Bank of India Home Loan Interest Rate

Bank of india Home Loan interest Rate

In today’s fast-paced world, owning a home is a dream that many aspire to achieve. BOI, 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.

Bank of India Home Loan Interest Rate for Applicant Types

BOI offers a diverse range of home loan products to cater to various needs. Understanding the interest rates is crucial when considering your home financing options. Here’s a quick overview of the interest rates for 2023 based on CIBIL scores:

CIBIL Score RangeInterest Rate
Below 6758.60%
-1 and 07.10%
675 – 7247.00%
725 – 7596.90%

These competitive rates make Bank of India an attractive choice for borrowers with different credit profiles.

Key Features of BOI Home Loans

Bank of India stands out due to its customer-centric approach and a host of attractive features:

  1. Loan Amount: You can borrow up to Rs. 3 crores for various housing needs, including purchasing, constructing, renovating, extending, or repairing your home. In metro cities like Mumbai, Delhi, Kolkata, and Chennai, the limit extends to Rs. 5 crores.
  2. Flexible Repayment Terms: Bank of India understands that every borrower is unique. Hence, they offer repayment terms of up to 30 years, allowing you to choose a tenure that suits your financial situation.
  3. Zero Commitment/Administrative Fees: Unlike some lenders, Bank of India doesn’t burden you with additional fees, making the loan process more affordable.
  4. Daily Balance Interest Calculation: Your interest is calculated on a daily balance basis, consequently leading to lower interest costs over time.
  5. Prepayment Flexibility: Opting for the floating rate option allows you to make prepayments without incurring any penalties, ultimately helping you pay off your loan faster.
  6. Life Insurance Coverage: Bank of India offers optional life insurance coverage for loan protection, thereby providing you with added security.
  7. Personal Accident Insurance: The bank offers complimentary personal accident insurance, which renews at the bank’s discretion.

BOI Home Loan Option

Bank of India offers a wide array of home loan products to meet diverse customer needs:

  1. BOI Star Home Loan: Ideally suited for purchasing sites, constructing, renovating, or transferring home loans. It comes with a maximum limit of Rs. 3 crores (or Rs. 5 crores in metro cities).
  2. BOI Star Home Loan (Overdraft): This loan offers an overdraft facility, with a minimum amount of Rs. 5 lakhs for salaried individuals and Rs. 10 lakhs for others.
  3. Star Diamond Home Loan: Tailored specifically for high net worth individuals, firms, and corporations, this loan offers substantial amounts exceeding Rs. 5 crores, covering up to 75% of the property cost.
  4. Bank of India Star Smart Home Loan: This innovative scheme goes a step further by providing an overdraft facility for added convenience.
  5. Bank of India Top-Up Loan: This loan allows you to access funds for purposes other than home-related expenses, starting from Rs. 2 lakhs onwards.
  6. Bank of India Pravasi Home Loan Scheme: Tailored for NRIs and PIOs, this loan covers a range of housing needs, from construction to renovations and plot acquisitions.
  7. Earnest Money Deposit Scheme: This loan finances the payment of earnest money deposits for plot or flat assignments under Urban Development Authority programs.

Look at the table for better understanding of BOI home loan products –

Loan ProductPurposeMaximum Loan AmountSpecial Features
BOI Star Home LoanPurchase, Construction, Renovation, TransferUp to Rs. 3 croresMetro cities: Up to Rs. 5 crores; Tenure up to 30 years
BOI Star Home Loan (Overdraft)Flexible financing with overdraft facilityMinimum Rs. 5 lakhs for salaried, Rs. 10 lakhs for othersBased on regular home loan scheme
Star Diamond Home LoanHigh net worth individuals, firms, companiesOver Rs. 5 croresUp to 75% of property cost
Bank of India Star Smart Home LoanOverdraft facility for added convenience
Bank of India Top-Up LoanFunds for non-home-related purposesFrom Rs. 2 lakhsTenure of 12 years
Bank of India Pravasi Home Loan SchemeNRI and PIO housing solutionsVariedDepending on the purpose
Earnest Money Deposit SchemeFinancing earnest money deposits

