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Bank Of IndiaBank Of India
  • Overview
  • Loan Calculations
  • Highlights
  • Home Loan Interest Rates
  • Compare With Other Banks
  • Processing Fees
  • Fees and Charges
  • Home Loan Types
  • EMI Calculator
  • Eligibility Criteria
  • Documents
  • Tenure
  • How to Apply
  • Loan Amount
  • Customer Care
  • Nearest Branches
  • Disbursement Process
  • Home Loan Insurance
  • Tax Benefits
  • Bank Features
  • Why Choose Credit Dharma

Bank of India Home Loan

Bank of India offers home loans starting at 8.35% p.a. You can borrow up to 90% of your property’s value and take as long as 30 years to pay it back. Bank of India also offers flexible options like home loans with an overdraft facility, home loan balance transfer, home loan top up, NRI home loans, and home loans for home renovation or extension. For high-income customers looking for larger loan amounts, they have a special “Star Diamond Home Loan” program.

Rate of Interest

7.85% - 10.75%

Loan to Value

80% - 90%

Loan Tenure

Max 30 Years

Max Loan Amount

Upto 5cr

Rate of Interest7.85% - 10.75%
Loan TenureMax 30 Years
AgeSalaried : 18 - 65 years
Self Employed : 18 - 70 years
ProfessionSalaried/Self Employed
IncomeMetro Cities : 20,000/Month & Above
Other Cities : 15,000/Month & Above
NationalityResident Indian/ NRI
Max Loan AmountUpto 5cr
Plot Purchase
Independent Building
Apartment
Resale Property
New Construction
LTV80% - 90%
Home Loan
Plot Cum Construction Loan
Balance Transfer
Overdraft Facility
Top Up Facility
Other OfferingsHome Loan - Furnishing
Processing Fees0.25% of the loan amount + GST upto Rs 20,000
Other ChargesNotary / Franking = 1500-2200 / MODT - 0.2% - 0.7% of your loan amount (based on your state) / Legal - 3000
Overdraft Facilities-
Highlights• Low Interest Rates
• No Hidden Charges
• Minimal Documentation
• Apply Online
Finish up the process in 15 minutes

*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.

Home Loan Calculations
₹50,00,000
20 Years
Loan Amount₹ 50,00,000
Loan Tenure20 years
Rate of Interest7.85% - 10.75%
Monthly EMI₹ 41,356 -
₹ 50,761

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.

CategoryHighlights
Interest Rate8.35% p.a. – 11.85% p.a.
Loan AmountUp to 90% of the property value
Loan Tenure30 Years
Processing Charges0.25% of Loan amount
Min. ₹1,500 to Max. ₹20,000
Pre-Payment/ Foreclosure ChargesFloating Interest Rates: NIL
Fixed Interest Rates: 0.65%  of the outstanding loan amount

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 ScoreSalariedSelf Employed
825 and Above10.60% p.a. onwards
800 – 82410.60% p.a. onwards
740 – 79910.60% p.a. onwards
725 – 75910.70% p.a. onwards
675 – 72410.80% p.a. onwards
Below 624 (For Women Beneficiary)11.90% p.a. onwards12.05% p.a. onwards
Below 624 (For Others)11.95% p.a. onwards12.10% p.a. onwards
-1/ 010.90% 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 ScoreSalariedSelf Employed
825 and Above8.40% p.a. onwards
800 – 8248.50% p.a. onwards
740 – 7998.70% p.a. onwards
725 – 7598.80% p.a. onwards
675 – 7249.55% p.a. onwards
Below 624 (For Women Beneficiary)10.65% p.a. onwards10.80% p.a. onwards
Below 624 (For Others)10.70% p.a. onwards10.85% p.a. onwards
-1/ 08.80% p.a. onwards

Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

BankUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI Bank8.50% p.a. onwards8.5% p.a. onwards8.50% p.a. onwards
HDFC Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
LIC Bank8.50% – 10.35% p.a.8.50% – 10.55% p.a.8.50% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Punjab National Bank8.50% – 11.05% p.a.8.50% – 11.05% p.a.8.50% – 11.05% p.a.
Bank Of Baroda8.40% – 10.65% p.a.8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Axis Bank8.75%-10.30% p.a.8.75%-10.30% p.a.8.75%-10.30% p.a.
Bank of India8.40% p.a onwards8.40% p.a onwards8.40% p.a onwards
TATA Capital8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

Check Out: Bank of India vs SBI vs. HDFC

Bank of India Home Loan Processing Fees

Bank of India takes processing fees to cover the cost of reviewing your documents and assessing your loan application. 

