Bank of India Home Loan Highlights

Feature	Details
Interest Rate	8.35% – 11.10% p.a.
Loan Amount	Up to 90% of market value
Loan Tenure	Up to 30 years
Processing Charges	Processing charges are waived for individuals having a CIBIL personal score of 700 and above or -1/0

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Bank of India Home Loan Interest Rates

The Bank of India offers a range of home loan interest rates based on the applicant’s credit profile and loan specifics. As of December 2024, the interest rates for home loans are structured as follows:

Interest Rates

Floating Rates:

• Starting from 8.35% per annum.
• Maximum rates can go up to 11.10% per annum depending on the applicant’s CIBIL score and other factors.
  
  Fixed Rates:
  
• Fixed rates begin at 10.60% per annum for high CIBIL scores (825 and above) and can reach up to 12.10% for lower scores.

Source – Bank of India Retail Loans Interest Rates and Processing Charges

CIBIL Score Impact

The interest rate varies significantly based on the CIBIL score:

• CIBIL Score of 825 and above:
• Floating rate: 8.40%
• Fixed-rate: 10.60%
  
• CIBIL Score between 800 to 824:
• Floating rate: 8.50%
• Fixed-rate: 10.60%
  
• Lower scores (675 to 724):
• Floating rate: 9.55%
• The fixed rate can go up to 11.90% for women applicants.

Loan Amount and Tenure

• The bank offers loans covering up to 90% of the market value of the property.
• Loan tenures can extend up to 30 years, providing flexibility in repayment options.

Additional Charges

Processing charges are waived for individuals with a CIBIL score of 700 and above, while other applicants may incur standard processing fees.

These rates reflect the competitive landscape of home loans in India, where various factors such as credit score, loan amount, and tenure play crucial roles in determining the final interest rate offered to borrowers.

Let’s look at the specific interest rates for Bank of India home loan products:

Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan Interest Rates

Floating Interest Rates

CIBIL 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

Fixed Interest Rates

CIBIL Score	Salaried	Non-Salaried
825 and above	10.60% p.a.	10.60% p.a.
800 to 824	10.60% p.a.	10.60% p.a.
760 to 799	10.60% p.a.	10.60% p.a.
725 to 759	10.70% p.a.	10.70% p.a.
675 to 724	10.80% p.a.	10.80% p.a.
Below 675	11.90% p.a. (for women applicant)	11.90% p.a. (for women applicants)
-1 and 0	10.90% p.a.	10.90% p.a.

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Other Home Loan Interest Rates from the Bank of India

Star Pravasi Home Loans by Bank of India

The Star Pravasi Home Loan from the Bank of India is specifically designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Here are the current interest rates and details associated with this loan scheme:

Interest Rates

• Starting Interest Rate: 8.35% per annum
• Interest Rate Type: Linked to the applicant’s CIBIL score, with rates calculated on a daily reducing balance basis.

CIBIL Score-Based Floating Rates

CIBIL Score	Interest Rate (p.a.)
825 and above	8.40%
800 to 824	8.50%
760 to 799	8.70%
725 to 759	8.80%
675 to 724	9.55%
Below 675	Not applicable

Fixed Interest Rates

• Fixed rates can go up to approximately 10.60%, similar to other home loan products offered by the bank.

Loan Details

• Maximum Loan Amount: Up to 90% of the property value.
• Tenure: Up to 30 years (360 months).
• EMI Calculation: Starts at approximately ₹776 per lakh.
• Moratorium Period: Up to 36 months is available.

Purpose of the Loan

The Star Pravasi Home Loan can be utilized for:

• Purchasing a plot and constructing a house on it (construction must begin within five years).
• Balance transfer from other banks.
• Home furnishing.
• Purchasing solar photovoltaic systems.
• Renovation, extension, or enhancement of existing properties.

Additional Features

• Co-applicant income (close relatives) can be considered for eligibility.
• No hidden charges and no prepayment penalties.
• Free accidental insurance coverage up to ₹5 crores.

This loan scheme provides a comprehensive solution for NRIs and PIOs looking to invest in property in India, offering flexibility in terms of repayment and utilization of funds. For the most accurate and up-to-date information, it is advisable to consult directly with the Bank of India or visit their official website.

Bank of India Star Home Loan Top-Up

The Star Top-Up Home Loan from the Bank of India is designed for existing home loan borrowers who wish to access additional funds for various personal needs. Here are the details regarding interest rates and other features of this loan:

Interest Rates

• Starting Interest Rate: 8.35% per annum.
• Rate of Interest (ROI): Linked to the applicant’s CIBIL score, calculated on a daily reducing balance basis.
• Premium: An additional premium of 0.50% is applicable based on the existing home loan account.

CIBIL Score-Based Floating Rates

CIBIL Score	Interest Rate (p.a.)
825 and above	8.40%
800 to 824	8.50%
760 to 799	8.70%
725 to 759	8.80%
675 to 724	9.55%
Below 675	Not applicable

Loan Details

• Loan Amount: There is no maximum limit specified; the loan amount is based on the borrower’s eligibility.
• Tenure: Up to 30 years (360 months).
• EMI Calculation: Starts at approximately ₹887 per lakh.
• Moratorium Period: Up to 36 months, allowing borrowers some time before they start repaying the loan.

Purpose of the Loan

The Star Top-Up Home Loan can be utilized for:

• Personal needs (not speculative).
• Home furnishing.
• Renovation or extension of existing properties.
• Purchasing solar photovoltaic systems.
• Additional funding for projects already financed under a home loan.

Additional Features

• Co-applicant Income: The income of close relatives can be considered for eligibility.
• No Hidden Charges: There are no hidden fees or prepayment penalties.
• Insurance Coverage: Free accidental insurance coverage up to ₹5 crores.

