Bank of India offers home loans to eligible customers at affordable interest rates starting at 8.40% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.
So now, here’s how to check your Bank of India home loan eligibility.
Eligible for Bank of India Home Loan? See How Affordable Your EMI Can Be!
Bank of India Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Bank of India:
General Home Loan
| Category | Criteria |
|---|---|
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
BOI Star Diamond Home Loan (HNI Home Loan)
| Category | Criteria |
|---|---|
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
| Minimum Income | Average gross income of Rs. 1 Crore and above during the the last 3 years |
Suggested Read: BOI Star Diamond Home Loan Interest Rates
BOI Star Smart Home Loan
- Should have a savings account or Certificate of Deposit account with average balance above Rs. 5000 since last 1 year
- New SB/CD Customers with opening balance above Rs. 5000
- Individuals with Salary account with BOI
| Category | Criteria |
|---|---|
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
BOI Star Pravasi Home Loan (NRI Home Loan)
| Category | Criteria |
|---|---|
| Age | 18 years – 70 years |
| Nationality | NRI/ PIO Indian Citizen working in merchant navy having NRI status Indian citizens working abroad on assignment with National/International government agencies |
BOI Star Top Up Loan/ Renovation Loan
| Category | Criteria |
|---|---|
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
Suggested Read: Home Loan Eligibility – Salaried vs. Self Employed
Bank of India Home Loan Highlights
The Bank of India home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Category | Highlights |
|---|---|
| Interest Rate | 8.35% p.a. – 11.85% p.a. |
| Loan Amount | Up to 90% of the property value |
| Loan Tenure | 30 Years |
| Processing Charges | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Pre-Payment/ Foreclosure Charges | Floating Interest Rates: NIL Fixed Interest Rates: 0.65% of the outstanding loan amount |
Suggested Read: Bank of India Home Loan Statement Download
How to Use Bank of India Home Loan Eligibility Calculator?
Bank of India Home Loan Eligibility Calculator allows you to check your housing loan eligibility online quickly. Follow these simple steps:
- Input your total gross monthly income.
- Choose the desired loan term. Longer tenures can increase your eligibility.
- Enter Bank of India’s current home loan interest rate.
- Input your existing monthly EMIs for other loans.
- View your eligible loan amount based on the entered details.
Eligibility Based on Age
Applying for a Bank of India home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.
| Applicant Age | Maximum Eligible Tenure |
|---|---|
| 18 – 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 |
Bank of India Home Loan Eligibility Based on Property Value
Bank of India home loan eligibility is not only determined by the applicant’s income but also by the value of the property being purchased. The bank evaluates the property’s market value to ensure that it serves as adequate collateral for the loan.
| Property Value | LTV Ratio |
|---|---|
| Up to Rs.30 lakh | 90% of the property cost |
| From Rs.30 lakh to Rs.75 lakh | 80% of the property cost |
| Above Rs.75 lakh | 75% of the property cost |
Suggested Read: How to Increase Your Property Value
Bank of India Home Loan Eligibility Based on Credit Score
A strong credit score is essential for securing Bank of India Housing Finance home loan, as it reflects your creditworthiness and repayment reliability.
| Rating | Credit Score |
|---|---|
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
Suggested Read: Investing vs. Home Loan Prepayment
Bank of India Home Loan Eligibility for Women
- Eligibility Criteria: Women applicants must meet the same eligibility requirements as other borrowers, including income, credit score, and property value.
- Benefit: This discount helps make home ownership more affordable for women borrowers.
Benefits of Using Bank of India Home Loan Eligibility Calculator
- Instantly determines your loan eligibility
- Access the calculator online anytime for free
- Get a clear understanding of your borrowing capacity
- Helps in aligning your home search with your budget
- Use your eligibility estimate to negotiate better terms and conditions
Factors Affecting Bank of India Home Loan Eligibility
Several factors affect your eligibility for an Bank of India home loan, including:
| Factor | Impact on Eligibility |
|---|---|
| Age of the applicant | Younger applicants get longer repayment tenures |
| Financial position | Strong financials improve eligibility |
| Repayment record | Also good repayment history boosts eligibility |
| Credit score | Higher scores increase chances of approval |
| Existing liabilities | Higher liabilities reduce eligibility |
| Applicant’s profile | Stable profiles are favored |
| Property specifications | Newer, well-located properties have better eligibility |
| Loan guarantor status | Being a guarantor to another loan can affect eligibility |
How to Improve My Eligibility For Bank of India Home Loan?
