Overview
Bank Of India Home Loan
In today’s fast-paced world, owning a home is a dream that many aspire to achieve. Bank Of India, a trusted name in the banking industry, has been helping individuals realize this dream with its range of home loan products. Bank of India provides home loan on competitive interest rates, flexible repayment options, and a commitment to customer satisfaction, Bank of India is your ideal partner in the journey towards homeownership.
Rate of Interest
8.30% - 11%
Loan to Value
80% - 90%
Loan Tenure
Max 30 Years
Max Loan Amount
Upto 5cr
Rate of Interest | 8.30% - 11% |
Loan Tenure | Max 30 Years |
Eligibility | Age • Salaried : 18 - 65 years • Self Employed : 18 - 70 years Profession • Salaried/Self Employed Income • Metro Cities : 20,000/Month & Above • Other Cities : 15,000/Month & Above Nationality • Resident Indian • NRI |
Max Loan Amount | Upto 5cr |
Property Supported | Plot Purchase / Independent Building / Apartment / Re Sale Property |
LTV | 80% - 90% |
Offerings | Plot Loan / Construction Loan / Balance Transfer / OverDraft Home Loan |
Addons | Top up / Interior Loan / Extension Loan |
Processing Fees | 0.25% of the loan amount + GST upto Rs 20,000 |
Other Charges | Notary / Franking = 1500-2200 / MODT - 0.2% - 0.7% of your loan amount (based on your state) / Legal - 3000 |
Overdraft Facilities | |
Balance Transfer | |
Highlights | • Low ROI if the customer has Good CIBIL Score • Fast Sanctions • Online Prepayments are Easy and simple • Good Overdraft Home loan product / OD facility on under-construction property |
*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.
Home Loan Calculations
Loan Amount | ₹ 50,00,000 |
Loan Tenure | 20 years |
Rate of Interest | 8.30% - 11% |
Monthly EMI | ₹ 42,760 - ₹ 51,609 |
Eligibility Criteria for Bank of India Home Loan
Criteria | Salaried Applicants | Self-employed Applicants |
---|---|---|
Age Range | 18 to 70 years | 18 to 70 years |
Nationality | Indian/NRI/PIO | Indian/NRI/PIO |
Minimum Monthly Income | Rs 10,000 monthly | Rs 10,000 monthly |
Maximum Age at Final Repayment | 70 years | 70 years |
Additional Eligibility Criteria:
- Indian residents and Non-Resident Indians (NRIs) aged 18 to 70 years.
- Co-applicants should be aged 21 to 70 years.
- Minimum Employment History: 2 years for Salaried and 5 years for Self-employed.
Bank of India Home Loan Rates
Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan
CIBIL-Personal Score | Salaried Rate of Interest | Non-Salaried Rate of Interest |
---|---|---|
825 and above | 8.40%p.a. onwards | 8.40%p.a. onwards |
800 to 824 | 8.50%p.a. onwards | 8.50%p.a. onwards |
760 to 799 | 8.70%p.a. onwards | 8.70%p.a. onwards |
725 to 759 | 8.80%p.a. onwards | 8.80%p.a. onwards |
675 to 724 | 9.55%p.a. onwards | 9.55%p.a. onwards |
Below 675 (Women Beneficiary) | 10.65%p.a. onwards | 10.80%p.a. onwards |
Below 675 (Others) | 10.70%p.a. onwards | 10.85%p.a. onwards |
-1 and 0 | 9.00%p.a. onwards | 9.00%p.a. onwards |
Get the best Home Loan interest rates tailored for you
If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.
