Bank of India (BOI) Home Loan

Please Note: Bank of India is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.

Bank of India Home Loan Highlights
Interest Rate	8.30%-10.75% p.a.
Loan Amount	Up to 90% of market value
Loan Tenure	Up to 30 years
Processing Charges	NIL

Note: Rates as of 7th December 2023

Bank of India Home Loan Interest Rates

Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan

CIBIL Score	Salaried	Non-Salaried
825 and above	8.30% p.a.
800 to 824	8.40% p.a.
760 and 799	8.60% p.a.
725 to 759	8.70% p.a.
675 to 724	9.00% p.a.
Below 675	10.55% p.a. (for women applicant)	10.70% p.a. (for women applicant)
	10.60% p.a. (for others)	10.75% p.a. (for others)
-1 and 0	8.90% p.a.

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card Co-branded with SBM Bank India Ltd

Compare Home Loan Interest Rate Offered by Various Banks & HFCs

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.40% - 10.15% p.a.	8.40% - 10.05% p.a.	8.40% - 10.05% p.a.
HDFC Bank Limited	8.35% p.a. onwards	8.35% p.a. onwards	8.35% p.a. onwards
LIC Housing Finance	8.40% – 10.35% p.a.	8.40% – 10.55% p.a.	8.40% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.70% p.a. onwards	8.70% p.a. onwards	8.70% p.a. onwards
PNB Housing Finance	8.50% - 14.50% p.a.	8.50% - 14.50% p.a.	8.50%-11.45% p.a.
Punjab National Bank	8.45%-10.25% p.a.	8.40%-10.15% p.a.	8.40%-10.15% p.a.
Bank of Baroda	8.40% - 10.65% p.a.	8.40% - 10.65% p.a.	8.40% - 10.90% p.a.
Union Bank of India	8.35% – 10.75% p.a.	8.35% – 10.90% p.a.	8.35% – 10.90% p.a.
IDFC First Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
L&T Finance Limited	8.60% p.a. onwards	8.60% p.a. onwards	8.60% p.a. onwards
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Tata Capital Housing Finance	8.70% p.a. onwards	8.70% p.a. onwards	8.70% p.a. onwards
Federal Bank	8.80% p.a. onwards	8.80% p.a. onwards	8.80% p.a. onwards

Compare home loan interest rates offered by top lenders

Bank of India Home Loan Processing Fee and Other Charges

Processing Charges

Home Loan Schemes	Processing Charges
For all Home Loan Schemes	NIL

Also check the home loan processing fees charged by other home loan lenders

Types of Bank of India Home Loan

BOI Star Home Loan

Purpose: Bank of India offers Star Home Loan scheme for plot purchase, home construction, purchase/construction of house/flat, renovation/repair/alteration/addition to flat/house. Under this scheme, existing home loan borrowers of other banks and HFCs can transfer their existing home loans to Bank of India at lower interest rates.

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
• Plot Purchase- Up to Rs 3 crore

LTV Ratio: Up to 90% of market value

Tenure: Up to 30 years

Star Diamond Home Loan

Purpose: Bank of India offers Star Diamond Home Loan scheme to HNI individuals having annual gross income of Rs 1 crore and above over the last 3 years, for purchasing homes or carrying out addition/extension/renovation of existing property.

Loan Amount: Above Rs. 7.5 crore

LTV Ratio: Up to 8% of Pure Property Value

BOI Star Smart Home Loan

Purpose: Consumers having salary account with Bank of India or existing and new savings/current A/c customers of the bank can avail Star Smart Home Loans for purchasing plot with home construction thereon, provided the construction begins within 5 years from the date of loan disbursement. Applicants can also use the loan facility for home furnishing, purchasing Solar PV, addition/extension/renovation of existing property. Star Smart Home Loan scheme also offers home loan balance transfer facility to existing home loan borrowers of other banks and HFCs.

Minimum Loan Amount:

• For salaried- Rs 5 lakh
• For self-employed- Rs 10 lakh

LTV ratio: Up to 90% of market value

Tenure: Up to 30 years

BOI Star Top Up Loan

Purpose: Existing home loan borrowers of Bank of India can avail Star Top-up Loans over and above the existing home loans for financing their personal requirements, other than for speculative purposes.

