Bank of India home loan interest rate starts from 7.40% 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.
|Product||Bank of India Home Loan|
|Loan amount||Up to 85% of the property cost|
|Rate of interest||7.40% – 9.25%|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 692 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
Following are the factors that play an important role to determine the interest rate on the Home Loans:
Additional Info: You can also avail Loan Against Property without Income Proof and ITR
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)|
|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).|
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|
Additional Info: You can also avail Navi Home Loan
|Lender||Interest Rate||Processing Fee|
|Bank of India Home Loan||7.40% - 9.25%||0.25% onwards|
|ICICI Bank Home Loan||7.60% - 8.45%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI Home Loan||7.55% - 8.25%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||7.60% - 8.05%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||7.55% - 8.05%||Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + applicable taxes|
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.
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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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:
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 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.
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 7.40% for women and 7.45% for others.
No. This facility is optional. Applicants can avail this facility for loan protection.