This loan option provides flexibility and financial support for existing borrowers looking to meet additional financial requirements while maintaining competitive interest rates. For the most accurate and current information, it’s advisable to consult directly with the Bank of India or visit their official website.

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Eligibility Criteria for Bank of India Home Loan

The eligibility criteria for obtaining a home loan from the Bank of India vary based on the applicant’s profile, including whether they are salaried or self-employed. Below are the detailed eligibility requirements:

General Eligibility Criteria

Criteria	Salaried Applicants	Self-employed Applicants
Age Range	18 to 65 years	18 to 70 years
Nationality	Indian/NRI/PIO	Indian/NRI/PIO
Maximum Age at Final Repayment	65 years	70 years
Minimum Employment History	2 years	5 years

Additional Eligibility Criteria

• Co-applicants must be aged between 21 to 70 years.
• The applicant must have a good credit score, although no specific minimum score is mandated; higher scores typically attract better interest rates.

Specific Loan Schemes

Star Home Loan

• Eligibility: Resident Indians, NRIs, PIOs; includes salaried, self-employed, and professionals.
• Maximum Age at Maturity: Up to 70 years.

Star Diamond Home Loan

• Eligibility: High Net Worth Individuals (HNIs) with a minimum average gross income of ₹1 crore over the last three years.
• Maximum Age at Maturity: Up to 70 years.

Star Smart Home Loan

• Eligibility: Existing customers with an average balance of ₹5,000 for the past year or new customers opening an account with the same balance.
• Job Profile: Salaried employees and self-employed professionals.

Star Pravasi Home Loan

• Eligibility: NRIs and PIOs, including Indian citizens working abroad or in the merchant navy.
• Maximum Age at Maturity: Up to 70 years.

These criteria ensure that the Bank of India can assess the financial stability and repayment capability of applicants effectively. For the most accurate and current information, it is advisable to consult directly with the Bank of India or visit their official website.

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BOI Home Loan Processing Fee and Charges

The Bank of India imposes various charges and processing fees for its home loans. Here are the key details:

Processing Fees

• Standard Processing Fee:
• 0.25% of the loan amount.
• Minimum fee: ₹1,500.
• Maximum fee: ₹50,000.
  
  
• Waiver of Processing Charges:
• Processing charges are waived for individuals with a CIBIL score of 700 and above.

Other Charges

• Valuation Report Fees:
• To be borne by the borrower; specific amounts may vary based on the property.
  
• Legal Fees:
• Also, to be borne by the borrower varies depending on the legal requirements.
  
• Mortgage Fees:
• For loans up to ₹10 lakhs: ₹5,000 + GST.
• For loans exceeding ₹10 lakhs and up to ₹1 crore: ₹10,000 + GST.
• For loans over ₹1 crore and up to ₹5 crores: ₹20,000 + GST.

Additional Information

• The interest rates for home loans start from 8.35% per annum and can vary based on the applicant’s CIBIL score and other factors.
• Bank of India emphasizes that there are no hidden charges associated with their home loan products, ensuring transparency throughout the loan process.

These charges can affect the overall cost of borrowing, so it’s advisable for potential borrowers to consider these fees when applying for a home loan. For the most accurate and current information, it’s recommended to consult directly with the Bank of India or visit their official website.

Overview of Processing Fees and Charges for Bank of India Home Loans

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

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Bank of India Home Loan Documents

Before applying, it’s important to gather all the necessary documents to ensure a smooth application process. Bank Of India requires the following key 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	✖	✔

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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	–	–	₹5 Lakhs (salaried), ₹10 Lakhs (self-employed)	–	₹1 Lakh	–
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

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Bank of India Home Loan Application Process

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

1. Check Eligibility: First, ensure you meet the eligibility requirements for the home loan product you are interested in. This will save you time and streamline the process.
2. Gather Required Documents: Collect all necessary documents needed for the loan application. This typically includes proof of income, identity, residence, and other financial documents.
3. Visit Your Local Branch: Head to your nearest Bank of India branch. Once there, request and complete the home loan application form.
4. Submit Your Application: Hand in your completed application along with the required documentation at the branch.
5. Await Application Review: The bank will then review your application and documents to determine your suitability for the loan.
6. Loan Approval: If your application is approved, the bank will sanction your loan, setting you on the path to homeownership.

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How to Track Bank Of India Home Loan Application Status?

Tracking your LIC home loan application status is straightforward and helps you stay updated on your loan approval process.

1. Visit the official website of Bank Of India.
2. Go to the “Home Loans” section and select “Online Loan Application.”
3. Click on “Track Application,” enter your application number, and hit “Submit.”
4. Your home loan application status will appear on the screen.

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How to Download Bank Of India Home Loan Statement?

Downloading your Bank Of India home loan statement is quick and easy, allowing you to access your loan details and track your payments online.

• Visit the official website of the Bank of India.
• Login using your credentials (user ID and password).
• Your browser will be redirected to the dashboard.
• Click on the Enquiries tab.
• Choose Home Loan Provisional Certificate.
• Download, print, or view the statement.

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Bank Of India Customer Care

To facilitate effective communication with customers, in addition, Bank Of India offers various channels for customer support.

Services	Details
Email ID	cgro.boi@bankofindia.co.in
Toll-Free Number	1800 220 229 / 1800 103 1906
Text Message	+919810558585
Official Address	BANK OF INDIA STAR HOUSE C – 5, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai, 400051
Website	https://bankofindia.co.in/

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Compare Bank of India Interest Rates with other Top Banks

You can also compare the home loan rates of different banks here.

For a 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	8.50% 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	8.40% – 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%-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

Frequently Asked Questions