Please Note: Bank of India is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Bank of India Home Loan Highlights 2022 | |
Interest Rate | 7.40% – 9.25% p.a. |
Loan Amount | Up to 85% of the property value |
Loan Tenure | Up to 30 years |
Processing Charges | 0.25% subject to Min.Rs.1,500 and Max. Rs.20,000 |
Note: Rates as of 23rd June 2022
Table of Contents
Bank of India Home Loan Interest Rates
Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan
CIBIL Score | Salaried | Non-Salaried |
760 and above | 7.40% p.a. (no concession for women applicant) | |
725-759 | 7.50% p.a. (no concession for women applicant) | |
675-724 | 7.60% p.a. (no concession for women applicant) | |
Below 675 | 9.05% p.a. (for women applicant) | 9.20% p.a. (for women applicant)
|
9.10% p.a. (for others) | 9.25% p.a. (for others)
| |
-1 and 0 | 7.60% p.a. (no concession for women applicants) |
Home Loans linked with CIBIL Personal Score (in case of Individuals)
(Note: ROI applicable for switchover of existing ROI from Base Rate/MCLR/BOIFRR/BPLR to RBLR)
CIBIL Score | Salaried | Non-Salaried |
760 and above | 7.85% p.a. (no concession for women applicant) | |
725-759
| 8.00% p.a. (for women applicant) | 8.10% p.a. (for women applicant)
|
8.05% p.a. (for others) | 8.15% p.a. (for others)
| |
675-724
| 8.20% p.a. (for women applicant) | 8.80% p.a. (for women applicant)
|
8.25% p.a. (for others) | 8.85% p.a. (for others) | |
Below 675 | 8.25% p.a. (for women applicant) | 8.85% p.a. (for women applicant) |
8.30% p.a. (for others) | 8.90% p.a. (for others) | |
-1 and 0 | 8.10% p.a. (for women applicant) | 8.20% p.a. (for women applicant) |
8.15% p.a. (for others) | 8.25% p.a. (for others) |
Compare Home Loan Interest Rate Offered by Various Banks & HFCs
Name of Lender | Up to 30 Lakh | Above 30 Lakh & up to 75 Lakh | Above 75 Lakh |
SBI Home Loan | 7.55-8.55 | 7.55-8.45 | 7.55-8.45 |
HDFC | 7.55-8.75 | 7.55-9.00 | 7.55-9.10 |
Axis Bank | 7.60-12.50 | 7.60-12.50 | 7.60-8.05 |
ICICI Bank | 7.60-8.20 | 7.60-8.35 | 7.60-8.45 |
Kotak Mahindra Bank | 7.50 onwards | 7.50 onwards | 7.50 onwards |
PNB Housing Finance | 7.50–16.75 | 7.50–16.75 | 7.60–10.70 |
Punjab National Bank | 7.45-8.85 | 7.40-8.55 | 7.40-8.50 |
Bank of Baroda | 7.45-8.95 | 7.45-8.95 | 7.45-9.20 |
Union Bank of India | 7.40- 9.15 | 7.40- 9.15 | 7.40- 9.35 |
IDFC First Bank | 7.50 onwards | 7.50 onwards | 7.50 onwards |
L&T Housing Finance | 7.20-8.20 | 7.20-8.20 | 7.20-8.20 |
Bajaj Housing Finance | 7.20 onwards | 7.20 onwards | 7.20 onwards |
Godrej Housing Finance | 7.49-10.99 | 7.49-10.99 | 7.49-10.99 |
Tata Capital | 7.75 onwards | 7.75 onwards | 7.75 onwards |
LIC Housing Finance | 7.50-8.60 | 7.50-8.80 | 7.50-9.00 |