CategoryProcessing Fees
For Individuals0.25% of Loan amount
Min. ₹1,500 to Max. ₹20,000
Home Loan For High Loan Amounts (Star Diamond Loan)₹50,000 (irrespective of the loan amount)

Bank of India: Top Home Loan Schemes

Bank of India provides a variety of home loan schemes tailored to meet different needs. These include Home Loans for property purchases, Top-Up Loans for additional financial needs, loans for NRIs and HNIs, Overdraft (OD) Loans for flexible funding, and loans for Home Renovation or Extensions. 

BOI Star Home Loan (General Home Purchase Loan)

The Bank of India Star Home Loan provides flexible financing and dedicated support to help homebuyers achieve their dream. With competitive interest rates, minimal paperwork, and personalized assistance, it ensures a smooth journey from application to ownership. You can benefit from tailored repayment options and ongoing guidance.

Additional Benefits

  • OD Facility at the same interest rate of Home Loan up to Rs. 2 Crore. No processing fees.
  • Loan facility for purchasing Solar PV @ROI Home Loan
  • Step up/Step Down EMI facility
  • Insurance premium is a mandatory component
  • Free accidental insurance coverage up to limit Rs. 5.00 Crores

Highlights

Tenure30 years
Rate of Interest8.35% p.a. onwards
Moratorium Period36 Months
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age18 years – 70 years
NationalityIndian/ NRI/ PIO
ProfessionIndividuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates
Note: Trust is not eligible under the scheme.

Must Read: Find Out How Much You Can Save with a Home Loan Overdraft

BOI Star Diamond Home Loan (HNI Home Loan)

Bank of India Star Diamond Home Loan offers an exclusive home loan solution for buying premium residential properties in prime metropolitan areas. This specialized offering ensures minimal documentation, competitive interest rates, and a streamlined online application process—all backed by the reliability and legacy of Bank of India. 

Highlights

Tenure30 years
Rate of Interest8.35% p.a. onwards
Loan AmountAbove ₹7.5 Crore
Moratorium Period36 Months
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age18 years – 70 years
NationalityIndian/ NRI/ PIO
ProfessionIndividuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates
Minimum IncomeAverage gross income of Rs. 1 Crore and above during the the last 3 years
Note: Trust is not eligible under the scheme.

BOI Star Smart Home Loan 

Bank of India Star Smart Home Loan is available to customers holding salary accounts, as well as existing and new savings/current account holders of the bank. Through this facility, individuals can purchase a plot and construct a house, provided construction commences within five years from the loan disbursement date.

Highlights

Tenure30 years
Rate of Interest8.35% p.a. onwards
Minimum Loan AmountSalaried: ₹5 lakhsSelf Employed:₹10 lakhs
Moratorium Period36 Months
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

  • 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
Age18 years – 70 years
NationalityIndian/ NRI/ PIO
ProfessionIndividuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates
Note: Trust is not eligible under the scheme.

Read More: What is a Home Loan Moratorium?

BOI Star Pravasi Home Loan (NRI Home Loan)

Bank of India’s Star Pravasi Home Loan lets NRI borrowers buy a plot and construct a home on it. It also supports balance transfer from existing lenders, home furnishing, installation of solar PV systems, as well as enhancements, extensions, and renovations of existing residential properties.

  • OD facility for entire limit/outstanding balance at 0.50 above ROI of Home Loan

Highlights

Tenure30 years
Rate of Interest8.35% p.a. onwards
Moratorium Period36 Months
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age18 years – 70 years
NationalityNRI/ 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 (Home Loan Top Up)

Bank of India’s Star Top Up Loan provides existing home loan customers with an additional loan, allowing them to meet various financial needs without undergoing a separate, lengthy lending process. This offering ensures quick access to extra funds while maintaining the convenience and stability of an established home loan relationship.

