Bank of India Home Loan Interest Rates
Bank of India home loan interest rate starts from 8% - 10.35% p.a. Avail Bank of India Home Loan up to Rs. 5 crores with a loan repayment tenure of up to 30 years for the 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 | 8% - 10.35% onwards |
| Tenure | Up to 30 years |
| Lowest EMI possible | Rs. 765 Per Lakh |
| Processing fee | 0.25 onwards |
| Salary/Income | Rs 25000 & above |
| Credit Score | Above 650 |
Features of the 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
- Applicants should be in the age group of 21 to 60 years to avail of a Home Loan from the 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 the Bank of India.
- The maximum loan repayment tenure for the Home Loan is up to 30 years.
Factors Affecting Bank of India Home Loan Interest Rates
The following are the factors that play an important role in determining the interest rate on Home Loans:
- Loan amount: The Home Loan Interest Rate depends upon the loan amount the applicant wishes to borrow from the lender. The higher the Home Loan amount, the lower the interest rate.
- Your salary/ income: The salary/ income of the applicants determines their repayment capacity. The Bank of India offers a Home Loan at different interest rates based on the income of the borrower. The higher the income of the borrower, the lower 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 on the fixed or floating rate scheme that 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 a Home Loan to its existing customers.
Bank of India Home Loan Fees and Charges
Some of the charges levied by the Bank of India, apart from interest rate, 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 |
|
Key Things to Know about Bank of India Home Loan Interest Rates
- The rate of interest is calculated on a daily reducing balance, thereby ensuring a low interest cost for the borrower.
- There is no pre-payment charge on floating rate loans.
- The borrowers get the flexibility to opt for step-up/step-down EMIs.
- The borrower can use notional rental income in case of 2nd House or the income of close relatives for enhanced loan eligibility.
- Standard tax benefit on home loan repayment is applicable.
Compare Bank of India Home Loan Interest Rates with other Banks
| Lender | Interest Rate | Processing Fee |
|---|---|---|
| Bank of India Home Loan | 8% - 10.35% onwards | 0.25% onwards |
| ICICI Bank Home Loan | 8.00% | 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| SBI Home Loan | 7.50% - 8.45% | Up to 0.50% + applicable GST |
| Axis Bank Home Loan | 8.75% - 11.60% | Up to 1%, minimum Rs.10,000 |
| HDFC Home Loan | 8.15% - 9.20% | Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + applicable taxes |
How to Calculate Bank of India Home Loan Rate
To calculate Bank of India Home Loan Interest, use the online Home Loan EMI Calculator.
The calculation works as per the 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 the loan EMI, total repayment, and total interest amount.
Using MyMoneyMantra Home Loan EMI calculator,r you will also getan amortization schedule for the loan.
FAQs
The Bank of India does not levy any charges on foreclosure of a Home Loan based on the floating interest rate.
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.
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 loans from other banks/ financial institutions
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.
To purchase a plot with a Bank of India Home Loan, you can get up to Rs 3 Crores as the loan amount.
The maximum loan amount offered for repairs/renovation/extension of an existing house/flat is 50 Lakhs.
No. This facility is optional. Applicants can avail this facility for loan protection.
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