The Bank of India‘s Star Pravasi Home Loan is designed for Non-Resident Indians (NRIs) who want to buy, build, or renovate a home in India. It offers competitive interest rates and flexible repayment options. In this blog, we will discuss the loan’s features, eligibility, fees, and the documents needed to apply.
BOI Star Pravasi Home Loan (NRI Home Loan) Highlights
| Category | Details |
|---|---|
| Interest Rate | Starting from 8.25% p.a. |
| Moratorium Period | Up to 36 Months |
| Loan Tenure | Up to 30 Years |
| Processing Fee | 0.25% of the loan amount (Min ₹1,500 – Max ₹20,000) |
Check Out: Bank Of India Home Loan
BOI Star Pravasi Home Loan (NRI Home Loan) Interest Rates 2025
The interest rates for the Bank of India (BOI) Star Pravasi Home Loan (NRI Home Loan) are structured based on the applicant’s CIBIL score and occupation. Below is a detailed breakdown:
| CIBIL Score Range | Interest Rate |
|---|---|
| 825 and above | 8.15% per annum |
| 800 to 824 | 8.35% per annum |
| 760 to 799 | 8.60% per annum |
| 725 to 759 | 8.70% per annum |
| 675 to 724 | 9.30% per annum |
| Below 675 | 10.40% (Salaried) / 10.55% (non-salaried) |
Note: Interest rates may vary based on loan amount, tenure, and eligibility. For the latest rates, visit Bank of India official Star Pravasi Home Loan page.
BOI Star Pravasi Home Loan (NRI Home Loan) Eligibility Criteria
Before applying for a Star Pravasi Home Loan (NRI Home Loan), it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Bank of India.
| Criteria | Details |
|---|---|
| Applicant Type | NRI/PIO are eligible |
| Age | Minimum: 18 years Maximum: 70 years (at loan maturity) |
| Employment Type | -Indian Citizen working in merchant navy having NRI status -Indian citizens working abroad on assignment with National/International government agencies |
| Income Requirement | Stable and regular income with valid proof |
| Credit Score | Preferably 700 and above (better rates for higher scores) |
Read More: Bank Of India (BOI) Home Loan Eligibility Criteria
BOI Star Pravasi Home Loan (NRI Home Loan) Processing Fees
| Applicant Type | Processing Charge |
|---|---|
| Individuals | 0.25% of the loan amount; Minimum ₹1,500 and Maximum ₹20,000 |
| Non-Individuals | 0.50% of the loan amount; Minimum ₹3,000 and Maximum ₹40,000 |
Please note that these charges are exclusive of Goods and Services Tax (GST).
BOI Star Pravasi Home Loan Other Fees and Charges
BOI Star Pravasi Home Loan includes additional fees such as processing, prepayment, and document charges, which vary based on the service and loan type.
| Fee Type | Details |
|---|---|
| Processing Charges | – Individuals: 0.35% of the loan amount; Minimum ₹3,500 and Maximum ₹30,000. – Non-Individuals: 0.50% of the loan amount; Minimum ₹5,000 and Maximum ₹40,000. |
| Premium for Loans Above ₹2 Crore | An additional premium of 0.25% over the proposed interest rates is charged for Smart Home Loans exceeding ₹2 crore. |
| CRE-RH Home Loans | Commercial Real Estate – Residential Housing (CRE-RH) Home Loans attract an additional 0.50% interest rate. |
| Prepayment Penalty | No prepayment penalty is applicable. |
| Hidden Charges | The loan has no hidden charges. |
| Accidental Insurance Coverage | Free accidental insurance coverage up to ₹5 crore is provided. |
Source: Bank of India – Schedule of Charges
BOI Star Pravasi Home Loan (NRI Home Loan) USPs
The Bank of India (BOI) Star Pravasi Home Loan is tailored for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), offering a suite of features to facilitate home financing:
- High Loan Amounts: Finance up to ₹5 crore for property purchases in metropolitan areas like Mumbai, Delhi, Kolkata, and Chennai, and up to ₹3 crore in other regions.
- Flexible Repayment Tenure: Choose a repayment period extending up to 30 years, accommodating various financial plans.
- Extended Moratorium Period: Benefit from a moratorium of up to 36 months, providing a grace period before repayment begins.
- Comprehensive Loan Coverage: Utilize the loan for purchasing or constructing a house/flat, renovating existing properties, or buying a plot with the intent to build within five years.
- Inclusive Eligibility Criteria: Both salaried and self-employed NRIs/PIOs aged between 18 and 70 years at the time of final repayment are eligible.
- Attractive Interest Rates: Enjoy competitive rates starting from 8.25% per annum, linked to your CIBIL score, with calculations based on daily reducing balance.
