For high-net-worth individuals (HNIs) eyeing premium properties in India’s bustling metros, the Bank of India Star Diamond Home Loan offers a tailored financial solution. Designed for aspirational buyers seeking luxury residences like penthouses, villas, or sea-view apartments, this loan combines flexibility, competitive rates, and exclusive perks. Let’s explore its features, eligibility, and application process to help you make an informed decision.
Searching for the perfect home loan for your luxury sea facing property?
Bank of India Star Diamond Home Loan Highlights
Bank of India Star Diamond home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Aspects | Highlights |
|---|---|
| Loan Amount | Above ₹7.5 Crore |
| Interest Rates | 8.35% p.a. onwards |
| Tenure | 30 years |
| Moratorium Period | 36 Months |
ROI is calculated on daily reducing balance
Features of BOI Star Diamond Home Loan
- Smart Home Loan with Overdraft Facility: Covers the entire limit/outstanding balance at the Home Loan rate.
- Takeover/Balance Transfer Option: Includes the possibility of an additional loan amount.
- Instant Top-Up Loan: Quick and accessible extra funds when needed.
- Property Enhancement Loan: For addition, extension, or renovation of your existing property.
- Insurance Premium as Part of Project Cost: Treated as a Home Loan component.
- Flexible EMI Options: Enjoy step-up or step-down EMI facilities.
Suggested Read: Bank of India Home Loan Interest Rates
Bank of India Star Diamond Home Loan Interest Rates
At Bank of India, floating interest rates for home loans are determined by your CIBIL score and are calculated annually, unless stated otherwise.
These variable rates apply both to new home loans and to customers opting to switch their existing loan to a floating rate structure.
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 825 and Above | 8.35% p.a. onwards | |
| 800 – 824 | 8.50% p.a. onwards | |
| 740 – 799 | 8.70% p.a. onwards | |
| 725 – 759 | 8.80% p.a. onwards | |
| 675 – 724 | 9.55% p.a. onwards | |
| Below 624 (For Women Beneficiary) | 10.65% p.a. onwards | 10.80% p.a. onwards |
| Below 624 (For Others) | 10.70% p.a. onwards | 10.85% p.a. onwards |
| -1/ 0 | 8.80% p.a. onwards | |
Check Out: Bank of India Home Loan EMI Calculator
BOI Star Diamond Home Loan: Processing Fees and Other Charges
Bank of India takes processing fees to cover the cost of reviewing your documents and assessing your loan application.
| Aspect | Fees and Charges |
|---|---|
| Processing Fees | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
Suggested Read: Luxury Properties in Indiranagar, Bangalore
BOI Star Diamond Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Bank of India:
| Aspect | Eligibility Criteria |
|---|---|
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates |
| Minimum Income | Average gross income of Rs. 1 Crore and above during the the last 3 years |
Suggested Read: Trump Towers in India
Documents Required for BOI Star Diamond Home Loan
When applying for a home loan with the Bank of India, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
| Requirement | Accepted Documents |
|---|---|
| Proof of Identity | PAN/ Passport/ Driver Licence/ Voter ID |
| Proof of Address | Passport/ Driver Licence/ Aadhar Card/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Piped Gas Bill |
| Proof of Income (Salaried) | Latest 6 Month Salary Pay Slip and One Year ITR Form16 |
| Proof of Income (Self-employed) | Last 3 Years ITR with Computation of Income Profit & Loss Account Balance Sheet Capital Account Statement |
Suggested Read: Bank of India Home Loan Customer Care
Conclusion
Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.
But that is not it. We offer:
- Guaranteed up to 100% funding
- Receive lifetime assistance and expert guidance long after your loan is approved.
- Enjoy a fully digital process with minimal paperwork
- Get your loan approved within just 1-2 weeks.
Frequently Asked Questions
Yes, a CIBIL score of 750 is considered good for the Star Diamond Home Loan. Applicants with scores between 725 and 759 can expect an interest rate of 8.80% per annum.
HDFC Home Loan
SBI Home Loan