Highlights

TenureRemaining repayment period of your existing home loan
Rate of Interest8.35% p.a. onwards
Moratorium Period36 Months
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age18 years – 70 years
NationalityIndian/ NRI/ PIO
ProfessionIndividuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates
Note: Trust is not eligible under the scheme.

BOI Star Home Loan – Furnishing (Renovation and Extension)

Bank of India Star Home Loan – Furnishing provides additional financing for renovating and enhancing your home. 

  • Mortgage is waived up to ₹5 Lakh

Highlights

Tenure10 years
Rate of Interest8.35% p.a. onwards
Maximum Loan AmountUp to 15% of Home Loan
Moratorium PeriodUp to commencement of housing loan repayment
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age18 years – 70 years
NationalityIndian/ NRI/ PIO
ProfessionIndividuals: Salaried/ Self Employed
Non Individuals: Association of Individuals/ HUF/ Corporates
Note: Trust is not eligible under the scheme.

Bank of India Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate Bank of India Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the Bank of India to finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

  1. A 20-Year Loan (240 months)
  2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

Home Loan AmountInterest RateTenureEMIInterest PaymentTotal Payment
Scenario 1₹50,00,000 8.35% p.a.20 years₹42,918₹53,00,236₹ 1,03,00,236
Scenario 2₹50,00,000 8.35% p.a.30 years₹37,915₹86,49,548₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

  • Although the monthly EMI is higher, your total interest outflow is much lower. 
  • Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

  • However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.
  • You’ll pay a lower EMI each month, easing short-term financial burden. 

Get the best Home Loan interest rates tailored for you

If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.

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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:

CriteriaRequirements
Age18 years – 70 years
NationalityIndian/ NRI/ PIO
ProfessionIndividuals: Salaried/ Self Employed
Non Individuals: Association of Individuals/ HUF/ Corporates
Note: Trust is not eligible under the scheme.

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

CategoryDocuments Required
Proof of IdentityPAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card
Proof of AddressDriver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement

Proof of Income

SalariedSelf Employed
Last 6 months’ Salary SlipsLast 3 Years ITR with Computation of Income
1 Year ITR/Form 16Profit & 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

CategoryDocuments
Passport & VisaPassport with VISA printed on it
Work AuthorizationWork Permit
Identity ProofCopy 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 ProofLatest salary slip in original
Annual income tax return filed as per applicable rules for the last 2 years

Bank of India Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Bank of India offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

  • Minimum Tenure: 5 years
  • Maximum Tenure: 30 years

Read More: How to Reduce Your Home Loan Tenure?

Impact of Home Loan Tenure on EMIs

  • EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
  • Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
  • Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
  • Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best Bank of India Home Loan Tenure?

  • Assess income, expenses, and job security for consistent repayments.
  • Opt for shorter tenures to reduce overall interest costs.
  • Choose EMIs that fit comfortably within your budget.
  • Calculate total interest to minimize long-term costs.
  • Check for prepayment options without heavy penalties.
  • Align tenure with long-term financial goals.
  • Plan to settle the loan before retirement.
  • Factor in potential salary growth for shorter tenures.
  • Balance EMI affordability with loan tenure.

How To Apply For a Home Loan From Bank of India?

  1. Check Eligibility Criteria: Verify age, income, credit score, and employment status.
  2. Calculate Loan Amount and EMI: Use Bank of India’s online calculator to determine affordable loan amounts and monthly installments.
  3. Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
  4. Choose Application Method: Apply online through Bank of India’s website or visit a nearby branch in person.
  5. Submit the Application: Complete the application form accurately and attach all necessary documents.
  6. Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
  7. Property Valuation and Legal Checks: Bank of India assesses the property’s market value and performs legal due diligence.
  8. Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
  9. Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
  10. Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
  11. Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.

Read More: Home Loans in Bangalore


Bank of India Home Loan: Minimum and Maximum Loan Amount

Bank of India offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search. 