BOI Home Loan Processing Fee and Charges
Processing Charges
Charge Type | Processing Charge |
---|---|
Individuals | 0.25% of loan (Min Rs.2500) |
Firms & Corporates | 0.50% of loan(Min Rs.5000) |
Builder Tie-up Projects | 0.15% of loan (Max Rs.10000) |
Star Diamond Home Loan | Rs.50000 flat |
Bank of India Home Loan Documents
Identity Documents
Document Name | Salaried Applicants | Self-employed Applicants |
---|---|---|
Proof of Identity | ✔ | ✔ |
Address Proof | ✔ | ✔ |
Age Proof | ✔ | ✔ |
Passport-sized Photographs | ✔ | ✔ |
Proof of Income
Document Name | Salaried Applicants | Self-employed Applicants |
---|---|---|
Salary Slips | ✔ | ✖ |
Bank Statements | ✔ | ✔ |
IT Returns | ✔ | ✔ |
Form 16 | ✔ | ✖ |
Profit & Loss Account | ✖ | ✔ |
Balance Sheet | ✖ | ✔ |
Other Documents
Document Name | Salaried Applicants | Self-employed Applicants |
---|---|---|
Application Form | ✔ | ✔ |
Processing Fee Cheque | ✔ | ✔ |
Details of Current Employment | ✔ | ✖ |
Business Profile | ✖ | ✔ |
Details of Shareholders | ✖ | ✔ |
Details of Directors | ✖ | ✔ |
BOI Home Loan Schemes and Top Plans
Comparison
Feature | Star Home Loan | Star Diamond Home Loan | Star Smart Home Loan | Star Pravasi Home Loan | Star Top Up Loan | Star Home Loan – Furnishing |
---|---|---|---|---|---|---|
Minimum Loan Amount | ₹1 Lakh | ₹1 Lakh | ₹5 Lakhs (salaried), ₹10 Lakhs (self-employed) | ₹1 Lakh | ₹1 Lakh | ₹50,000 |
Maximum Loan Amount | No Limit | No Limit | No Limit | No Limit | Based on eligibility | Up to 15% of the Home Loan amount |
Interest Rate | Starting from 8.40% p.a. | Starting from 8.35% p.a. | Starting from 8.30% p.a. | Starting from 8.60% p.a. | Starting from 8.80% p.a. | Same as Home Loan |
Tenure | Up to 360 months | Up to 360 months | Up to 360 months | Up to 360 months | Up to 120 months | Up to 120 months |
Eligible Applicants | Resident Indian/NRI/PIO, Salaried/Self-employed | Resident Indian/NRI/PIO, Salaried/Self-employed | Existing and new customers with BOI accounts | NRI/PIO, Indian citizens working abroad | Existing loan holders | Home loan customers |
Details
BOI Star Home Loan
- Type of Loan: Home Loan
- Minimum Loan Amount: ₹1 Lakh
- Maximum Loan Amount: No Limit
- Interest Rate: Starting from 8.40% p.a.
- Tenure: Up to 360 months
BOI Star Diamond Home Loan
- Type of Loan: Premium Home Loan
- Minimum Loan Amount: ₹1 Lakh
- Maximum Loan Amount: No Limit
- Interest Rate: Starting from 8.35% p.a.
- Tenure: Up to 360 months
BOI Star Smart Home Loan
- Type of Loan: Home Loan with Overdraft Facility
- Minimum Loan Amount: ₹5 Lakhs (salaried), ₹10 Lakhs (self-employed)
- Maximum Loan Amount: No Limit
- Interest Rate: Starting from 8.30% p.a.
- Tenure: Up to 360 months
BOI Star Pravasi Home Loan
- Type of Loan: Home Loan for NRIs
- Minimum Loan Amount: ₹1 Lakh
- Maximum Loan Amount: No Limit
- Interest Rate: Starting from 8.60% p.a.
- Tenure: Up to 360 months
BOI Star Top Up Loan
- Type of Loan: Top-Up Loan on Existing Home Loan
- Minimum Loan Amount: ₹1 Lakh
- Maximum Loan Amount: Based on eligibility
- Interest Rate: Starting from 8.80% p.a.
- Tenure: Up to 120 months
BOI Star Home Loan – Furnishing
- Type of Loan: Loan for Furnishing Home
- Minimum Loan Amount: ₹50,000
- Maximum Loan Amount: Up to 15% of the Home Loan amount
- Interest Rate: Same as Home Loan
- Tenure: Up to 120 months
How to Apply
Applying for a Bank of India home loan is a straightforward process:
- Check Eligibility: Check Eligibility: It’s essential to verify that you meet the eligibility criteria for your selected loan product.
- Collect Documents.
- Visit a Local Branch: After that, visit your nearest Bank of India branch and fill out the application form.
- Submit Documents: Submit your application along with the required documents.
- Application Review: The bank will review your application and documents.
- Loan Approval: Upon approval, your loan will be sanctioned, and you can start your homeownership journey.
Do not want to get into this hassle? Get Bank of India’s best rates in a single call.
Bank of India’s commitment to transparency, customer-centricity, and competitive interest rates makes it a preferred choice for homebuyers.
Bank of India is here to support your journey towards your dream home.
Comparison
You can also compare the home loan rates of different banks here. For detailed comparison between top banks you can visit our compare banks page.
Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
---|---|---|---|
SBI Bank | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% 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%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
---|---|---|---|
SBI Bank | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% 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%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)
Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.
Bank of India determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.
You can calculate the EMI for using this online EMI Calculator