Is Iob A Good Option For Availing Home Loan

Indian Overseas Bank (IOB) is a leading public sector bank in India providing various products and services to individuals. 

The bank offers various home loan products at attractive terms which makes it a popular choice among home loan customers in India and even NRIs. For instance, IOB's Subha Gruha home loan scheme is one such popular home loan scheme.  

IOB offers home loans through both offline (branch visit) and online modes like net banking, mobile banking, etc. The bank provides floating-rate home loan options which are pegged to their 1-year MCLR rate. IOB home loan interest rates depend on the type of home loan availed and the loan amount. 

Let us explore the various aspects of IOB Home Loan to evaluate the options available.

Features of IOB Home Loans

• Attractive rate of interest with repo linked lending rate at 6.85%
• Maximum tenure available up to 30 years
• Low processing fees
• Collateral free loans
• Hassle-free paperwork
• No foreclosure charges
• Processing fee at 0.50% of loan amount with the maximum amount capped at Rs. 25,000
• The loan amount sanctioned depends on the age of the borrower and repayment capability

IOB Home Loan Interest Rate 2021

IOB has various home loan products to offer to its customers, making it an excellent choice for new home loan borrowers. Make sure to check your eligibility and offered interest rate, to decide if it’s the right choice for you.