The eligibility conditions for Bank of India home loans are easy to meet. With customised home loan schemes for salaried and self-employed individuals, you can now fulfill the dream of owning a house. Check your Bank of India home loan eligibility using age, job profile, monthly income and credit score and get that perfect deal for your dream house!
|Eligibility Criteria||Bank of India Home Loan|
|Eligible Age of Borrower||18 - 70 years|
|Minimum Eligible Income||₹ 25,000 and above|
|Work Experience for Salaried||2 years|
|Business Stability for Self Employed||5 years|
Additional Info: Also check Bank of India Balance Check
The net monthly income that you take home after deductions such as gratuity, PF, ESI, and so on, determines your eligibility for the loan. This amount allows you to calculate how much EMI you will be able to accommodate in your monthly expenses. Further lenders assume that 50% of your salary would be consumed for personal & lifestyle expenses. Thus your home loan EMI or all of your EMIs should not be more than 50% of take home income.
The lender will assess you income, job/business stability, sector/industry, and repayment history before sanctioning the loan.Bank of India
In the young age, you are eligible to borrow higher LTV and longer tenure. Home loans are long term loans and thus it is always recommended to borrow early in life so that you get flexibility to choose the repayment terms.
For Bank of India Home Loan, the minimum age of the borrower should be 21 years at the time of loan application. The maximum tenure is up to 30 years.
It is always better to apply for a loan with a co-applicant because it increases your eligibility for Home Loan as it upsurges the repayment capacity. Also, the co-applicant should have an equally good income, low obligation, and a clear CIBIL record.
For any Home Loan at Bank of India, the property that you buy, construct or renovate is pledged as security. Therefore, the value of this property is an important criterion in determining how much money you will get as a loan. It also determines whether the loan will be sanctioned or not. There are two factors that play an important role in deciding the property value. One is the market value itself and the other one is the marketability of the property. You will not be able to get the entire value of the property as loan. The bank funds a part of it and the other part must be arranged for by the borrower. Bank of India provides LTV up to 80% of the value of the property.
The first thing that Bank of India or any other financial institution will check before granting you a loan is the CIBIL score. This score shows your past credit behaviour. It is used as a method to check your reliability in terms of repaying any loan or credit balance. A history of all your loan repayments, Credit Card bills, and other payments is recorded in your credit report. This is analysed thoroughly to determine your credit score. If you have a high credit score, then the chances of getting a loan are also higher. If the CIBIL score is low, it shows that your past credit behaviour is unsatisfactory. In order to avail a Home Loan with Bank of India, you need to have a credit score of at least 650.
There are some common causes for a low credit score:
Another factor that determines your eligibility for a Home Loan is the Fixed Obligation to Income Ratio (FOIR). This ratio is calculated to ensure that you are able to include an additional EMI to your current expenses. All your regular expenses, including your rent, other EMIs, and so on are taken into consideration to check if you will be able to repay the EMI without any hassles during the loan tenure.
This product is designed for all resident individuals, NRIs, and PIOs
This loan can be availed to purchase or construct a new home/ flat, purchase a resale house, carry out repairs/ renovations/ extensions of existing house/ flat.
The maximum repayment tenure is 30 years
The maximum loan amount offered under this scheme is 5 Crores in metro cities (Delhi, Mumbai, Chennai, and Kolkata) and 3 Crores in other cities.
The maximum amount is 50 Lakhs for repairs/ extensions/ renovations of the existing house/ flat.
The maximum amount to purchase a plot is 3 Crores
You can also get a loan of up to 5 Lakhs for purchase of household articles along with the Home Loan at the applicable Home Loan interest rate. The maximum repayment tenure is of 10 years, which includes moratorium period (if any).
Availability of step up and step down EMI options
Prepayment of loan is permitted without charges for floating rate loans
Free personal accident insurance cover and optional loan insurance cover are available
The loan can be availed to buy a property or residential house from the director or the partner of the company.
