Getting your own house is a big accomplishment, and the Bank of India (BOI) is here to help you realize your goal. You should be aware of the eligibility requirements established by BOI before you start the process of obtaining a house loan.
Bank of India Home Loan Eligibility Criteria
Requirements listed below for Bank of India home loans-
Age | As per the provision of the bank |
Employment | Salaried and self-employed individuals |
Work Experience- Professionals, Self-employed People, and Salaried Individuals | Minimum service tenure of 3 years |
Customers of the Bank of India can choose from a variety of home loan alternatives with reasonable interest rates. A maximum 30-year loan payback period is available for house loans. Interest rates start at 8.85% per annum.
Note: If they fulfill the bank’s suggested requirements, those over 60 years old may also apply for the Loan.
Eligibility for a Bank of India Home Loan Based on Salary
A lot of variables are taken into account while determining loan eligibility. The Bank of India’s home loan eligibility calculator can be used to estimate the estimated loan amount for which you will be qualified. The numbers that are mentioned will be predicated on the data that you submit.
The loan payback duration of 30 years and the interest rate of 8.85% p.a. are assumed for the loan amounts indicated in the table below.
Monthly Income | Loan Amount |
Rs. 25,000 | Rs.15,26,114 |
Rs. 30,000 | Rs.20,60,253 |
Rs. 35,000 | Rs.24,03,629 |
Rs. 40,000 | Rs.27,47,004 |
Rs. 45,000 | Rs.30,90,380 |
Rs. 50,000 | Rs.34,33,756 |
Rs. 55,000 | Rs.41,96,812 |
Rs. 60,000 | Rs.45,78,341 |
Rs. 65,000 | Rs.49,59,869 |
Rs. 70,000 | Rs.53,41,398 |
Note: The values mentioned above are approximations and predicated on specific hypotheses. The numbers could vary depending on other pertinent variables like the applicant’s age, among other things.
Home loans from Bank of India Qualifications Depending on Age
The applicant’s age is the primary factor that determines the maximum payback period for Bank of India home loans. You might get the longest loan payback period if you apply for a home loan sooner. The maximum loan payback period that an applicant may be qualified for based on their age is listed in the following list.
Age of the Applicant’s | Maximum Eligible Period |
21 years to 40 years | 30 years |
41 years | 29 years |
42 years | 28 years |
43 years | 27 years |
44 years | 26 years |
45 years | 25 years |
46 years | 24 years |
47 years | 23 years |
48 years | 22 years |
49 years | 21 years |
50 years | 20 years |
Credit Score Determines Eligibility for Bank of India Home Loans
- Credit score-based eligibility for home loans for salaried workers
The mentioned CIBIL scores are subject to the following interest rates-
Credit Score | Interest Rate (p.a.) for Female Borrowers | Interest Rate (p.a.) for Additional Borrowers |
760 or more | 6.85% | 6.85% |
725 to 759 | 7.00% | 7.00% |
675 to 724 | 7.10% | 7.15% |
No credit score | 7.00% | 7.05% |
- Home loan eligibility on the basis of credit scores – For Self-Employed Individuals
The mentioned CIBIL scores are subject to the following interest rates-
Credit Score | Interest Rate (p.a.) for Female Borrowers | Interest Rate (p.a.) for Additional Borrowers |
760 or more | 6.85% | 6.85% |
725 to 759 | 7.10% | 7.15% |
675 to 724 | 7.70% | 7.75% |
No credit score | 7.10% | 7.15% |
Bank of India Home Loan Minimum CIBIL Score
A minimum credit score of 675 is recommended in order to apply for a Bank of India home loan, as indicated in the above table. Conversely, the more likely it is that your application for a home loan will be approved, the higher your CIBIL score will be.
In addition, only a few of Bank of India’s house loan programs, including the Star House Loan, the Star Diamond Home Loan, and the Star Smart Home Loan, offer interest rates based on CIBIL scores.
Factors Impacting Eligibility for Home Loans from Bank of India
The following is a list of some of the variables that influence a Bank of India home loan applicant’s eligibility-
- The applicant’s age
- The applicant’s credit score
- The applicant’s capacity to repay
- The applicant’s credit history
- The applicant’s history of loan payback
- Any other current debts that the applicant is a co-borrower on
Bank of India Home Loan Eligibility
The Bank of India, a nationalized bank, adds its unique elements to the home loan eligibility landscape-
- Pradhan Mantri Awas Yojana (PMAY)– BOI actively participates in government schemes like PMAY, providing eligible beneficiaries with interest subsidies.
- Flexi Home Loan Scheme- BOI offers a Flexi Home Loan scheme, combining term loans and overdraft facilities. Understanding the nuances can provide financial flexibility.
- Women-Centric Benefits- BOI provides specific benefits for women applicants, which include lower interest rates and reduced processing fees.
Conclusion
You may apply for a house loan with confidence if you follow this checklist and are aware of the important components. Recall that every financial institution could have different requirements, so it’s critical to speak with BOI directly and ask questions about anything you’re unsure of.
FAQs
What is the maximum loan amount required to be taken out under the Star Home Loan program from the Bank of India?
An applicant may obtain up to Rs. 500 lakh under the Bank of India Star Home Loan program for the construction of a home or the acquisition of one. The location of the property will have an impact on the loan amount. Furthermore, candidates are eligible to get loans for the refurbishment, expansion, or maintenance of an already-existing residential property. The maximum amount is Rs. 50 lakh.
What kind of security must a candidate supply in order to be considered for a home loan from the Bank of India?
To be qualified for a Bank of India home loan, the applicant must mortgage the home or apartment. Yet, the applicant will need to provide a third-party guarantee if the mortgage or equitable mortgage is not available at the time of loan distribution.