Homeownership often signifies a major life milestone and financing this crucial investment calls for a reliable banking partner. Bank of India, renowned for its customer-centric approach, presents a compelling option with its home loan interest rates starting at 8.35% per annum.
By offering repayment tenures up to 30 years and loan amounts reaching Rs.5 crore, the bank ensures its solutions are suited to varying financial goals.
Bank of India Home Loan Interest Rates by Employment
Bank of India adjusts home loan interest rates based on whether you’re salaried, self-employed, or have a professional practice. These rates reflect current market conditions and are influenced by factors like your CIBIL score. Below is a quick look at how your employment type can influence your rate.
Bank of India Home Loan Interest Rates for Salaried Employees
| CIBIL Score | Fixed Interest Rates | Floating Interest Rates |
|---|---|---|
| 825 and Above | 10.60% p.a. onwards | 8.40% p.a. onwards |
| 800 – 824 | 10.60% p.a. onwards | 8.50% p.a. onwards |
| 740 – 799 | 10.60% p.a. onwards | 8.70% p.a. onwards |
| 725 – 759 | 10.70% p.a. onwards | 8.80% p.a. onwards |
| 675 – 724 | 10.80% p.a. onwards | 9.55% p.a. onwards |
| Below 624 (For Women Beneficiary) | 11.90% p.a. onwards | 10.65% p.a. onwards |
| Below 624 (For Others) | 11.95% p.a. onwards | 10.70% p.a. onwards |
| -1/ 0 | 10.90% p.a. onwards | 8.80% p.a. onwards |
Bank of India Home Loan Interest Rates for Self Employed Individuals
| CIBIL Score | Fixed Interest Rates | Floating Interest Rates |
|---|---|---|
| 825 and Above | 10.60% p.a. onwards | 8.40% p.a. onwards |
| 800 – 824 | 10.60% p.a. onwards | 8.50% p.a. onwards |
| 740 – 799 | 10.60% p.a. onwards | 8.70% p.a. onwards |
| 725 – 759 | 10.70% p.a. onwards | 8.80% p.a. onwards |
| 675 – 724 | 10.80% p.a. onwards | 9.55% p.a. onwards |
| Below 624 (For Women Beneficiary) | 12.05% p.a. onwards | 10.80% p.a. onwards |
| Below 624 (For Others) | 12.10% p.a. onwards | 10.85% p.a. onwards |
| -1/ 0 | 10.90% p.a. onwards | 8.80% p.a. onwards |
Check Out: Bank of India Home Loan EMI Calculator
Bank of India All Schemes Home Loan Interest Rates
Bank of India offers multiple home loan schemes, each with its own interest rate structure and features. Here’s an overview of the current rates for various SBI schemes.
| Home Loan Type | Home Loan Interest Rates |
|---|---|
| BOI Star Home Loan | 8.35% p.a. onwards |
| BOI Star Diamond Home Loan | 8.35% p.a. onwards |
| BOI Star Smart Home Loan | 8.35% p.a. onwards |
| BOI Star Pravasi Home Loan (NRI Home Loan) | 8.35% p.a. onwards |
| BOI Star Top Up Loan | 8.35% p.a. onwards |
| BOI Star Home Loan – Furnishing | 8.35% p.a. onwards |
Read More: Documents required for BOI
All Schemes Offered by Bank of India: A Detailed Overview
Bank of India has a range of home loan schemes catering to diverse needs, from ready-to-move properties to under-construction projects. Read on to find the best fit for your housing requirements.
BOI Star Home Loan Interest Rates
- Provides competitive interest rates and minimal paperwork for smooth home financing.
- Extends an Overdraft (OD) facility at the same home loan interest rate, up to ₹2 Crore, with no processing fees.
- Offers loan assistance for purchasing solar PV systems at home loan interest rates.
- Allows step-up or step-down EMI options for flexible repayment.
- Includes a mandatory insurance premium component for added security.
- Provides free accidental insurance coverage of up to ₹5 Crore.
| Features | Details |
|---|---|
| Interest rate | 8.35% p.a. onwards |
| Loan tenure | 30 years Moratorium: 36 months |
| Processing fees | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Eligibility | 18 – 70 years Resident Indians/ NRIs/ PIOs |
BOI Star Diamond Home Loan (HNI Home Loan) Interest Rates
- Designed for purchasing premium residential properties in prime metropolitan locations.
- Ensures minimal documentation and competitive interest rates.
- Features a streamlined online application process, backed by the bank’s established reputation.
| Features | Details |
|---|---|
| Interest rate | 8.35% p.a. onwards |
| Loan tenure | 30 years Moratorium: 36 months |
| Loan Amount | Above ₹7.5 Crore |
| Processing fees | ₹50,000 (irrespective of the loan amount) |
| Eligibility | 18 – 70 years -Resident Indians/ NRIs/ PIOs -Average gross income of Rs. 1 Crore and above during the last 3 years |
Read More: BOI Star Diamond Home Loan
BOI Star Smart Home Loan Interest Rates
- Available to customers holding salary accounts, as well as existing and new savings or current account holders.