Applicants with high net worth are eligible
Applicants must have a minimum average gross income of 1 Crore during the last three years as per audited ITR/ Balance Sheet.
Loan available only in: New Delhi, Delhi NCR, Mumbai, Chennai, Kolkata, Bangalore, Ahmedabad, Hyderabad, and Pune.
Applicant must arrange a minimum margin of 25% of the cost of the property
Loan term: 15 years or maximum age of borrower reaching 75 years (whichever is earlier)
Loan amount: Minimum 5 Crores with no upper limit.
It is a Home Loan Overdraft facility
An individual having an SB/CD account recently with Bank of India with a minimum balance of 5,000 can also apply for this Home Loan.
The Star Smart Home Loan can be availed by the salaried staff of the bank, and current as well as prospective employees. The salary of these employees should be credited in to the Bank of India Account towards the repayment of the Home Loan. It is not mandatory to maintain a minimum account balance for such accounts.
This loan can also be availed by self-employed professionals such as doctors, engineers, lawyers, chartered accountants, and business professionals. The steady income is must to apply for this loan.
The account with Bank of India must be in the operating state throughout the loan period.
Loan amount for salaried individuals: Minimum 5 Lakhs
Loan amount for self employed individuals: Minimum 10 Lakhs
The maximum loan amount available is 3 Crores for plot purchase, and 50 Lakhs for renovation/ repair/ extension of a house/flat.
The tenure available to repay the loan is of maximum 30 years
NRIs with a valid Indian passport and PIOs having a foreign passport are eligible
The applicant must have a regular source of income
The loan can be availed for house/flat purchase or construction, renovation/ repairs/ extensions of the existing house, plot purchase to construct a house thereon, and Home Loan takeover.
Applicant should produce all income proofs to authenticate the source of income and establish creditworthiness.
It is mandatory that the co-applicants of the property are the co-owners as well
The loan amount available under this scheme is as follows:
The maximum loan amount for house/flat purchase: 3 Crores or 5 Crores
The maximum loan amount for the plot purchase: 1 Crore
The maximum loan amount for renovation/repair: 50 Lakhs
Home Loan Eligibility by Banks
MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.
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You can apply online on MyMoneyMantra. From the time of application, all the procedures such as checking your documents and submitting them to the bank are taken care of by our representatives. Once the application is submitted, it will be reviewed by Bank of India after which you informed about their decision on your loan application. You can also apply online through Bank of India's website, or visit the nearest Bank of India branch to apply.
The interest rates for Bank of India Home Loans are linked to the 1-year MCLR of the bank. Any change in the MCLR will affect the interest rate of your Home Loan as well.
With Bank of India, you can get up to 30 years as repayment tenure for Home Loans.
Yes, you have the option of including any earning family member as a co-borrower provided that they are the co-owner of the property. This lets you include their income as part of your application to improve your Home Loan eligibility.
Under the Indian Income Tax Act of 1961 you can avail tax benefits on the interest (up to 2 Lakhs) and the principal amount (up to 1.5 Lakhs) on your Home Loan.
Yes. You can foreclose your floating interest rate Home Loan without any added fees and expenses.
It is a good idea to compare the EMI and the interest rate offered by Bank of India and your current bank. The current interest rate charged by Bank of India on Home Loan is 8.85% (8.80% for women) which reduces EMI to as little as 787 per Lakh. If this is lower in comparison to your existing bank, transferring balance is recommended.
Yes. With a simple process, you can transfer your existing Home Loan to Bank of India to enjoy lower interest rates and EMIs.
Bank of India applies 1 year Marginal Cost of Funds based Lending Rate (MCLR) as the benchmark with its Home Loans.
When you make a prepayment on your loan, the outstanding loan amount will reduce too. You have the option of retaining your current EMI and reducing the tenure or opting for the reduced EMI with a reduction in the outstanding amount.
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