Bank of India 
Home Loan Interest Rates

Bank of India home loan interest rate starts from 6.85% p.a. Avail 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

ProductBank of India Home Loan
Loan amountUp to 85% of the property cost
Rate of interest6.85% – 7.75%
TenureUp to 30 years
Lowest EMI possibleRs. 655 Per Lakh
Processing fee0.25 onwards
*100% waiver till 31.03.2021
Salary/IncomeRs 25000 & above
Credit ScoreAbove 650

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

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.

     

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 ChargesQuantum
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 50
CERSAI Charges
  • Rs 50 for loan up to  5 Lakhs
  • Rs 100 for loan above  5 Lakhs

 

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 loan repayment applicable.

Compare Bank of India Home Loan Interest Rates with other banks

LenderInterest RateProcessing Fee
Bank of India Home Loan6.85% - 7.75%0.25% onwards  
ICICI Bank Home Loan6.95% - 8.05%0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
SBI Home Loan7% - 7.85%Up to 0.50% + applicable GST
Axis Bank Home Loan7.75% - 12%Up to 1%, minimum Rs.10,000
HDFC Home Loan6.95% - 8.35%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 online Home Loan EMI Calculator. 

The calculate 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. 

Best Value Home Loans

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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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 construction
  • Renovation/ extension/ repair of existing house/flat
  • 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 6.80% for women and 6.85% 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.