Does Bank of India charge prepayment or foreclosure fees?

The prepayment or foreclosure charges for floating-rate loans are nil, subject to applicable terms. Fixed-rate loans may have different foreclosure conditions, including takeover-related charges.

Can I switch between fixed and floating interest rates?

Yes, the charges schedule includes a conversion facility between floating and fixed rates. The conversion charge is 0.10% of the outstanding and undisbursed amount, subject to minimum and maximum limits.

Bank of India Home Loan Interest Rate 2026

Bank of India home loans are offered at both fixed and floating interest rates. This allows applicants to select a repayment preference based on their requirements. Applicants with a strong credit history have lower risk and are generally more likely to receive competitive interest rates from lenders. Therefore, maintaining a good credit score and a stable financial profile can help borrowers access more favourable Bank of India home loan terms.

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Types of Bank of India Home Loan Interest Rates

Bank of India offers home loans at both floating and fixed interest rates.

Floating Rates- The floating home loan interest rates offered by Bank of India start from 7.10% p.a. onwards. Floating rates, also known as variable rates, are repo-linked and change whenever the RBI sets its repo rate.
Fixed Rates- Bank of India fixed interest rates start from 10.65% p.a. Fixed interest rates are MCLR-based and remain constant throughout the loan tenure.

Current Home Loan Interest Rates of Bank of India

Current home loan interest rates offered by Bank of India are mentioned below:

Floating Interest Rates

CIBIL Score	Salaried	Non-Salaried
840 to above	RBLR + CRP 0.00% less BSD 1.00%, presently 7.10%	RBLR + CRP 0.00% less BSD 1.00%, presently 7.10%
825 to 839	RBLR + CRP 0.00% less BSD 0.85%, presently 7.25%	RBLR + CRP 0.00% less BSD 0.85%, presently 7.25%
800 to 824	RBLR + CRP 0.00% less BSD 0.85%, presently 7.25%	RBLR + CRP 0.00% less BSD 0.85%, presently 7.25%
760 to 799	RBLR + CRP 0.00% less BSD 0.70%, presently 7.40%	RBLR + CRP 0.00% less BSD 0.60%, presently 7.50%
725 to 759	RBLR + CRP 0.10% less BSD 0.30%, presently 7.90%	RBLR + CRP 0.10% less BSD 0.20%, presently 8.00%
700 to 724	RBLR + CRP 0.30%, presently 8.40%	RBLR + CRP 0.35%, presently 8.45%
Below 700	RBLR + CRP 1.90%, presently 10.00%	RBLR + CRP 1.90%, presently 10.00%

Fixed Interest Rates

CIBIL Score	Salaried	Non-Salaried
840 to above	10.65%	10.65%
825 to 839	10.65%	10.65%
800 to 824	10.65%	10.65%
760 to 799	10.65%	10.65%
700 to 759	10.75%	10.75%
700 to 724	10.95%	11.00%
Below 700	12.55%	12.55%

Bank of India Home Loan Processing Fees & Other Charges

Bank of India Home Loan Charges	Applicable Charges
Processing Fee - Individual Borrowers	0.35% of loan amount, subject to a minimum of Rs. 3,500 and a maximum of Rs. 30,000
Star Diamond Home Loan	Rs. 60,000
Prepayment/Foreclosure - Floating Rate	Nil, subject to applicable terms
Prepayment/Foreclosure - Fixed Rate	Nil, subject to applicable terms
Conversion Charges ( including switch over from floating ROI to fixed ROI and vice versa	0.10 on Loan outstanding amount plus undisbursed portion, if any Minimum: Rs. 15,000 Maximum: Rs. 50,000
Foreclosure Charges for fixed-rate loans ( including Takeover of fixed-rate loans)	Foreclosure charges as under shall be applicable in respect of all retail loans under fixed-rate options. Borrower’s own source: Nil Takeover: 2.00% p.a. On the highest outstanding loan amount in the last 90 days
GST	Applicable GST extra

Bank of India Home Loan EMI for Different Tenures

Interest Rate (p.a.)	Loan Amount	Loan Tenure	EMI
7.10%	Rs. 30 lakh	10 Years	Rs. 34,987
7.10%	Rs. 30 lakh	13 Years	Rs. 29.505
7.10%	Rs. 30 lakh	15 Years	Rs. 27,133
7.10%	Rs. 30 lakh	20 Years	Rs. 23.493
7.10%	Rs. 30 lakh	25 Years	Rs. 21,395

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Bank of India Home Loan EMI for Different Loan Amounts

Interest Rate (p.a.)	Loan Amount	Loan Tenure	EMI
7.10%	Rs. 20 lakh	30 Years	Rs. 13,441
7.10%	Rs. 22 lakh	30 Years	Rs. 14,785
7.10%	Rs. 25 lakh	30 Years	Rs. 16,801
7.10%	Rs. 30 lakh	30 Years	Rs. 20,161
7.10%	Rs. 35 lakh	30 Years	Rs. 23,521

How to Get Lowest Home Loan Interest Rates from Bank of India

Improve your credit score
Make a higher down payment
Negotiate with the lender
Maintain your EMI/NMI ratio below 50%
Check for pre-approved offers
Check for seasonal offers on rates and charges

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FAQs

What is the current interest rate for Bank of India home loans?

Bank of India’s floating home loan rates currently start at 7.10% p.a. for borrowers with CIBIL scores of 840 and above. Fixed rates start at 10.65% p.a., subject to applicable terms.

How does Bank of India set its home loan interest rates?

Bank of India links floating home loan rates to the RBLR (Repo Linked Lending Rate), with applicable spreads based on factors such as CIBIL score and borrower category. Fixed rates are MCLR-based.

Does Bank of India offer fixed or floating interest rates?

Yes. Bank of India offers both options. Floating rates currently range from 7.10% to 10.00% p.a., depending on CIBIL score, while fixed rates start at 10.65% p.a.

How is interest calculated on a Bank of India home loan?

Interest is calculated on the outstanding loan principal. Under floating rates, the applicable interest rate can change when the benchmark changes. This may affect the interest component, EMI, or remaining loan tenure.

At what minimum CIBIL score can I get lower interest rates from Bank of India?

Borrowers with higher CIBIL scores generally receive lower applicable rates. For example, the floating rate is 7.10% at 840+, 7.25% at 800–839, and 7.40% for salaried borrowers at 760–799.

Is there any special interest rate for salaried or self-employed individuals?

Bank of India applies different floating rates for salaried and non-salaried borrowers in some CIBIL categories. At 760–799, rates are 7.40% for salaried and 7.50% for non-salaried borrowers.

What is the maximum tenure of a home loan with Bank of India?

Bank of India home loans can have a tenure of up to 30 years, subject to applicable eligibility conditions, borrower age, repayment capacity, and bank policies.

What are Bank of India floating home loan rates according to CIBIL score?

For floating rates, the provided schedule shows 7.10% at 840+, 7.25% at 800–839, 7.40–7.50% at 760–799, 7.90–8.00% at 725–759, and higher rates for lower scores.

What are Bank of India fixed home loan rates according to CIBIL score?

The bank offers fixed rates of 10.65% for CIBIL scores of 760 and above, 10.75% for 700–759, and 12.55% below 700, subject to the applicable borrower category and terms.

What processing fee does Bank of India charge for home loans?

For individual borrowers, the processing fee is 0.35% of the loan amount, subject to a minimum of Rs. 3,500 and a maximum of Rs. 30,000. GST is applicable separately. However, these charges may vary at the bank’s discretion.

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