Home loan for Unemployed

The Indian Overseas Bank, or IOB, was initiated in 1937 to help with overseas and foreign exchange banking. IOB is now one of India's largest public-sector financial institutions. It offers lending services such as home loans at a low-interest rate of 7.45 percent and higher. As a result, when looking to buy or build a flat or home, people can turn to this financial institution. Indian Overseas Bank offers qualifying customers housing loans with interest rates starting at 7.05 percent. It is worth your consideration because it has a maximum loan repayment period of 30 years and a processing fee that begins at 0.50 percent of the loan amount, among other benefits. 

Features

• The interest rate on an Indian Overseas Bank home loan starts at 7.05 percent.
• Processing fees of up to 0.53 percent are charged by Indian Overseas Bank, with a minimum of 8,900 and a maximum of 13,350.
• The term of a home loan will vary from 5 to 30 years.
• The lowest EMI per lakh on a home loan from Indian Overseas Bank is Rs.669 per lakh, with a low interest rate of 7.05 percent and a 30-year loan term.
• On floating rate loans, Indian Overseas Bank allows prepayment of home loans with no penalty.
• Customers who have taken out a home loan with Indian Overseas Bank have given the bank an average rating of 2.5 out of 5.0.

Eligibility Criteria

• Individual applicants must be under the age of 55 at the time of their submission. If the claimant is a legitimate heir and joins as a co-applicant, this condition is extended to 60 years.
• Individuals or members of cooperative societies in a community are eligible.
• Salaried employees should have at least 2 to 3 years of experience in a permanent position.
• Individuals who are self-employed should have worked in the industry for at least three years.

Fees and charges

• A Processing Fee of up to 0.50% of the loan amount is levied.
• Prepayment Charges - 
  • For Individuals: No charges
  • For others: 2% of the prepaid amount
• Documentation Charges - 
  • Up to Rs. 2,00,000: No charge
  • More than Rs.2,00,000/- to Rs.10 lacs: Rs. 500
  • More than Rs.10 lacs to Rs.1 crore: Rs. 750
  • More than Rs.1 crore up to Rs.10 crores: Rs. 2000
  • More than Rs.10 crores: Rs. 5000

EMI calculator

The EMI for a Home loan at the Indian Overseas Bank is calculated using the formula,

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

• P refers to the principal loan amount
• R refers to the interest rate applicable
• N refers to the tenure length in months

A  IOB home loan EMI calculator is a user-friendly online tool that can help to estimate the EMI value if the loan metrics are entered. The credit number, interest rate, and tenure are the three metrics. A home loan calculator shows an EMI number based on these entries after all three values have been entered.

The interest rate on an IOB home loan varies from 7.05 percent to 7.30 percent. The interest rate on an IOB housing loan varies depending on the loan amount and product selected. The loan application will be subject to an upfront fee for processing. It costs Rs. 263 per lac for loans up to Rs. 5 lacs and Rs. 351 per lac for loans above Rs. 5 lacs. You can check on the status of your home loan application by calling your relationship manager or going online. For getting an Indian Overseas Bank home loan, you can either apply online or visit your nearest branch. A joint IOB home loan can be used to add co-guarantors from your immediate family.

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