uses: Experiment with various loan parameters.
4. Instant and Accurate: Essential for financial planning.
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
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Credit Dharma is your trusted partner for securing the best Indian Overseas Bank Home Loan offers, with over ₹500 Cr+ loans handled and partnerships with 20+ leading banks. We provide exclusive access to the lowest interest rates and a seamless, digital process with fast approvals in just 1-2 weeks, backed by lifetime support from our home loan experts.
Why choose Credit Dharma? We provide:
- Lowest Interest Rates: Save more with every EMI.
- Maximum Funding: Get up to 100% funding for your dream home.
- Simple & Digital Process: No tedious paperwork or branch visits.
- Expert Guidance: Lifetime support from our team of specialists.
Compare, choose, and secure the best Indian Overseas Bank Home Loan offer with Credit Dharma — your home loan journey starts here!
Frequently Asked Questions
EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.
Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.
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