Home Loan TypesMaximum and Minimum Loan Amount
BOI Star Home Loan75% – 90% of the property value
BOI Star Diamond Home Loan₹7.5 crore onwards
BOI Star Smart Home LoanSalaried: ₹5 lakh onwards
Self Employed: ₹10 lakh onwards
BOI Star Top Up Loan75% – 90% of the property value
Star Pravasi Home Loan75% – 90% of the property value
Star Home Loan – FurnishingUp to 15% of Home Loan

Bank of India Customer Care Contact Details

To facilitate effective communication with customers, Bank of India offers various channels for support.

CategoryContact Information
Toll Free Customer Care Number1800 220 229/ 1800 103 1906 
Chargeable Customer Care Number(022) – 40919191 
Head OfficeBANK OF INDIA STAR HOUSE C – 5, “G” Block,Bandra Kurla Complex, Bandra (East), Mumbai400 051. Ph: 022-66684444
EMAIL IDcgro.boi@bankofindia.co.in
Grievance Readdressalhttps://grievances.bankofindia.co.in:8443/default.aspx

Bank of India Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. Bank of India has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest Bank of India branch using our branch locator tool.


Bank of India Home Loan Approval and Disbursal 

Bank of India is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

  • Completeness of documents
  • Property type and location
  • Applicant’s financial profile and credit score

Bank of India Home Loan Disbursement Process

BOI ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan

Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction

Upon submission, BOI reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement

After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Disbursement

  • Full Disbursement: Entire loan amount released if the property is fully constructed
  • Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of Bank of India Home Loan Approval?

  • Maintain a high credit score
  • Showcase strong financial stability
  • Reduce existing debt obligations
  • Provide complete and accurate documentation
  • Pay sufficient down payment
  • Choose property in approved locations
  • Maintain consistent employment history
  • Avoid multiple loan applications simultaneously
  • Submit clear and legal property documents
  • Ensure proper property valuation
  • Keep income tax returns up to date
  • Maintain low credit utilization ratio

Bank of India Home Loan Insurance

Bank of India (BOI) offers home loan insurance to protect you and your family from unexpected events. This insurance is included in your home loan package and is considered as a home loan component.

SUD Life New Sampoorna Loan Suraksha

SUD Life New Sampoorna Loan Suraksha is a Non-Linked, Non-Participating, Single Premium Group Credit Life Insurance product offered by Bank of India. This plan is designed to cover various types of loans, including home loans. 

It ensures that the outstanding loan amount is paid in the event of the insured member’s death, disability, or critical illness.

Features and Benefits:

  1. Cost of home loan insurance: As low as ₹9.23 per day
  2. Flexible Coverage Choices
    • Level Cover: Fixed coverage amount throughout the loan tenure.
    • Reducing Cover: Coverage amount decreases as the loan balance reduces over time.
  3. Joint Life Discount: Enjoy a 5% discount on premiums for multiple insured lives.

Coverage Options

  • Life Cover
  • Life Cover + Accidental Death Benefit
  • Life Cover + Accelerated Critical Illness Benefit
  • Life Cover + Accelerated Accidental Total & Permanent Disability
  • Life Cover + Accelerated Accidental Total & Permanent Disability + Accidental Death Benefit

Is Home Loan Insurance Mandatory?

Although not legally mandated, Bank of India makes it mandatory for its customers to obtain a home loan insurance.

Benefits of Opting a Home Loan Insurance Premium

  • Financial Security: Ensures loan repayment during unforeseen events.
  • Comprehensive Protection: Covers critical illness, accidents, and death.
  • Joint Borrower Coverage: Protects both borrowers under one policy.
  • Reduced Financial Stress: Lessens financial burden on dependents.
  • Tax Benefits: Possible tax deductions on premium payments.
  • Peace of Mind: Guarantees loan liability coverage in emergencies.

Bank of India Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

SectionDeduction TypeMaximum Deduction AmountConditions
80CPrincipal Repayment of Home Loan₹1.5 Lakh per annumThe house property must not be sold within five years of possession. 
80CPayment of Stamp Duty₹1.5 Lakh per annumThese expenses can only be claimed in the year they are incurred. 
24bInterest Payment on Home Loan₹2 Lakh per annumThe loan must be taken for purchasing or constructing a house.