To improve your eligibility for an Bank of India home loan, take these key steps to qualify for a higher loan amount with better terms.
| Factor | How to Improve Eligibility |
|---|---|
| Credit Score | Maintain a score of 750+ by clearing dues on time and reducing debt. |
| Employment Stability | Stay employed with a stable job or business for at least 2 years. |
| Debt-to-Income Ratio | Reduce existing debts or liabilities to lower your DTI ratio. |
| Loan Tenure | Opt for a longer tenure to lower monthly EMI and improve eligibility. |
| Co-applicant | Add a co-applicant with a steady income to boost eligibility. |
| Property Value | Choose a property with a higher market value to increase loan eligibility. |
| Additional Savings | Having significant savings or assets can demonstrate financial stability. |
| Avoid Unnecessary Loans | Refrain from taking new loans during the application process. |
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Bank of India Home Loan Interest Rates
Bank of India provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.
Bank of India Fixed Interest Rate Home Loans Based on CIBIL Score
Bank of India offers fixed interest rate home loans where the interest rate remains constant for the first 5 years. Upon completion of this period, the then-current fixed rate will be applied.
If you choose to switch to a floating rate after this term, you will be charged the current floating rate at that time.
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 825 and Above | 10.60% p.a. onwards | |
| 800 – 824 | 10.60% p.a. onwards | |
| 740 – 799 | 10.60% p.a. onwards | |
| 725 – 759 | 10.70% p.a. onwards | |
| 675 – 724 | 10.80% p.a. onwards | |
| Below 624 (For Women Beneficiary) | 11.90% p.a. onwards | 12.05% p.a. onwards |
| Below 624 (For Others) | 11.95% p.a. onwards | 12.10% p.a. onwards |
| -1/ 0 | 10.90% p.a. onwards | |
Bank of India Floating Interest Rate Home Loans Based on CIBIL Score
At Bank of India, floating interest rates for home loans are determined by your CIBIL score and are calculated annually, unless stated otherwise.
These variable rates apply both to new home loans and to customers opting to switch their existing loan to a floating rate structure.
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 825 and Above | 8.40% p.a. onwards | |
| 800 – 824 | 8.50% p.a. onwards | |
| 740 – 799 | 8.70% p.a. onwards | |
| 725 – 759 | 8.80% p.a. onwards | |
| 675 – 724 | 9.55% p.a. onwards | |
| Below 624 (For Women Beneficiary) | 10.65% p.a. onwards | 10.80% p.a. onwards |
| Below 624 (For Others) | 10.70% p.a. onwards | 10.85% p.a. onwards |
| -1/ 0 | 8.80% p.a. onwards | |
Read More: How to Improve Your CIBIL Score?
Documents Required For Bank of India Home Loans
When applying for a home loan with the Bank of India, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Proof of Income
| Salaried | Self Employed |
|---|---|
| Last 6 months’ Salary Slips | Last 3 Years ITR with Computation of Income |
| 1 Year ITR/Form 16 | Profit & Loss Account |
| 6 months bank account statement (salary account or individual account). | Balance Sheet |
| Capital Account Statement | |
| Bank account statement for the last 12 months (for individual or business). | |
| Business proof |
NRI/ PIO
| Category | Documents |
|---|---|
| Passport & Visa | Passport with VISA printed on it |
| Work Authorization | Work Permit |
| Identity Proof | Copy of PAN, ID card issued by employer |
| Proof of Address | Proof of address in India Proof of address in the foreign country Proof of address from employer with contact details |
| Income Proof | Latest salary slip in original Annual income tax return filed as per applicable rules for the last 2 years |
Read More: How to Get a Home Loan Without All Property
Bank of India Customer Care Contact Details
To facilitate effective communication with customers, Bank of India offers various channels for support.
| Category | Contact Information |
|---|---|
| Toll Free Customer Care Number | 1800 220 229/ 1800 103 1906 |
| Chargeable Customer Care Number | (022) – 40919191 |
| Head Office | BANK OF INDIA STAR HOUSE C – 5, “G” Block,Bandra Kurla Complex, Bandra (East), Mumbai400 051. Ph: 022-66684444 |
| EMAIL ID | cgro.boi@bankofindia.co.in |
| Grievance Readdressal | https://grievances.bankofindia.co.in:8443/default.aspx |
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% 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 | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.15% onwards | 8.15% – 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%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
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FAQs
The minimum salary required for a salaried individual to be eligible for an Bank of India home loan is Rs.25,000 per month. For self-employed individuals, the minimum business income should be Rs.25,000 per annum.
Yes, Bank of India provides up to 90.00% of the property cost as a home loan for properties valued up to Rs.30 lakh.
Eligible individuals for Bank of India EMI include: -Salaried professionals aged 18 – 70 with a minimum salary of Rs. 25,000 per month. -And Self-employed professionals and non-professionals aged 18 – 70 with a minimum annual business income of Rs.25,000.
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