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Bank of India Home Loan Processing Fee and Other Charges
Processing Charges
Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan | 0.25% subject to Min.Rs.1,500 and Max. Rs.20,000 |
Star Diamond Home Loan | One time processing charge of Rs.50000/- or maximum as per Star Home Loan Scheme, whichever is higher |
Types of Bank of India Home Loan
BOI Star Home Loan
Purpose: For plot purchase for home construction, purchase/construct of house/flat, renovation/repair/alteration/addition to flat/house and balance transfer.
Loan Amount:
- For purchase/construction of house/flat- Up to Rs. 3 crore (up to Rs 5 crore in metro cities like Mumbai, Delhi, Kolkata, Chennai)
- For repair/renovation/extension- Up to Rs 50 lakh
LTV Ratio:
Loan Amount | For 1st house | For subsequent house |
For loan amount up to Rs 20 lakh | 85% | 80% |
For loan amount up to Rs 75 lakh | 80% | 80% |
For loan amount above Rs 75 lakh | 75% | 75% |
Tenure: Up to 30 years
BOI Star Smart Home Loan
Purpose: Home loan with overdraft facility
Loan Amount
- Minimum: Rs. 5 lakh (for salaried) and Rs. 10 lakh (for others)
- Maximum: As per the normal home loan scheme
Star Diamond Home Loan
Purpose: For individuals with high net worth, firms and corporates for residential accommodation for their directors, partners with minimum average gross income of Rs 1 crore and above as per ITR and audited balance sheets for last 3 years
Loan Amount: Over Rs. 5 crore
LTV Ratio: Up to 75% of property cost

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BOI Star Top Up Loan
Purpose: For all purposes other than speculative purposes
Loan Amount: Rs 2 lakh onwards
LTV Ratio: Up to 75% of property value
Tenure: Up to 12 years.
BOI Star Pravasi Home Loan Scheme
Purpose: For purchase/construction of house/flat, repair/renovation/extension of existing house/flat, plot purchase and balance transfer
Loan Amount:
- For construction/purchase of house/flat: Up to Rs. 5 crore
- For repair/renovation/extension: Up to Rs 50 lakh
- Plot purchase: Up to Rs 1 crore
Tenure: Up to 30 years
Pradhan Mantri Awas Yojna (PMAY)
Purpose: Interest subsidy of Rs 2.67 lakh for Economically Weaker Sections, Low Income Groups and Middle Income Groups
Tenure: Up to 20 years
Maximum Household Income (p.a.):
- EWS/LIG:Up to Rs 6 lakh
- MIG 1: Rs 6 lakh-Rs 12 lakh
- MIG 2: Rs 12 lakh-Rs 18 lakh
Earnest Money Deposit Scheme
Purpose: Short-term loan provides to finance payment for Earnest Money Deposit for the allotment of plots or flats under the scheme of Urban Development Authority
Loan Amount: Up to Rs. 10 lakh
LTV Ratio: Up to 90% of property cost
Eligibility Criteria for Bank of India Home Loans
For Star Home Loan
- Salaried employees, professionals, self-employed individuals.
- NRI, HUF, PIO, partnership firms and proprietorship firms are also considered
- Net Take Home Pay:
Salaried Employees | 72 times gross monthly salary/6 times gross annual income based on ITR |
Self-employed/Professionals | 6 times gross annual income based on ITR |
HUF/Proprietorship/Partnership Firm/Company | 6 times of cash accruals as per balance sheet/P&L account |
For Star Diamond Home Loan
- Individuals with high net worth
- Firms/Corporates for residential accommodation of their partners/directors with minimum average gross income of Rs 1 crore and above
- Net Take Home Pay: 25% of gross income for individuals
- Cities Available: Delhi, Bangalore, Hyderabad, Ahmedabad, Pune, Chennai, Mumbai
For Star Smart Home Loan
- Existing savings/current account customer with average balance of Rs 5,000 for past 1 year
- New customer who opens a new savings/current account with opening balance of Rs 5,000
- Salaried employees having salaried accounts with Bank of India
- Self-employed professionals such as lawyers, doctors, CA, CS, engineers, etc.
For Star Pravasi Home Loan Scheme
- NRIs having valid Indian passport
- People of Indian origin (PIO) having foreign passport and steady source of income. They should substantiate Indian origin status by indicating birth of place India in current passport, passport of parents or grandparents proving his claim as person of Indian origin, PIO card copy
- Net Take Home Pay:
Gross Monthly Income up to Rs 1 lakh | At least 40% |
Gross Monthly Income Rs 1 lakh-Rs 5 lakh | At least 30% |
Gross Monthly Income above Rs 5 lakh | At least 25% |
For Earnest Money Deposit
- All individuals fulfilling Urban Development Authority eligibility criteria
- Minors not eligible
For Star Top-up Loan
- The existing home loan borrowers should have a satisfactory repayment track record for past 2 years
- Valid and enforceable mortgage to be availed in the home loan account
Bank of India Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

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FAQs
1. 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.
2. 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
3. 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.
4. 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
5. How should I contact Bank of India for home loan related queries and assistance?
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