CIBIL & Credit Required for Bank of India Home Loans

To secure competitive Bank of India home loan Interest rate, your CIBIL score plays a crucial role. Here’s a breakdown:

  • CIBIL Score Below 675: You can still get a home loan, but the interest rate will be slightly higher at 8.60%.
  • CIBIL Personal Score of -1 and 0: At 7.10%, this option provides more favorable terms for borrowers with limited or no credit history.
  • CIBIL Score between 675 and 724: With a score in this range, you can enjoy an interest rate of 7.00%.
  • CIBIL Score between 725 to 759: The highest credit tier enjoys the best terms with an interest rate of 6.90%.

Maintaining a healthy credit score is essential for securing the best interest rates and terms.

Documents Required for Bank of India Home Loan

To initiate your home loan application, ensure you have the following documents ready:

  • ID Proof: PAN, Driver’s License, Voter ID, Aadhaar Card, or Passport.
  • Proof of Residence: Voter ID, Passport, Aadhaar, Utility Bills, or Driver’s License.
  • Proof of Income: Salary slips or recent bank statements.

For specific loan products, you will have to provide additional documentation, ex. property-related documents or business-related papers.

Eligibility Criteria for Bank of India Home Loan

Bank of India extends its home loans to a wide range of applicants:

  1. BOI Star Home Loan: This option is versatile and can be availed by self-employed individuals, salaried employees, professionals, PIOs, NRIs, HUFs, partnership businesses, and sole proprietorships.
  2. BOI Star Smart Home Loan: Unlike the former, this choice is open to a wider audience, including existing customers, new customers with new accounts, salaried employees with salary accounts, and self-employed individuals with accounts.
  3. Star Diamond Home Loan: Designed to cater to the financial needs of high net worth individuals, firms, companies, and residents in metro cities.
  4. Star Pravasi Home Loan: This loan offering is specially tailored to meet the unique requirements of NRIs and PIOs.
  5. Star Top-Up Loan: This loan option is accessible to existing borrowers.

How to Apply for BOI Home Loans

Applying for a Bank of India home loan is a straightforward process:

  1. Check Eligibility:Check Eligibility: It’s essential to verify that you meet the eligibility criteria for your selected loan product.
  2. Collect Documents.
  3. Visit a Local Branch: Visit your nearest Bank of India branch and fill out the application form.
  4. Submit Documents: Submit your application along with the required documents.
  5. Application Review: The bank will review your application and documents.
  6. Loan Approval: Upon approval, your loan will be sanctioned, and you can start your homeownership journey.

Bank of India’s commitment to transparency, customer-centricity, and competitive interest rates makes it a preferred choice for homebuyers.

In conclusion, Bank of India’s home loan offerings provide a pathway to turning your dream of homeownership into a reality. Moreover, you can benefit from competitive interest rates, flexible repayment options, and a hassle-free application process. Don’t let the burden of homeownership hold you back.

Bank of India is here to support your journey towards your dream home.

Also check home loans from other banks

LenderHome Loan Interest Rates (Above 75 lakhs)Home Loan Interest Rates (Above 30 lakhs to 75 lakhs)Home Loan Interest Rates (Up to 30 lakhs)
LIC Housing Finance8.50% – 10.75%8.50% – 10.55%8.50% – 10.35%
State Bank of India8.50% – 10.05%8.50% – 10.05%8.50% – 10.15%
HDFC Bank Limited8.40% onwards8.40% onwards8.40% onwards

FAQs

What is the maximum tenure Bank of India offers home loan for

The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)


Are Bank of India housing Finance interest rates fixed or floating?

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.


How is Interest Rate Determined for Bank of India Home Loan

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.

How can I calculate the EMI for Bank of India Home Loan?

You can calculate the EMI for using any online EMI Calculator

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