- Facilitates the purchase of a plot and construction of a house, with construction to commence within five years from the date of loan disbursement.
- Requires either an existing savings account or a Certificate of Deposit (CD) account with an average balance above ₹5,000 for the last year, or a new SB/CD account with an opening balance above ₹5,000, or a salary account with Bank of India.
| Features | Details |
|---|---|
| Interest rate | 8.35% p.a. onwards |
| Loan tenure | 30 years Moratorium: 36 months |
| Loan Amount | Salaried: ₹5 lakhs Self Employed: ₹10 lakhs |
| Processing fees | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Eligibility | 18 – 70 years Resident Indians/ NRIs/ PIOs |
BOI Star Pravasi Home Loan (NRI Home Loan) Interest Rates
- Allows Non-Resident Indians (NRIs) to purchase a plot and construct a home.
- Supports balance transfers from existing lenders to simplify loan management.
- Covers home furnishing expenses, solar PV system installation, and property enhancements or renovations.
- Provides an OD facility for the entire limit or outstanding balance at 0.50% above the home loan interest rate.
| Features | Details |
|---|---|
| Interest rate | 8.35% p.a. onwards |
| Loan tenure | 30 years Moratorium: 36 months |
| Processing fees | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Eligibility | 18 – 70 years -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 (Home Loan Top Up) Interest Rates
- Enables existing home loan customers to access additional funds without a separate lengthy lending process.
- Offers quick and convenient financing for various personal or property-related needs.
- Maintains the same relationship benefits as the existing home loan.
| Features | Details |
|---|---|
| Interest rate | 8.35% p.a. onwards |
| Loan tenure | 30 years Moratorium: 36 months |
| Loan Amount | Remaining repayment period of your existing home loan |
| Processing fees | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Eligibility | 18 – 70 years Resident Indians/ NRIs/ PIOs |
BOI Star Home Loan – Furnishing (Renovation and Extension) Interest Rates
- Provides additional financing for renovating, furnishing, or extending existing residential properties.
- Waives mortgage requirements up to ₹5 Lakh, simplifying smaller-scale projects.
| Features | Details |
|---|---|
| Interest rate | 8.35% p.a. onwards |
| Loan tenure | 30 years Moratorium: 36 months |
| Loan Amount | Up to 15% of Home Loan |
| Processing fees | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Eligibility | 18 – 70 years Resident Indians/ NRIs/ PIOs |
How to Get Lowest and Best Bank of India Home Loan Interest Rates?
- Aim for a 750+ Credit Score to secure preferential rates.
- Select the Right BOI Scheme that matches personal requirements for cost efficiency.
- Leverage Special Concessions offered to government employees, women borrowers, and defense personnel.
- Use the Check-Off Facility for direct salary deductions, which may lower interest rates.
- Make a Higher Down Payment to reduce the principal and potentially get better terms.
- Watch Out for Festive Offers or promotional discounts from BOI.
- Keep Income Documents Updated for quicker approvals and more favorable rates.
- Maintain Steady Employment to boost financial credibility and rate eligibility.
- Build a Strong Relationship with BOI for possible preferential pricing.
- Always Negotiate to explore discounts on interest rates or processing fees.
Read More: Bank of India Home Loan Eligibility Checklist
Types of Home Loan Interest Rates
| Interest Rate Type | Definition | Pros | Cons |
|---|---|---|---|
| Fixed | Rate remains constant throughout a predetermined period or entire tenure. | – Predictable EMIs for budgeting- Protection against rising interest rates | – Typically, higher rates compared to floating- No benefit if market rates go down |
| Floating (Variable) | Linked to market benchmarks (e.g., Repo Rate, MCLR) and changes over time | – Often cheaper when rates fall- Can partly or fully prepay with lower penalties | – EMIs fluctuate with market conditions- Costs may rise if rates increase |
| Hybrid | Combination of fixed and floating phases. | – Stability in the initial fixed period- Potential cost savings in the variable phase | – Transition from fixed to floating can carry uncertainties- May incur a shift-related fee |
How to Switch Your Bank of India Home Loan from Fixed to Floating Rate?
Bank of India allows you to switch from fixed to floating at a fee on your outstanding loan amount.
- Visit your Bank of India branch or contact your relationship manager.
- Complete the necessary forms or applications for the switch.
- Once approved, sign a supplemental agreement reflecting the new floating-rate terms.
- Pay the conversion charge and any other administrative costs.
- Verify updated EMIs, as floating rates can fluctuate with market conditions.
How to Obtain the Bank of India Home Loan Interest Certificate?
Time needed: 3 minutes
Follow the Below Steps:
- Visit the official website of 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.
Secure the Lowest Bank of India Home Loan Interest Rates with Credit Dharma
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Frequently Asked Questions
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.
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.
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.
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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