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Bank of India
Home Loan Interest Rates
Bank of India home loan interest rate starts from 7.80% p.a. Avail Bank of India Home Loan up to Rs. 5 crores with loan repayment tenure of up to 30 years for construction or purchase of the property. The option to choose between various home loan schemes allows the borrower to get the best Bank of India home loan interest rate based on eligibility.
Bank of India Home Loan Details
| Product | Bank of India Home Loan |
| Loan amount | Up to 85% of the property cost |
| Rate of interest | 7.80% - 9.65% |
| Tenure | Up to 30 years |
| Lowest EMI possible | Rs. 720 Per Lakh |
| Processing fee | 0.25 onwards |
| Salary/Income | Rs 25000 & above |
| Credit Score | Above 650 |
Additional Info: Also check Bank of India Balance Check
Table of Contents: Bank of India Home Loan Interest Rates[Hide]
Features of Bank of India Home Loan Scheme
- Bank of India offers Home Loans to salaried employees, self-employed individuals, and self-employed professionals.
- Special Home Loan interest rates are offered to women customers
- Applicant should be in the age group of 21 to 60 years to avail a Home Loan from Bank of India.
- Security for a Home Loan is the property mortgaged for purchase, renovation or construction.
- The maximum Home Loan to Value (LTV) Ratio is 85% at Bank of India.
- The maximum loan repayment tenure for the Home Loan up to 30 years.
Additional Info: Also check DDA Housing Scheme 2022
Factors Affecting Bank of India Home Loan Interest Rates
Following are the factors that play an important role to determine the interest rate on the Home Loans:
- Loan amount: The Home Loan Interest Rate depends upon the loan amount the applicant wishes to borrow from the lender. The higher is the Home Loan amount, the lower will be the interest rate.
- Your salary/ income: The salary/ income of the applicants determines their repayment capacity. The Bank of India offers Home Loan at different interest rates based on the income of the borrower. The higher is the income of the borrower, the lower will be the interest rate offered to them.
- Type of loan opted for: The interest rate on the Home Loan depends upon the type of Home Loan one wishes to apply for. The interest rate also depends upon the fixed or floating rate scheme an applicant is applying for the Home Loan.
- Category of applicant: Special Home Loan interest rates are offered to women borrowers.
- Existing relationship with the bank: Bank of India may offer a low interest rate on Home Loan to its existing customers.
Tip: Best Home Loan for Salaried Person before applying for a loan
Bank of India Home Loan Fees and Charges
Some of the charges levied by Bank of India apart from interest rates are mentioned below:
| Type of Charges | Quantum |
|---|---|
| Processing Fees for BOI Star Home Loan/ BOI Star Smart Home Loan/ Star Pravasi Home Loan Scheme/ Star Top-Up Home Loan | For individuals: 0.25% of the sanctioned loan amount (minimum 1,500 and maximum 20,000) + GST For partnership firms/ corporate: Double that of the individuals, i.e., 0.50% of the sanctioned loan amount (minimum 3,000 and maximum 40,000) + GST In rural areas: 75% of the charges applicable to individuals (minimum 1,500 and maximum 20,000) + GST NIL till 30.06.2019 |
| Processing Fees for BOI Star Diamond Home Loan | 50,000 or maximum as per the Star Home Loan product (whichever is higher) |
Prepayment Charges
| NIL for floating rate loans |
| For fixed rate loans and on takeover by another bank: 0.65% p.a on the outstanding amount for the remaining tenure (maximum 2.25% of the outstanding loan amount). | |
| Conversion Charges | Fixed to Floating: 0.25% per annum on the outstanding balance for the remaining tenure (subject to a maximum charge of 2.10% of the outstanding amount). Floating to Fixed: 0.40% per annum of the outstanding balance for the remaining tenure (subject to a maximum charge of 2.10% of the outstanding amount). |
| Credit report charges | Rs. 50 |
| CERSAI Charges |
|
Additional Info: You can also avail Loan Against Property without Income Proof and ITR
Key Things to Know about Bank of India Home Loan Interest Rates
- The rate of interest is calculated on daily reducing balance thereby ensuring low interest cost for the borrower.
- There is no pre-payment charge on floating rate loans.
- The borrowers get flexibility to opt for step up/ step down EMIs.
- The borrower can use notional rental income in case of 2nd House or income of close relatives for enhanced loan eligibility.
- Standard tax benefit on home loan repayment applicable.
Additional Info: Also Check Best Banks for Home Loan in India in 2022
Compare Bank of India Home Loan Interest Rates with other Banks
| Lender | Interest Rate | Processing Fee |
|---|---|---|
| Bank of India Home Loan | 7.80% - 9.65% | 0.25% onwards |
| ICICI Bank Home Loan | 8.10% - 9.10% | 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| SBI Home Loan | 8.05% - 8.75% | Up to 0.50% + applicable GST |
| Axis Bank Home Loan | 8.10% - 8.55% | Up to 1%, minimum Rs.10,000 |
| HDFC Home Loan | 8.10% - 8.90% | Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + applicable taxes |
Additional Info: Best Home Loan Interest Rates @7.90%
How to Calculate Bank of India Home Loan Rate?
To calculate Bank of India Home Loan Interest, use online Home Loan EMI Calculator.
The calculation works as per mathematical formula:
Interest Amount= Principal Loan Amount x Interest Rate x Time
However it is instant and convenient to use. All you need to do is share loan details like loan amount, interest rate and tenure and press the submit button. The calculator will instantly share loan EMI, total repayment and total interest amount.
Using MyMoneyMantra Home Loan EMI calculator you will also get amortization schedule for the loan.
Additional Info: Also check SBI Home Loan EMI Calculator
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Related Blogs
Bank of India Home Loan Interest Rates FAQs
What are the foreclosure charges on the floating interest rate Bank of India Home Loan?
The Bank of India does not levy any charges on foreclosure of a Home Loan based on the floating interest rate.
Who can apply for Bank of India Home Loans?
Salaried employees, Self-employed professionals, Self-employed individuals, NRIs, PIOs, HUF, Proprietary firms, Partnership firms, and Corporate having a regular income source can apply for Bank of India Home Loans.
What are the purposes for which Bank of India Home Loans can be availed?
Bank of India Home Loans can be availed for:
- Hose/flat purchase or home construction loan
- Home Renovation Loan/ extension/ repair of existing house/flat
- Loan for Plot purchase to construct a house thereon
- The takeover of housing loan from other banks/ financial institutions
How much loan amount can I avail for house/flat purchase under Bank of India Home Loan?
You can avail a maximum of Rs 3 Crore loan for construction/ purchase of a house/ flat. In major metro cities (Mumbai, New Delhi, Kolkata, and Chennai), the maximum amount offered is Rs 5 Crores.
What is the maximum Home Loan amount offered by the Bank of India for plot purchase?
To purchase a plot with Bank of India Home Loan, you can get up to Rs 3 Crores as the loan amount.
What is the maximum loan amount offered for repairs/renovation/extension to house/flat?
The maximum loan amount offered for repairs/renovation/extension of an existing house/flat is 50 Lakhs.
Does the bank offer interest rate concession for women Home Loan borrowers?
Yes the women Home Loan applicants get a concession of 5bps in the interest rate. The current interest rate of Bank of India Home Loan is 7.80% for women and 7.80% for others.
Is availing Life Insurance Cover mandatory for Bank of India Home Loan borrowers?
No. This facility is optional. Applicants can avail this facility for loan protection.
