Home loan eligibility checklist for Bank of India

home loan eligibility checklist for BOI

Getting your own house is a big accomplishment, and the Bank of India (BOI) is here to help you realize your goal. You should be aware of the eligibility requirements established by BOI before you start the process of obtaining a house loan.

Bank of India Home Loan Eligibility Criteria

Requirements listed below for Bank of India home loans-


As per the provision of the bank


Salaried and self-employed individuals

Work Experience- Professionals, Self-employed People, and Salaried Individuals

Minimum service tenure of 3 years

Customers of the Bank of India can choose from a variety of home loan alternatives with reasonable interest rates. A maximum 30-year loan payback period is available for house loans. Interest rates start at 8.85% per annum.

Note: If they fulfill the bank’s suggested requirements, those over 60 years old may also apply for the Loan.

Eligibility for a Bank of India Home Loan Based on Salary

A lot of variables are taken into account while determining loan eligibility. The Bank of India’s home loan eligibility calculator can be used to estimate the estimated loan amount for which you will be qualified. The numbers that are mentioned will be predicated on the data that you submit.

The loan payback duration of 30 years and the interest rate of 8.85% p.a. are assumed for the loan amounts indicated in the table below.

Monthly Income

Loan Amount

Rs. 25,000


Rs. 30,000


Rs. 35,000


Rs. 40,000


Rs. 45,000


Rs. 50,000


Rs. 55,000


Rs. 60,000


Rs. 65,000


Rs. 70,000


Note: The values mentioned above are approximations and predicated on specific hypotheses. The numbers could vary depending on other pertinent variables like the applicant’s age, among other things.

Home loans from Bank of India Qualifications Depending on Age

The applicant’s age is the primary factor that determines the maximum payback period for Bank of India home loans. You might get the longest loan payback period if you apply for a home loan sooner. The maximum loan payback period that an applicant may be qualified for based on their age is listed in the following list.

Age of the Applicant’sMaximum Eligible Period

21 years to 40 years
30 years

41 years
29 years

42 years
28 years

43 years
27 years

44 years
26 years

45 years
25 years

46 years
24 years

47 years
23 years

48 years
22 years

49 years
21 years

50 years
20 years

Credit Score Determines Eligibility for Bank of India Home Loans

  1. Credit score-based eligibility for home loans for salaried workers

The mentioned CIBIL scores are subject to the following interest rates-

Credit ScoreInterest Rate (p.a.) for Female BorrowersInterest Rate (p.a.) for Additional Borrowers
760 or more6.85%6.85%

725 to 759

675 to 724

No credit score
  1. Home loan eligibility on the basis of credit scores – For Self-Employed Individuals

The mentioned CIBIL scores are subject to the following interest rates-

Credit ScoreInterest Rate (p.a.) for Female BorrowersInterest Rate (p.a.) for Additional Borrowers
760 or more6.85%6.85%

725 to 759

675 to 724

No credit score

Bank of India Home Loan Minimum CIBIL Score

A minimum credit score of 675 is recommended in order to apply for a Bank of India home loan, as indicated in the above table. Conversely, the more likely it is that your application for a home loan will be approved, the higher your CIBIL score will be. 

In addition, only a few of Bank of India’s house loan programs, including the Star House Loan, the Star Diamond Home Loan, and the Star Smart Home Loan, offer interest rates based on CIBIL scores.

Factors Impacting Eligibility for Home Loans from Bank of India

The following is a list of some of the variables that influence a Bank of India home loan applicant’s eligibility-

  • The applicant’s age
  • The applicant’s credit score
  • The applicant’s capacity to repay
  • The applicant’s credit history
  • The applicant’s history of loan payback
  • Any other current debts that the applicant is a co-borrower on

Bank of India Home Loan Eligibility

The Bank of India, a nationalized bank, adds its unique elements to the home loan eligibility landscape-

  • Flexi Home Loan Scheme- BOI offers a Flexi Home Loan scheme, combining term loans and overdraft facilities. Understanding the nuances can provide financial flexibility.
  • Women-Centric Benefits- BOI provides specific benefits for women applicants, which include lower interest rates and reduced processing fees.


You may apply for a house loan with confidence if you follow this checklist and are aware of the important components. Recall that every financial institution could have different requirements, so it’s critical to speak with BOI directly and ask questions about anything you’re unsure of.


What is the maximum loan amount required to be taken out under the Star Home Loan program from the Bank of India?

An applicant may obtain up to Rs. 500 lakh under the Bank of India Star Home Loan program for the construction of a home or the acquisition of one. The location of the property will have an impact on the loan amount. Furthermore, candidates are eligible to get loans for the refurbishment, expansion, or maintenance of an already-existing residential property. The maximum amount is Rs. 50 lakh.

What kind of security must a candidate supply in order to be considered for a home loan from the Bank of India?

To be qualified for a Bank of India home loan, the applicant must mortgage the home or apartment. Yet, the applicant will need to provide a third-party guarantee if the mortgage or equitable mortgage is not available at the time of loan distribution.

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