If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken.

If the property is let out (rented), there is no cap on the interest deduction under Section 24(b).

This allows property owners renting out their property to claim full interest payments as a deduction.
Note: Section 80C also covers other investments like Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), and more, up to a combined total limit of ₹1.5 lakh.

1. Section 24B – Deduction on Home Loan Interest

What It Is:

  • Allows you to claim a deduction on the interest paid on your home loan.

Benefits:

  • Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
  • Rented Property: No upper limit on the interest amount you can claim.

Example

CategoryAmount
Loan AmountRs. 70,00,000
Interest Payable Per YearRs. 4 Lakhs
Tax Deduction Rs. 2 Lakhs/ Year
Tax Bracket30%
Tax Benefits per YearRs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is:

  • Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

Benefits:

  • Reduces your taxable income by the principal amount repaid.
  • Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

CategoryAmount
Loan AmountRs. 75,00,000
Principal Payable Per YearRs. 3.5 Lakhs
Tax Deduction Rs. 1.5 Lakhs per Year
Tax Bracket30%
Tax Benefits per Year50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is:

  • When two or more people take a joint home loan and are co-owners of the property.

Benefits:

  • Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
  • Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
  • Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

  • Father/ Mother
  • Unmarried Daughter
  • Siblings
  • Husband/ Wife
    (Minors cannot be considered as co-applicants for a Home Loan)

Example

CategoryCo Applicant 1Co Applicant 2
Tax Deduction under 24BRs. 2 Lakhs/ YearRs. 2 Lakhs/ Year
Tax Deduction under 80CRs. 1.5 Lakhs/ YearRs. 1.5 Lakhs/ Year
Tax Deductions/ YearRs. 3.5 Lakhs/ YearRs. 3.5 Lakhs/ Year
Tax Bracket30%30%
Tax BenefitsRs. 1.16 Lakhs/ YearRs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

  • EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
  • Money Saved through Tax Deductions: ₹2,32,000
  • Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

Read More: Stamp Duty and Registration Charges in Bihar


Why Should You Choose Bank of India For Your Home Loan?

  • Benefit from the lowest home loan interest rates in the market, ensuring affordable repayments.
  • Access Overdraft facility on your entire loan or outstanding balance at your home loan rate.
  • Free accidental insurance coverage up to ₹5 Crores.
  • Get instant Top-Up Loans without a separate application.
  • Option to adjust your EMI to match your financial situation, if you need lower initial payments.
  • Simplified paperwork for a swift approval process.
  • Transparent terms with no hidden charges.

How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

  • Guaranteed up to 100% funding
  • Receive lifetime assistance and expert guidance long after your loan is approved.
  • Enjoy a fully digital process with minimal paperwork 
  • Get your loan approved within just 1-2 weeks.

What are the current home loan interest rates at Bank of India?

Bank of India home loan interest rates typically start from 8.35% p.a. However, these rates can vary based on factors such as the loan amount, repayment tenure, the applicant’s credit history, and whether the interest rate is fixed or floating.

Is the Bank of India a good option for getting a home loan?

Yes, Bank of India is considered a reputable and reliable option for obtaining a home loan. As one of India’s largest public sector banks, BOI offers the lowest home loan interest rates with flexible repayment options, and transparent fees and charges.

Is Bank of India a government-owned bank?

Yes, Bank of India is a government-owned bank. It is one of India’s oldest and largest public sector banks, with the Government of India holding a significant stake in its operations.

What is the age limit for applying for a home loan with Bank of India?

Bank of India generally allows applicants between the ages of 18 and 70 years to apply for a home loan. Here’s a typical age-related guideline:
Minimum Age: 18 years at the time of loan disbursement.
Maximum Age: 70 years at the end of the loan tenure.

Which type of interest rate is better for a home loan at Bank of India?

A fixed interest rate offers stable EMIs throughout the loan tenure, while a floating interest rate fluctuates based on market conditions, potentially lowering costs if rates drop. For Bank of India home loans, choose a fixed rate for certainty or floating for potential savings. Evaluate based on your risk tolerance.

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