LTV Ratio: Up to 90% of property value

BOI Star Pravasi Home Loan Scheme

Purpose: NRIs and Person of Indian Origin can avail BOI Star Pravasi Home Loan scheme for plot purchase and home construction thereon, balance transfer, home furnishing, purchasing Solar PV and addition/extension/renovation of existing property.

Loan Amount: Up to 90% of property value

Tenure: Up to 30 years

Bank of India Home Loan Eligibility Criteria

Eligibility for Star Home Loan

• Nationality: Resident Indian/NRIs/PIOs are eligible.
• Job profile: Individuals including Salaried/Self-employed/Professionals individuals and Non Individuals including HUF, Corporates, Groups/Association of Individuals
• Trusts cannot avail this loan scheme
• Minimum age at the time of loan application: 18 years
• Maximum age at the time of loan maturity: 70 years

Eligibility for Star Diamond Home Loan

• Nationality: Resident Indians/PIO/NRIs
• Minimum age at the time of loan application: 18 years
• Maximum age at the time of loan maturity: 70 years
• Job Profile: HNI individuals including Salaried/Self-employed/Professionals and Non Individuals including HUF, Corporates, Groups/Association of Individuals
• Minimum average gross income of Rs 1 crore and above during last 3 years

Eligibility 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.

Eligibility for Star Pravasi Home Loan Scheme

• Nationality: Non-Resident Indians/Person of Indian Origin
• Indian citizens working abroad on assignment with National/International government agencies
• Indian citizen working in merchant navy having NRI status
• Minimum age at the time of loan application: 18 years
• Maximum age at the time of loan maturity: 70 years

Know more about home loan eligibility of top home loan lenders

Documents Required for Bank of India Home Loan

For BOI Star Diamond Home Loan

For Individuals:

• ID Proof- Passport/PAN/Driving License/Voter ID
• Address Proof- Passport/Driving License/Aadhar Card/latest electricity bill/latest telephone bill/latest piped gas bill

Income Proof-

• For Salaried- salary or pay slip for latest 6 months and 1 year ITR/Form 16
• For Self-employed- ITR for last 3 years along with income computation of Income/Profit & Loss account/Balance sheet/Capital account statement

 For Other than Individuals:

• KYC of partners/directors
• PAN card copy of firm/company
• Account statement for last 1 year
• Registered Partnership Deed/MOA/AOA
• Audited financials of the firm for last 3 years
• Certificate of incorporation

For Star Pravasi Home Loan

For Individuals:

• Passport with VISA printed on it
• Copy of PAN Card
• Work permit
• Address Proof of India and abroad
• ID card issued by the employer
• Address Proof of the employer with contact details
• Latest salary slip
• Annual ITR filed as per the rules of the country where the applicant resides for the last 2 years

 For Other than Individuals:

• Membership of professional organization
• Income Proof (based on audited financial)
• Copy of PAN Card
• Passport with VISA printed on it
• Address Proof of India and abroad
• Statement/Income Proof/Returns, etc. as applicable to the country of present residence
• Government or local body permission or license to engage in business activity

Bank of India Home Loan EMI Calculator

FAQs

Q1. Can the applicants availing Bank of India Home Loans choose between fixed and floating rates?
Ans. Bank of India offers home loans at floating rates only. Hence, the applicants cannot choose between the two.

Q2 . Can I foreclose my home loans availed from Bank of India?
Ans. Yes, the applicants can foreclose their home loans availed from Bank of India. The bank does not charge any prepayment fees for home loans at floating rates.

3. Does Bank of India offer any concession on home loans?
Ans. Bank of India does not offer interest rate concessions to women applicants except for those having CIBIL score below 700. The bank offers interest rate concession of 5 bps to female applicants having CIBIL score below 700.

4. What is the minimum credit score required to avail home loan from Bank of India?
Ans. Bank of India has not set a specified credit score for applicants availing home loans from Bank of India. However, it offers lower interest rates to applicants having higher credit scores. For eg., it offers lowest interest rates to applicants having credit scores of 800 and above, followed by applicants having credit scores of 750-799, 700-749 and below 700.