Overview
Bank Of India
Bank of India offers competitive home loan solutions with interest rates starting from 8.40% and flexible tenures of up to 30 years, designed to meet the diverse financial needs of customers. In addition to home loans, the bank provides a wide range of loan products tailored to cater to various financial requirements, ensuring comprehensive support for all your financial goals.
Rate of Interest
8.40% - 11%
Loan to Value
80% - 90%
Loan Tenure
Max 30 Years
Max Loan Amount
Upto 5cr
Rate of Interest | 8.40% - 11% |
Loan Tenure | Max 30 Years |
Age | Salaried : 18 - 65 years Self Employed : 18 - 70 years |
Profession | Salaried/Self Employed |
Income | Metro Cities : 20,000/Month & Above Other Cities : 15,000/Month & Above |
Nationality | Resident Indian/ NRI |
Max Loan Amount | Upto 5cr |
Plot Purchase | |
Independent Building | |
Apartment | |
Resale Property | |
New Construction | |
LTV | 80% - 90% |
Home Loan | |
Plot Cum Construction Loan | |
Balance Transfer | |
Overdraft Facility | |
Top Up Facility | |
Other Offerings | Home Loan - Furnishing |
Processing Fees | 0.25% of the loan amount + GST upto Rs 20,000 |
Other Charges | Notary / 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.
Loan Amount | ₹ 50,00,000 |
Loan Tenure | 20 years |
Rate of Interest | 8.40% - 11% |
Monthly EMI | ₹ 43,075 - ₹ 51,609 |
Eligibility Criteria for Bank of India Home Loan
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 |
Additional Eligibility Criteria
- Co-applicants should be aged 21 to 70 years.
- Minimum Employment History: 2 years for Salaried and 5 years for Self-employed.
Bank of India Home Loan Rates
Interest rates significantly impact the cost of a home loan.
Bank Of India offers both fixed and floating interest rate options, allowing borrowers to choose what suits them best:
Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan
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 |
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.
BOI Home Loan Processing Fee and Charges
Processing Charges
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 |
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 | ✖ | ✔ |
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
BOI Star Home Loan
- Type of Loan: Home Loan
- Interest Rate: Starting from 8.40% p.a.
- Tenure: Up to 360 months
BOI Star Diamond Home Loan
- Type of Loan: Premium Home Loan
- Interest Rate: Starting from 8.35% p.a.
- Tenure: Up to 360 months
BOI Star Smart Home Loan
- Type of Loan: Home Loan with Overdraft Facility
- Minimum Loan Amount: ₹5 Lakhs (salaried), ₹10 Lakhs (self-employed)
- Interest Rate: Starting from 8.30% p.a.
- Tenure: Up to 360 months
BOI Star Pravasi Home Loan
- Type of Loan: Home Loan for NRIs
- Interest Rate: Starting from 8.60% p.a.
- Tenure: Up to 360 months
BOI Star Top Up Loan
- Type of Loan: Top-Up Loan on Existing Home Loan
- Interest Rate: Starting from 8.80% p.a.
- Tenure: Up to 120 months
BOI Star Home Loan – Furnishing
- Type of Loan: Loan for Furnishing Home
- Maximum Loan Amount: Up to 15% of the Home Loan amount
- Interest Rate: Same as Home Loan
- Tenure: Up to 120 months
How to Apply?
Applying for a Bank of India home loan is a straightforward process:
- 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.
- Gather Required Documents: Collect all necessary documents needed for the loan application. This typically includes proof of income, identity, residence, and other financial documents.
- Visit Your Local Branch: Head to your nearest Bank of India branch. Once there, request and complete the home loan application form.
- Submit Your Application: Hand in your completed application along with the required documentation at the branch.
- Await Application Review: The bank will then review your application and documents to determine your suitability for the loan.
- Loan Approval: If your application is approved, the bank will sanction your loan, setting you on the path to homeownership.
Do not want to get into this hassle? Get Bank of India’s best rates in a single call.
Bank of India’s commitment to transparency, customer-centricity, and competitive interest rates makes it a preferred choice for homebuyers.
Bank of India is here to support your journey towards your dream home.
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.
- Visit the official website of Bank Of India.
- Go to the “Home Loans” section and select “Online Loan Application.”
- Click on “Track Application,” enter your application number, and hit “Submit.”
- Your home loan application status will appear on the screen.
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 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.
Bank Of India Customer Care
To facilitate effective communication with customers, in addition, Bank Of India offers various channels for customer support.
Contact Method | 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/ |
Comparison
You can also compare the home loan rates of different banks here. For 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 |
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.
Bank of India 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 this online EMI Calculator