| Bank of India Home Loan Details 2020 | |
| Interest Rate | 6.85% onwards |
| Loan Tenure | Up to 30 years |
| Loan-to-Value Ratio | Up to 85% of the property value |
| Processing Charges | ● For Individuals: Waived up to 31.03.2020 ● For Others: 0.25% of the loan amount; subject to a minimum of Rs. 1,500 and a maximum of Rs. 20,000 |
Bank of India (BOI) offers home loans at an attractive interest rate starting from 6.85%. The maximum loan amount that can be availed is Rs.5 crore. BOI housing schemes can be used for various purposes such as: for purchasing a Plot for construction of a House; for purchasing/construction of a house/flat; for renovation/ repair/alteration/addition to a house/flat.
Features and Benefits of Bank of India Home Loan
- Longer repayment period of up to 30 years
- High loan amount available of up to Rs. 5 crore
- No prepayment charges under floating rate option
- Simplified application procedure and speedy approval
- Low processing charges
- Available to both salaried and self-employed individuals
- Interest on Daily Reducing Balance Basis
- Free Personal Accident Insurance cover (renewed at banks discretion)
- Life Insurance cover to borrowers for loan protection(optional)
Check Also: Home Loan Tax Benefits
Bank of India Home Loan Interest Rates
The Bank of India Home Loan interest rate is 6.85% and is directly linked with the RBLR. The total interest rate applicable on a home loan is the combination of RBLR and spread basis the customer’s CIBIL score and nature of work. Mentioned below are the interest rates applicable to customers as per the nature of work.
| Risk Profile | Salaried | Self-Employed |
| CIBIL – Personal Score of 760 and Above | 6.85% | |
| CIBIL-Personal Score between 725 to 759 | 7.00% (for women beneficiary) | 7.10% (for women beneficiary) |
| 7.05% (for others) | 7.15% (for others) | |
| CIBIL-Personal Score between 675 to 724 | 7.10% (for women beneficiary) | 7.70% (for women beneficiary) |
| 7.15% (for others) | 7.75% (for others) | |
| CIBIL-Personal Score between -1 and 0 | 7.00% (for women beneficiary) | 7.10% (for women beneficiary) Note: Sanctioning in this bracket will be in the hands of the next higher authority i.e. one level above the usual sanctioning authority. |
| 7.05% (for others) | 7.15% (for others) Note: Sanctioning in this bracket will be in the hands of the next higher authority i.e. one level above the usual sanctioning authority. | |
Bank of India Home Loan Processing Fee and Other Charges
| Particulars* | Charges/Fee |
| Processing Fee | For Individuals: 0.25% of the loan amount; subject to a minimum of Rs. 1,500 and a maximum of Rs. 20,000 For Partnership Firms and Corporates: 0.50% of the loan amount; subject to a minimum of Rs. 3,000 and a maximum of Rs. 40,000 |
| Prepayment Charges | Nil |
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Bank of India Home Loan EMI Calculator
BOI Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their BOI home loans. The BOI home loan calculator is an online tool, which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Bank of India home loan EMI.
Check Also: Home Loan EMI Calculator
BOI Home Loan EMI Calculation
The table below shows Bank of India home loan EMI calculation for different interest rates, loan amounts and loan tenures.
| Loan Amount | Interest Rate | EMIs as per Different Loan Tenures | ||
| 15 years | 20 years | 30 years | ||
| Rs. 30 lakh | 6.85% | Rs. 28,843 | Rs. 25,280 | Rs. 22,222 |
| Rs. 60 lakh | 8.20% | Rs. 58,034 | Rs. 50,936 | Rs. 44,865 |
| Rs. 90 lakh | 8.30% | Rs. 87,575 | Rs.76,969 | Rs. 67,931 |
| Rs. 1 crore | 8.90% | Rs. 1,00,833 | Rs. 89,330 | Rs. 79,744 |
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Bank of India Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Bank of India.
| Eligible Profiles | Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, Partnership firms and corporate. |
| Eligible Quantum of Loan | ● Salaried Employees: 72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns. ● Self-Employed: 6 times of Gross annual income based on I-T Returns ● HUF/Proprietorship /Partnership Firm/ Company: 6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account |
| Loan Amount | Up to 85% of the property value |
Check Also: Home Loan Eligibility Calculator
Bank of India Home Loan Documents Required
Following are the documents required to successfully apply for Bank of India Home Loan.
