Bank of India Home Loan
Bank of India, or BOI, offers a range of home loan products to customers in India. The bank has a wide variety of home loan schemes carefully designed to enable individuals to apply for a home loan at ease and turn their home-buying dream into reality. The bank's interest rate starts at 8.45% per annum for a loan repayment tenure of maximum of 30 years. The Bank of India home loan products have competitive rates of interest that attract customers.
Bank of India Home Loan EMI Calculator
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BOI Home Loan Key Highlights
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| Loan Amount | Up to Rs. 5 crore |
|---|---|
| Rate of Interest | 8.45% p.a. onwards |
| RPLR | |
| Processing Fee |
Up to 0.25% for individual applicants (Rs. 1,500 - minimum; Rs. 20,000 - maximum) |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/Floating Both |
| Charges for Prepayment/Foreclosure | N/A |
Bank of India Home Loan Interest Rates in 2024
The rate of interest that the bank offers for its home loan applicants differs for all its top home plan schemes. Listed below are the exact Bank of India home loan interest rates for the different home loan plans devised by the bank:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| BOI Star Smart Home Loan | 8.45% - 9.65% p.a. |
| BOI Star Home Loan | Starting at 8.45% p.a. |
| BOI Star Loan Against Property | 11.25% p.a. onwards |
| BOI Star Diamond Home Loan | 8.45% - 9.65% p.a |
| Star Pravasi Home Loan | 8.45% - 9.65% |
| Pradhan Mantri Awas Yojana | Starting at 10.25% p.a. |
Interest rates were last updated on 4th October 2023
Bank of India Home Loan Eligibility Criteria
Only the below-listed home loan applicants are eligible for housing finance from the bank. Please note the Bank of India home loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 to 70 years | 18 to 70 years |
| Nationality | Indians/PIOs/NRIs | Indians/PIOs/NRIs |
| Minimum Income Earned |
Bank of India Home Loan Processing Fee and Charges
To facilitate easy processing of all home loan applications, the Bank of India levies on its customers a certain processing fee and some extra charges as part of the process. The table below outlines the Bank of India home loan processing fee and additional charges as levied by the bank on all home loan applicants:
| Processing Fee | Up to 0.25% of the loan amount for individuals or Rs. 1,500 (minimum) and Rs. 20,000 (maximum) |
|---|---|
| RBLR Rates | 9.25% p.a. |
| Foreclosure/Prepayment Charges |
|
| Penal Interest Rate | N/A |
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Bank of India Home Loan Schemes and Top Plans
Bank of India offers its customers four primary types of housing finances schemes and loan types to suit varied needs. Listed below are the four key home loan plans offered by BOI and their prime features for your easy reference:
1. BOI Star Diamond Home Loan
- Loan can be availed for up to Rs. 5 crore
- Competitive rates of interest starting at 8.45% p.a.
- Loan available only to resident applicants from cities like Hyderabad, Bangalore, New Delhi, Pune, and Chennai
- Processing fee levied only a single time, i.e., Rs. 50,000 or the maximum under Star Home Loan Scheme, whichever is higher
- Home loan facilities are available for corporates and firms as well, with a gross annual income of Rs. 1 crore
2. Star Pravasi Home Loan
- Loan facility for Persons of Indian Origin (PIOs) and Non-Resident Indians (NRIs) who have a valid Indian passport
- Rate of interest on home loan ranges between 8.45% and 9.65% p.a.
- Maximum loan repayment tenure for up to 30 years
- Maximum loan amount that can be availed for construction or purchase of a residential property - up to Rs. 5 crore
3. BOI Star Home Loan
- Complimentary insurance coverage for personal accident
- Rate of interest starts at 8.45% p.a.
- Women loan applicants can avail home loans at discounted rates of interest with a 0.5% concession
- Maximum loan amount available - up to Rs. 3 crore
4. BOI Star Smart Home Loan
- Loan facility available for customers of current deposit accounts or existing savings accounts with BOI
- Rate of interest range: 8.45% - 9.65% p.a.
- Minimum home loan amount offered to salaried applicants - Rs. 5 lakh
- Minimum loan amount offered to other applicants - Rs. 10 lakh
- New customers of the bank who open a current deposit/savings account with BOI are also eligible to apply for home loans
Note: All of the above home loan plans are made available to applicants solely at the discretion of Bank of India, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for Bank of India Home Loan
To initiate your home loan application with the Bank of India, you would need to submit a defined set of documents along with your duly-filled out application form. To simplify your task, below is the complete list of Bank of India home loan documents required from the applicants.
Documents Required for Salaried Applicants
- Recent passbook or bank statement
- Recent salary slips as proof of salary credited in bank account
- Driving License
- Latest Utility Bills
Documents Required for Self-Employed Applicants
- Profit and loss statement
- Latest IT Return filing or Form 16
- Balance sheet audited by a CA
- Driving License
- Latest Utility Bills
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter’s ID, PAN Card, Aadhaar Card, Valid Driving License, Valid Passport |
| Documents Related to Property |
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Find BOI Home Loan Offices Near You
The Bank of India Home Loan has several branches in different parts of India to enable customers across the country to avail of its home loan schemes. You can easily find a BOI branch near you by running a quick online search. To apply for a home loan with BOI, you may reach out to one of the team representatives of BASIC Home Loan, who will guide you through the home loan application procedure seamlessly. In case of any questions, grievances, or complaints, you may connect with a BOI branch near you.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
BOI offers home loans at rates of interest starting from 8.45% onwards.
BOI offers a variety of home loan schemes to its customers to cater to their varied requirements. These are:
- BOI Star Smart Home Loan
- BOI Star Home Loan
- Star Pravasi Home Loan
- BOI Star Diamond Home Loan
The simplest way to apply for a home loan with the Bank of India is to follow the procedure given on https://www.basichomeloan.com/apply. Alternatively, you can connect with one of the team members of BASIC Home Loan to help guide you through the home loan application process with the Bank of India.
The Bank of India levies on its home loan applicants a processing fee of 0.25% of the loan amount disbursed.
Yes, the Bank of India offers a maximum home loan amount of up to 90% of the property's market value.
BOI offers a maximum home loan amount of up to Rs. 5 crore to its applicants.
Yes, BOI does offer a Home Loan Balance Transfer facility to customers of other banks.
Yes, the home loan foreclosure option is available to bank customers to avail of interest savings.