Home ownership is an aspiration for many, and in bustling metropolitan cities where luxury is not just a desire but a status symbol, owning a premium property becomes a statement of one’s achievements. If you’ve ever imagined stepping into a lavish residence that mirrors your accomplishments, the STAR DIAMOND HOME LOAN might just be your key to unlocking this dream. In this blog, we dive deep into the intricacies of this esteemed home loan product.
The Joy of Owning a Home without the Burden
The tagline itself, “Joy of owning a home without burden”, sets the tone for what the STAR DIAMOND HOME LOAN offers. As we navigate through the urban landscapes, the challenges of finding suitable financing for luxury properties can be daunting. However, with the STAR DIAMOND HOME LOAN, you can embark on your home buying journey with confidence. So, what makes this loan unique?
A Glimpse into STAR DIAMOND HOME LOAN
Designed specifically to finance premium properties, the STAR DIAMOND HOME LOAN assures a seamless experience. With minimal processing, competitive interest rates, and backed by the trust and legacy of the Bank of India, this home loan product stands out. The aim is clear – to simplify the process for those wishing to purchase luxurious residential properties in prime metropolitan locales.
Moreover, the online application process has been streamlined to offer simplicity and convenience. Thus, allowing potential homeowners to apply from the comfort of their homes or offices. Truly, stepping into the world of luxury living has never been this easy.
Features at a Glance
Features | Description |
---|---|
Quantum of Loan | Above 7.5 Cr |
Maximum Quantum | Up to 8% of Pure Value of Property |
Repayment Tenure | Up to 360 months |
Moratorium Period | Up to 36 months |
Smart Home Loan | OD facility for entire balance @ROI of Home Loan |
Takeover/Balance Transfer | Facility with additional loan amount |
Top Up Loan | Instant availability |
Loan for Property Modifications | Addition/extension/renovation |
Insurance Inclusion | Premium considered under Project Cost |
Flexible EMI | Step up/Step Down facility |
Distinct Advantages of Star Diamond Home Loan
Among its numerous benefits, a few stand out:
- Attractive low-interest rates that won’t burn a hole in your pocket.
- The paperwork is minimal, ensuring a hassle-free application process.
- There are no hidden charges, ensuring transparency.
- Importantly, there’s no prepayment penalty, granting flexibility to borrowers.
Transitioning into the eligibility criteria, it’s designed to be inclusive.
Eligibility Criteria for BOI Star Diamond Home Loan
To avail the STAR DIAMOND HOME LOAN, it’s imperative to meet certain eligibility benchmarks set by the institution. Let’s navigate through these criteria to ascertain if you’re the ideal candidate:
Who’s Eligible:
- Resident Status:
- Resident Indian
- NRI
- PIO
- Applicant Type:
- HNI Individuals: This can include those who are:
- Salaried
- Self-employed
- Professionals
- Non-individuals: Entities such as:
- Group/Association of Individuals
- HUF
- Corporates
- HNI Individuals: This can include those who are:
Financial Prerequisites:
- A consistent financial background, with a minimum average gross income of Rs. 1 Cr & Above during the last 3 years.
Age Factor:
- The age range is set between 18 to 70 years, where 18 is the minimum age to apply, and 70 should be the maximum age at the time of final repayment.
Exceptions:
- It’s worth noting that trusts are not considered eligible under this loan scheme.
Interest Rates and Other Charges
The rate of interest is intrinsically linked with the CIBIL Personal Score for individuals. It ranges between 8.30% to 9.65%, calculated on a daily reducing balance.
Documentation Simplified
Applying for the STAR DIAMOND HOME LOAN requires certain necessary documentation. Here’s a breakdown to ensure a seamless process:
For Individuals:
Proof of Identity – Choose any one from the following:
- PAN
- Passport
- Driver’s Licence
- Voter ID
Proof of Address – You can submit any one of these:
- Passport
- Driver’s Licence
- Aadhar Card
- Latest Electricity Bill
- Latest Telephone Bill
- Latest Piped Gas Bill
Proof of Income:
- For salaried individuals: Latest 6 Month Salary/Pay Slip and One year ITR/Form16
- For those self-employed: Last 3 years ITR complemented with Computation of Income, Profit & Loss Account, Balance Sheet, and Capital Account Statement
For Other than Individuals:
The documentation extends a bit further, considering the nature of entities:
- KYC of Partners/Directors
- PAN Card copy of Company/Firm
- Registered Partnership Deed/MOA/AOA
- Certificate of incorporation, where applicable
- Account statement for the last 12 months
- Firm’s Audited Financials for the past 3 year
The STAR DIAMOND HOME LOAN isn’t just a financial product; it’s a gateway to upscale living. With its numerous features, benefits, and a flexible approach, this home loan promises to be a companion in your journey towards luxury home ownership. So, if you’ve been on the fence about purchasing that dream home, now might be the time to take the leap. Experience grandeur, opulence, and the joy of home ownership with STAR DIAMOND HOME LOAN. Apply today!
Also check home loans from other banks
Lender | Home 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 Finance | 8.50% to 10.75% | 8.50% to 10.55% | 8.50% to 10.35% |
State Bank of India | 8.50% to 10.05% | 8.50% to 10.05% | 8.50% to 10.15% |
HDFC Bank Limited | 8.40% onwards | 8.40% onwards | 8.40% onwards |
FAQs
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.
BOI 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 any online EMI Calculator