IOB Home Loan EMI Calculator | 2025

Indian Bank home loan EMI calculator

Indian Overseas Bank, based in Chennai, Tamil Nadu, is one of India’s leading public sector banks. It has a vast network across the country, with more than 3,220 domestic branches, 2 digital banking units (DBUs), 4 international branches, and representative offices.

It offers several credit products, such as home loans at an attractive interest rate, allowing borrowers to fulfil their dream of owning a house. Let us explore the Indian Overseas Bank home loan in detail, including eligibility, required documents, application procedure, etc.

Indian Bank Home Loan Details & Interest Rate Calculator

To make purchasing a home easy and convenient, Indian Overseas Bank (IOB) offers home loans at competitive rates with appealing features and flexible possibilities. Let’s explore the specific details of IOB home loans:

• Interest Rate: IOB Bank home loans offer favourable interest rates, starting from 8.4% to 10.6% per annum, making them affordable for borrowers. You can use the IOB home loan EMI calculator to estimate your monthly payments based on the interest rate and loan tenure.
• Loan Amount: IOB offers a substantial home loan of up to 90% of the market value of the house or flat. 
• Processing Fees: Indian Overseas Bank home loans attract minimal processing fees. For a limited period, the bank is offering a 100% waiver on processing fees. 
• Prepayment/Foreclosure Charges: IOB allows borrowers to prepay and foreclose the home loan at a minimal cost.
• Tenure: The bank offers an extended loan tenure of up to 30 years, making it more flexible for borrowers to repay the loan. The IOB home loan EMI calculator can help you determine the best tenure based on your financial situation.

IOB Home Loan Eligibility

Meeting specific eligibility criteria is essential for securing an IOB home loan. The criteria can vary based on the applicant’s profile and the chosen loan scheme. IOB assesses the following aspects to determine an applicant’s eligibility for a home loan:

• Age:

The applicant’s age must be between 21 and 55. It can be up to 60 if the legal heir joins the contract. The loan has to be liquidated before the applicant attains the age of 70.

• Income: 

The applicant must have a stable source of income from salary, profession or business.

• Employment Type

• Salaried Individual with 2 to 3 years of work experience
• Self-employed professional with minimum 3 years of related field experience 

• Credit Score: 

IOB rigorously assesses the creditworthiness of each applicant. A healthy credit score (CIBIL or Experian score) of 750 and above is recommended.

Adhering to these eligibility criteria significantly enhances the likelihood of receiving approval for your IOB home loan. Additionally, using the IOB home loan EMI calculator can help you plan your finances better by estimating your monthly instalments.

Indian Overseas Bank Home Loan Documents Required

When applying for an IOB house loan, specific documents are necessary. The required documentation may vary depending on the application type and loan programme. 

Let us take a closer look at the list of documents required for availing an Indian overseas bank home loan:

1. Identity Proof

• PAN Card
• Aadhaar Card
• Passport
• Voter ID
• Driving Licence

2. Address Proof

• Aadhaar Card
• Passport
• Voter ID
• Utility Bills
• Rental Agreement

3. Income Proof

• Salary slips
• Bank statements
• Income tax returns
• Audited financial statements for self-employed individuals

4. Property Documents

• Sale agreement
• Property title deed
• Approved building plan
• Property tax receipts

5. Other Documents

• Passport-size photographs
• Bank statements
• Employment proof

How to Apply for an IOB Home Loan

Follow these steps to apply for an Indian Overseas Bank Home Loan and ensure a hassle-free process:

Step 1: Research Loan Schemes

Explore various IOB Home Loan schemes and choose the one that best suits your financial needs. Visit the official IOB website for comprehensive details on each plan. You can also use the IOB home loan EMI calculator to compare schemes.

Step 2:  Check Loan Eligibility

Check the home loan eligibility criteria on our website and determine your loan eligibility based on various factors such as credit score, income, age, etc.

Step 3: Gather Required Documents

Prepare all the necessary documents, such as proof of identity, address, income, and property details, according to the loan scheme and your borrower category (salaried, self-employed or business owner).

Step 4: Start the Online Application

Begin the application process on the IOB official website or through trusted platforms like NoBroker. These platforms also allow you to track your loan application status.

Step 5: Fill out the Application Form

Provide accurate details and upload the required documents in the specified format.

Step 6: Review and Verification

Once your application is submitted, IOB will review the information provided. If necessary, they may request additional documentation or clarification.

Step 7: Loan Approval and Disbursement

Upon successful verification, your loan will be approved, and the sanctioned amount will be disbursed directly to your bank account.

By following these steps, you can seamlessly apply for an IOB home loan and track your application until approval. Don’t forget to use the IOB home loan EMI calculator to plan your repayments effectively.

IOB Home Loan Customer Care

You can contact their customer service team for any questions or queries related to IOB Home Loans or any other aspects. Here are the contact details which are as follows:

Final Words

Applying for an Indian overseas bank home loan is an easy and streamlined process designed to provide convenience and flexibility to borrowers. You can efficiently navigate the loan process by following the steps mentioned above. Whether you apply online or through trusted platforms, IOB ensures a seamless experience with transparent terms and competitive rates. With proper planning and preparation, securing your dream home through an IOB Home Loan now becomes a hassle-free journey. Make sure to use the IOB home loan EMI calculator to understand your repayment schedule and plan your finances accordingly. This tool is a great way to ensure your home loan fits comfortably within your budget.