- Additional Financial Support: Access top-up loans, overdraft facilities, and funding for home furnishing or solar panel installations at home loan interest rates.
- No Prepayment Penalty: Repay your loan ahead of schedule without incurring extra charges.
- Insurance Benefits: Receive free accidental insurance coverage up to ₹5 crore, adding an extra layer of security.
For detailed information and personalized assistance, it’s advisable to contact your nearest Bank of India branch or visit their official website.
Check Out: Bank of India Home Loan Eligibility Calculator
BOI Star Pravasi Home Loan (NRI Home Loan) Documents Required
Documents required for the Bank of India (BOI) Star Pravasi Home Loan:
| Document Type | Details |
|---|---|
| Proof of Identity | Valid Passport, PAN Card |
| Proof of NRI/PIO Status | Valid visa, work permit, overseas resident card, or PIO card |
| Proof of Address | Utility bills, overseas bank statements, overseas driving license |
| Proof of Income (Salaried) | Latest salary slips (3 months), overseas bank statements (6 months), employment contract |
| Proof of Income (Self-employed) | Last 2 years’ income proof, audited financial statements, overseas bank account statements |
| Property Documents | Agreement to sell, title deed, approved building plan, allotment letter |
| Bank Statements (India) | Last 6 months’ NRE/NRO account statements |
| Photographs | Recent passport-sized photographs |
| Power of Attorney (if applicable) | POA in favor of a resident Indian, if applicant is not present in India during the process |
Read More: Documents for Home Loan Application
How to Apply to BOI Star Pravasi Home Loan (NRI Home Loan)?
Time needed: 3 minutes
- Visit BOI Branch or Website
Apply via the nearest Bank of India branch in India or start your application on the official BOI website.
- Fill Out Application Form
Complete the form with personal, overseas employment/business details, and property info.
- Submit Documents
Attach all required documents and submit them at the branch or as per instructions online.
- Loan Processing & Sanction
The bank will verify documents, assess repayment capacity, and value the property before sanctioning.
- Loan Agreement & Disbursement
Sign the agreement. The loan is disbursed in stages or lump sum depending on the property status.
Also Read: Online vs Offline Home Loan Application in India: Which is Better?
Bank of India Home Loan: Other Products
Bank of India offers multiple home loan schemes, each with its own interest rate structure and features.
| Home Loan Scheme | Interest Rate |
|---|---|
| BOI Star Home Loan | 8.10% p.a. onwards |
| BOI Star Diamond Home Loan | 8.25% p.a. onwards |
| BOI Star Smart Home Loan | 8.25% p.a. onwards |
| BOI Star Pravasi Home Loan (NRI Loan) | 8.25% p.a. onwards |
| BOI Star Top Up Loan | 8.25% p.a. onwards |
| BOI Star Home Loan – Furnishing | 8.10% p.a. onwards |
Source: BOI Official Website – Interest Rate Circular
Check Out: Bank of India Home Loan Interest Rates 2025
Compare Top Banks NRI Home Loan Interest Rates
Compare Star Pravasi (NRI) Home Loan interest rates from top banks to find the most competitive option for financing your dream home in India.
| Bank Name | Interest Rate |
|---|---|
| State Bank of India (SBI) | 8.25% p.a. onwards |
| ICICI Bank | 8.75% p.a. onwards |
| HDFC Bank | 8.70% p.a. onwards |
| Axis Bank | 8.75% p.a. onwards |
| HSBC Bank | 8.40% p.a. onwards |
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Conclusion
The Bank of India (BOI) Star Pravasi Home Loan (NRI Home Loan) offers flexible terms, competitive interest rates, and borrower-friendly features like a 36-month moratorium and no prepayment charges. It’s an ideal choice for individuals seeking a reliable and affordable path to homeownership.
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Frequently Asked Questions
The BOI Star Pravasi Home Loan is designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to finance the purchase, construction, renovation, or extension of residential properties in India.
NRIs and PIOs aged between 18 and 70 years at the time of final repayment are eligible. Indian citizens working abroad with government agencies or in the merchant navy with NRI status can also apply.
You can avail up to ₹5 crore for properties in metropolitan cities like Mumbai, Delhi, Kolkata, and Chennai, and up to ₹3 crore in other locations.
The maximum repayment tenure is up to 30 years, providing flexibility in managing your EMIs.
Yes, a moratorium period of up to 36 months is available, during which you are not required to make principal repayments.
Interest rates start from 8.25% per annum and are linked to your CIBIL score.
Yes, for individuals, the processing fee is 0.25% of the loan amount, with a minimum of ₹1,500 and a maximum of ₹20,000.
You can apply by visiting the nearest Bank of India branch or through the bank’s official website. Ensure you have all the necessary documents, such as identity proof, address proof, income proof, and property documents, to facilitate the application process.
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