| Salaried Individuals | Self Employed Individuals |
| Duly filled in and signed the application form with photographs | Duly filled in and signed application form with photographs |
| Identity, address and age proof | Identity, address and age proof |
| Salary slip of last 3 months | ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA) |
| Bank statement of the past 6 months | Bank statement of the past 12 months |
| Form-16 and Income Tax Returns (ITR) details | For partnership firms: Latest partnership deed For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership) For Limited Liability Partnership: LLP Agreement |
| Title documents of the property | Title document of the property along with business address proof |
Check Also: Home Loan Documents Required
Bank of India Home Loan Schemes
Considering the distinct requirements of a varied customer base, BOI offers customized home loan schemes to suit the needs of every applicant.
| BOI Star Home Loan | Star Diamond Home Loan |
| BOI Star Smart Home Loan | Star Pravasi Home Loan Scheme |
| Pradhan Mantri Awas Yojana CLSS | |
- BOI Star Home Loan: This scheme is available to all the eligible customers and can be used for various purposes such as:
- To purchase/construct house/flat
- To renovate/extend/repair existing house/flat
- To purchase a plot of land for construction of a house
- Takeover of home loan from other banks/FIs- subject to conditions
- Star Diamond Home Loan: This scheme is available to High Net worth Individuals, Firms/ Corporate for residential accommodation of their partners/directors, having a minimum average gross income of Rs.1crore and above during the last 3 years as per audited balance sheet /IT Returns. Only applicants from Metros and Major cities: Mumbai, New Delhi & Delhi NCR, Chennai, Kolkata, Bangalore, Ahmedabad, Hyderabad and Pune, are eligible to apply for this scheme.
- Star Pravasi Home Loan Scheme: This scheme is available to Non-Resident Indians (NRIs) holding valid Indian Passport, and Persons of Indian Origin (PIOs) holding Foreign Passport, having a steady source of income. For this scheme, the interest rate applicable is 8.05% for women and 8.10% for others.
- BOI Star Smart Home Loan: This is an overdraft home loan scheme available to a special set of customers falling under the below-mentioned categories:
- existing SB/CD customers with an average balance of Rs.5000 for last one year;
- New customers who open a new SB/CD account with an opening balance of Rs.5000;
- Present/prospective salaried employees whose salary is credited to BOI Branch and repayments are proposed to be made from this account, irrespective of minimum balance & all other self-employed persons;
- Professionals like Doctors, Lawyers, Engineers, Chartered Accountants and businessman having a regular source of income.
- PMAY: Pradhan Mantri Awas Yojana (PMAY) is a government scheme launched to provide housing to all urban and rural poor across India. Under the scheme, the government offers interest subsidy of up to Rs. 2.67 lakh on home loans availed for buying, constructing, extending or renovating homes. BOI extends the affordable housing benefits of Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to all the customers eligible for this scheme.
Apply for Bank of India Home Loan on Paisabazaar.com
Customers can apply online for Bank of India Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Check Also: Home Loan Process
Bank of India Home Loan Customer Care Details
Customers can reach out to Bank of India on the below-mentioned contact numbers to get their home loan-related queries addressed.
- 1800 103 1906 (Tollfree)
- 1800 220 229 (Tollfree)
- (022) – 40919191 (chargeable number)
Read Also: Bank of India Home Loan Customer Care
FAQs
Q1. How much loan amount can a customer get on the basis of salary?
On the basis of salary, a customer can get a loan amount of up to 72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.
Q2. What are the minimum and maximum loan amounts available under BOI Star Smart Home Loan?
The minimum and maximum home loan amount available under the BOI Star Smart Home Loan scheme is:
- For salaried: Minimum – Rs. 5 Lakh; Maximum – Rs. 5 crore
- For salaried: Minimum – Rs. 10 Lakh; Maximum – Rs. 5 crore
Q3. Is it mandatory to have a co-applicant to apply for a home loan?
A co-applicant is not required to apply for a home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is mandatory to include them as co-applicants and go for a joint home loan. For NRI applicants, co-applicant also could be a resident Indian in which case his/her income also could be considered for calculation of quantum of loan /repayment capacity. Foreign national of non-Indian origin cannot be included as a co-owner or co-borrower.
Q4. What is the processing fee applicable to NRI customers?
NRI customers falling under Star Pravasi Home Loan Scheme have to pay a processing fee as per the following schedule.
- For Individuals: 25 % of the loan amount; subject to a minimum of Rs. 1,500 and a maximum of Rs. 20,000
- For Others: 50% of the loan amount; subject to a minimum of Rs. 3,000 and a maximum of Rs. 40,000
