The Bank of India (BOI) Star Smart Home Loan is a convenient option for those planning to buy or construct a house. It comes with affordable interest rates, simple repayment options, and flexible eligibility. This guide covers key details like interest rates, EMI, eligibility, fees, and required documents.
BOI Star Smart 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 Smart Home Loan Interest Rates 2025
The interest rates for the Bank of India (BOI) Star Smart 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 Smart Home Loan page.
BOI Star Smart Home Loan Eligibility Criteria
| Criteria | Details |
|---|---|
| Applicant Type | Resident Indians |
| Age | Minimum: 18 yearsMaximum: 70 years (at loan maturity) |
| Employment Type | Salaried, Self-employed, Professionals, Business Owners |
| Income Requirement | Stable and regular income with valid proof |
| Credit Score | Preferably 700 and above (better rates for higher scores) |
| Co-applicants Allowed | Yes (e.g., spouse, parents, earning children) |
| Loan Purpose | Purchase / construction of house or flat, takeover from other banks, etc. |
Read More: Bank Of India (BOI) Home Loan Eligibility Criteria
BOI Star Smart 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 Smart Home Loan Other Fees and Charges
Bank of India Star Smart 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 Smart Home Loan USPs
The Bank of India (BOI) Star Smart Home Loan offers several unique selling propositions (USPs) designed to provide flexibility and benefits to borrowers:
- Flexible Loan Amount: Based on the borrower’s repayment capacity, making it accessible for various income groups.
- Long Repayment Tenure: Up to 30 years, ensuring lower EMIs and better affordability.
- Moratorium Period: Offers up to 36 months deferment, ideal during property construction.
- No Prepayment Penalty: Allows early loan closure without any additional charges.
- Free Accidental Insurance: Complimentary insurance cover up to ₹5 crore adds financial protection.
- Interest Rate Concession for Women: Special lower interest rates to encourage women applicants.
- Attractive Interest Rates: Competitive rates to suit both salaried and self-employed borrowers.
These features collectively make the BOI Star Smart Home Loan a flexible and borrower-friendly housing finance option.
Check Out: Bank of India Home Loan Eligibility Calculator
BOI Star Smart Home Loan Documents Required
Documents required for the Bank of India (BOI) Star Smart Home Loan:
| Applicant Type | Document Category | Accepted Documents |
|---|---|---|
| Individuals | Proof of Identity | Any one of: PAN Card, Passport, Driver’s License, Voter ID |
| Proof of Address | Any one of: Passport, Driver’s Licence, Aadhaar Card, Latest Electricity Bill, Latest Telephone Bill, Latest Piped Gas Bill | |
| Proof of Income (Salaried) | Latest 6 Months’ Salary/Pay Slips and One Year ITR or Form 16 | |
| Proof of Income (Self-employed) | Last 3 Years’ ITR with Computation of Income, Profit & Loss Account, Balance Sheet, Capital Account Statement | |
| Other than Individuals | KYC | KYC of Partners/Directors |
| PAN | PAN Card Copy of Company/Firm | |
| Constitution Documents | Registered Partnership Deed / Memorandum & Articles of Association (MOA/AOA) | |
| Registration Proof | Certificate of Incorporation (if applicable) | |
| Bank Statement | Account Statement for Last 12 Months | |
| Financial Statements | Firm’s Audited Financials for Last 3 Years |
Read More: Documents for Home Loan Application
How to Apply to BOI Star Smart Home Loan?
Time needed: 3 minutes
- Visit Branch / Apply Online
Apply through the nearest Bank of India branch or use the official BOI Online Home Loan Portal.
- Fill Application Form
Complete the home loan application form with your personal, employment, and loan-related details.
- Submit Documents
Attach and submit all required documents (identity, address, income, and property proofs) for verification.
- Processing & Sanction
The bank will assess your creditworthiness, verify documents, and conduct a property valuation before loan approval.
- Disbursement
Once approved, the loan amount is disbursed—either fully or in stages depending on the construction status or agreement.
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 Home Loan Interest Rates by Top Banks
| 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% onwards | 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 |
Conclusion
The BOI Star Smart 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.
For personalized assistance with your home loan, consider scheduling a free consultation call with Credit Dharma today.
Frequently Asked Questions
The BOI Star Smart Home Loan is a financial product offered by Bank of India, designed to assist individuals in purchasing or constructing a home. It offers features like flexible repayment options and is linked to the borrower’s savings or current account.
The minimum loan amount is ₹5 lakh for salaried individuals and ₹10 lakh for self-employed individuals. The maximum loan amount is determined based on the applicant’s repayment capacity and the value of the property.
The loan offers a maximum repayment tenure of up to 30 years, allowing borrowers to choose a comfortable repayment period.
Yes, the BOI Star Smart Home Loan provides a moratorium period of up to 36 months, during which borrowers are not required to make principal repayments.
No, there are no prepayment penalties for this loan, allowing borrowers to repay their loan ahead of schedule without incurring additional charges.
The processing fee is 0.25% of the loan amount, with a minimum of ₹1,500 and a maximum of ₹20,000 for individuals. For non-individuals, the fee is 0.50% of the loan amount, with a minimum of ₹3,000 and a maximum of ₹40,000.
Yes, the bank offers an instant top-up loan facility for existing borrowers, subject to eligibility and bank’s discretion.
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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